Kinovo shares soared 29.6% to 33.7p in late morning trading on Friday after the group announced a 35% revenue growth to £53.3 million compared to £34.9 million in FY 2022.
The company reported a 102% adjusted EBITDA spike to £4.2 million against £2.1 million the year before, alongside an underlying operating profit from continuing operating surge of 95% to £4.1 million from £2.1 million.
Kinovo swung to a pre-tax profit of £2.8 million compared to a loss of £371,000 the previous year, as a result of the uplift in performance from continuing operations.
Kinovo noted adjusted cash conversion from continuing operations of 223% with £9.4 million in cash generated.
Meanwhile, the firm highlighted a net debt reduction to £340,000 against £2.7 million the last year.
Kinovo confirmed an adjusted EPS of 5.3p from 2.7p year-on-year.
“While the last year has been challenging for Kinovo, we are delighted with the performance of the underlying business,” said Kinovo CEO David Bullen.
“Revenues increased by 35% and adjusted EBITDA more than doubled, a direct result of the repositioning announced last year to focus on three key areas: regulation, regeneration and renewables.”
“This streamlining of operations has allowed the underlying business to prioritise what it does best and flourish. Coupled with the significant investment in our people, upskilling of employees and bringing in additional expertise, Kinovo is well positioned to negotiate this difficult macro-economic environment.”
Kinovo did not declare a dividend for FY 2022 as the company decided to focus on reducing net debt instead. It said it would resume dividend payments “as soon as financial conditions allow.”
