The interim results have been published for the period ending 30 September 2024. To read the full details, please click here: Kinovo Interim Results

Financial highlights (Continuing Operations):

  • Revenue increased by 2% to £30.3 million (H1 2023: £29.8 million)
  • Gross profit up 9% from £7.71 million to £8.40 million
  • Gross margin increased by 1.8ppt to 27.7% (H1 2023: 25.9%)
  • Adjusted EBITDA up 21% to £2.9 million (H1 2023: £2.4 million)
  • Operating profit increased by 47% to £2.7 million (H1 2023: £1.9 million)
  • Basic earnings per share increased 43% to 3.08p from 2.16p in H1 2023
  • Cash conversion of 92% during the period (H1 2023: 130%)
  • Net cash of £1.0 million (H1 2023, net debt: £56,000)

Operating highlights:

  • A favourable mix of works, operational efficiencies and lower non-underlying costs delivered increased gross margin
  • Three-year visible revenues increased to £157.0 million (FY 2023: £146.4 million) with 95% of revenues recurring
  • Regulation attributable revenues increased to 61% of the Group’s total revenues (H1 2023: 54%), due to legislation drivers, delivering growth of 15% in Regulation revenues
  • Regeneration attributable revenues increase to 26% of the Group’s total revenues (H1 2023: 25%) with growth of 8%
  • Renewables down to £3.87 million in the period from £6.29 million but is expected to reverse in H2
  • Electrical services leads the Group’s service performance, accounting for 47% of total revenues and delivering 20% growth
  • Numerous successful placements on major frameworks and subsequent direct awards provide a strong  pipeline of opportunities
  • Further strategic investment in the Business Development and Renewables teams to accelerate organic growth momentum
  • Satellite office established in Dereham, Norfolk following the strong interest in our services in the East of England, which further consolidates our geographic position
  • Our year two Carbon Net Zero Strategic Report has been released with our maiden ESG Impact Report to be published in December 2023

Discontinued operations, DCB (Kent) Limited (“DCB”):

  • Work has progressed substantially on seven of the nine projects; five are on track to be completed in December 2023 with the other two are expected to be completed by the end of the FY24 financial year
  • On one of the remaining two projects the construction partner entered into administration in October 2023, leading to a terminable event for the contract.
  • Constructive negotiations continue with the final project which is now currently scheduled to complete in early 2026
  • As previously announced, project amendments and additional remedial costs have together resulted in an additional pre-tax provision of £0.46 million as at the half year. However, these estimates may change as we move towards completion of the projects and we will update the market with any further material changes if or when they may occur.


  • The second half has started well, with revenues expected to pick up further in the second half of the year, albeit at more normalised margins, as part of the Group’s traditional heavier second half weighting
  • Ongoing execution of strategic initiatives under the three key pillars of Regulation, Regeneration and Renewables continues to strengthen our position and create opportunities for all service divisions
  • At least seven of nine DCB projects expected to be completed during the current financial year
  • The Group is trading in line with the Board’s expectations for the full year and is well positioned to continue its growth trajectory

David Bullen, Chief Executive Officer of Kinovo, commented:

“I am pleased to report another strong period of growth for Kinovo, with revenue and profits both increasing during the half year. The business continues to benefit from our strategic repositioning, concentrating our service offering, as well as external legislative drivers, while our framework placings represent a significant growth opportunity and will enable further diversification of our services.

 The second half has started well and we are trading in line with the Board’s expectations for the full year, and remain confident that we have the right strategy to drive growth and realise Kinovo’s significant potential. I am satisfied with the progress made on the DCB projects, with seven of the nine due to be completed this financial year. We continue to prioritise investing in our people, we have motivated teams and we are confident in our long-term success.”

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