Kinovo announce Interim Results for the six months ended 30 September 2022

Strong momentum in underlying business

Kinovo plc is pleased to report another period of strong momentum within the underlying business at this week’s Interim Results, with significant growth in both revenue and EBITDA.

This is a result of the strategic repositioning and rebranding announced 18 months ago, with sustainability at the heart of what we do and a clear focus on our three key strategic pillars: Regulation, Regeneration and Renewables

Financial highlights (Continuing operations):

• Revenue increased by 25% to £29.8 million (H1 2021: £23.8 million)
• Gross margin percentage increased by 1.2% to 25.9% (H1 2021: 24.7%)
• Adjusted EBITDA increased 31% to £2.4 million (H1 2021: £1.8 million)
• Operating profit increased by 56% to £1.9 million (H1 2021: £1.2 million)
• Cash conversion of 130% during the period
• Net debt of £0.1 million (H1 2021: £1.7 million)
• Basic earnings per share increased 59% to 2.16p from 1.36p in H1 20212

Operating highlights:

•  The underlying business continues to perform strongly despite a challenging macro-economic trading environment
•  Revenue and profit attributable to our three key pillars; Regulation, Regeneration and Renewables, demonstrate robust growth during the period
•  The Electrical Services Division, driven by new legislation changes, delivers growth of 37% in revenues
•  The Building Services Division capitalised on decarbonisation opportunities as well as new contracts, increasing revenues by 30%
•  The Group’s ESGM Strategic Report has been published and our Carbon Net Zero Strategic Report is expected to be released in the new year
• Continued commitment to social value, with the number of apprentices compared to employees growing to 13% (H1 2021: 10%)
• Three-year visible revenues increased to £146 million with a robust pipeline in play and key contract wins and renewals including: