Source - Alliance News

Kinovo PLC said it had inked new contracts in East Anglia and said it expects to deliver higher full-year revenue and earnings, in line with expectations.

Shares in Kinovo fell 8.1% to 57.00 pence each in London on Friday morning.

Kinovo is a London-based property services provider offering safety compliance and sustainability solutions.

The firm said it continues to make progress in East Anglia, having opened a new office in December, as well as signing eight contracts with new clients through its Eastern Procurement Asset Improvement framework.

Six of these are for a term of between one and three years, it said, amounting to a total expected value of approximately £4.2 million. Kinovo added that the remaining contracts are initially for a shorter term, although it is expected that they hold the potential for longer term contracts.

The firm added that it remains in conversation with several other potential clients in East Anglia and will continue to invest in the region.

Looking ahead, Kinovo expects revenue for the full-year ending March 31 will be £65 million, up 3.7% from £62.7 million the year before. This would reflect ‘a different revenue mix of projects contracted to date, with electrical services continuing to perform strongly,’ the firm said.

Adjusted earnings before interest, tax, depreciation and amortisation will be ‘significantly ahead’ of the £5.5 million contracted last year, at no less than £6.2 million.

This demonstrates the board’s continued confidence in the strength and resilience of the continuing business and its significant growth potential,‘ Kinovo commented.

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