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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Kinovo Plc | KINO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.30 | 0.73% | 41.50 | 08:00:12 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 41.50 | 41.00 | 41.50 | 41.50 | 41.20 |
| Industry Sector |
|---|
| GAS WATER & UTILITIES |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 06/07/2021 | Final | GBP | 0.005 | 19/08/2021 | 20/08/2021 | 22/09/2021 |
| Top Posts |
|---|
Posted at 20/3/2024 21:31 by forensic nico115 - 09 Feb 2024 - 14:28:24 - 341 of 447 Kinovo PLC - Specialist property services Group - KINOMillions ? Wow 1.4m so far ,I think 2m top whack so 600k more but hopefully im wrong ! However I also think we will blow away 6.2m due to … “Without accounting for additional works crystalising from Kinovo's pipeline as the Group enters its peak trading season” Hmmm ..what’s that tell you Forensic ? |
Posted at 20/3/2024 21:29 by forensic Forensic - 09 Feb 2024 - 14:09:35 - 340 of 446 Kinovo PLC - Specialist property services Group - KINOTime will tell re costs. I wouldn’t be surprised to eventually see more cost increases in the millions….we could have some more bad weather… |
Posted at 20/3/2024 10:59 by fft It does sound like KINO mgmt didn't have any time limit on the work they were liable for when disposing of DCB.At the very least they should have checked the work carried out before the sale of DCB on projects that had been started but were not yet finished and rectified that work before doing the handover.On projects that had not yet started, and the remainder work on projects under way they should have been all over it when the work was being carried out with penalties for shoddy work. That level of oversight should have been built into the contract. It does look like a handshake deal between old mates that has gone seriously wrong for KINO. Or have I misread it ? |
Posted at 14/3/2024 09:17 by barnesian I've now watched all 54 minutes of the presentation and Q&A.The DCB fiasco certainly has the full attention of the management and they seem now to be on top of it. Eight projects have been derisked and the final one is a flat site project which is therefore less risky as there are no unseen construction faults as construction has not yet begun. All options for the final project are on the table including a early settlement without construction. As the Company is involved in negotiations on these options it is understandably cagey about disclosing figures. Overall I was reassured about the level of remaining risk which I judge to be small and manageable. What I don't still understand is how they got into this mess. I may have got this wrong so correct me if I have. In 2018 the Company was singing the praises of DCB Kent in their Annual Report. httxs://www.kinovopl Nevertheless, for reasons I don't understand, they decided to sell it to MCG Global in 2022 with guarantees on the execution of the ongoing projects. "MCG Global Limited acquired DCB (Kent) Limited from Kinovo plc (AIM:KINO) for £5 million on January 12, 2022. Under the terms of the consideration, £1.9 million will be payable on the successful completion of current projects, most of which are due in the calendar year 2022, £2.1 million will be payable on trade settlements relating to these current contracts and £1 million payable as earnout amount subject to DCB achieving £3 million profit before tax in 2023 and 2024 respectively." MCG was incorporated in May 2021 and went bust around June 2023 leaving Kinovo holding the baby with nine unfinished project with many hidden faults. I'm not clear whether the faults were caused by Kino before the sale or by MCG subsequently, or whether MCG was even a company with operations. Very odd. The management stated in the Q&A that the lesson they have learned is to stay out of the construction business and focus on their core business. I think there are many other lessons to be learned from this messy business! Be that as it may, I am reassured that the DCB liability is now under control and will continue to hold my shares. |
Posted at 13/2/2024 16:45 by dyor2 Am not too surprised by the pullback in Kino’s share price since the trading update. News on the core business was fine as expected, but (fairly or not) the DCB update has shaken sentiment and re awakened lingering investor doubts over management credibility on the eventual outcome of DCB completion costs. Kinovo is a thinly traded share, and that, coupled with what looks like one of the institutional holders deciding to sell out, lies behind the subsequent 30% share price pullback.Personally, I’m not too bothered by this. The £1.4m increased DCB costs aren’t particularly horrific and can comfortably be funded over the next few months from cash generated by the core business, and as the projects complete (8 of the 9 are now scheduled to be complete by the end of May), the scope for further nasty surprises will markedly reduce. But the big question for me is what Tim Scott plans to do with his 30% stake. It’s fairly obvious that in due course he’ll either use it to launch a renewed bid, or sell to another bidder. Maybe he hasn’t decided yet, but I’d be surprised if he doesn’t do either one or the other later this year. Under Takeover Panel rules the soonest he can come back with another bid is late March/April this year. If that’s what he decides to do, then if I were him I’d do it as soon as he’s allowed to, whilst the share price is depressed. If he’s going to sell to another bidder, I’d leave it until later in the year after the 2023/4 full year results, when the DCB picture will be pretty fully resolved and he can sell to a bidder on the prospect of say £7.5m EBITDA for 2024/5. But the bottom line for me is that I can’t see him staying with a passive 30% stake forever, and the only way he can get full value for the stake is either to bid again himself or sell to another bidder. So one way or another I’m guessing that the fundamental value of the core business will lead to a bid later this year. I think a number of PE houses would bid at least 7X EBITDA, and on forecast 2023/4 EBITDA of £7.5m that gives an enterprise value for the Kino core business of £52.5m, which is 84p a share. IMV that sort of multiple would significantly undervalue the core business (because at £7.5m EBITDA the business will be generating circa £7m free cash flow p.a., which is a 13% p.a. free chas flow return on a £52.5m bid value - very juicy for a PE bidder). But regrettably the current share price weakness would make it likely to succeed. In fact, FWIW, if a bid were launched right now then I think it might succeed at as low as 75p. We’ll see, and I’d love to be proven wrong and hold this share for the longer term despite the share price pullback. But I’m increasingly feeling like I won’t get the chance. |
Posted at 12/2/2024 11:08 by kinwah The price action is rather unusual. I was wondering if perhaps KINO had received a legal claim from the people KINO had sold DCB to for breach of contract relating to the cessation of funding. I remember they did threaten it at the time DCB collapsed. KINO is in better financial health now so it could be vulnerable to such a claim. I have a feeling it may still be too early to draw a line under the DCB disaster. |
Posted at 30/11/2023 18:18 by dyor2 Some sizeable buying today. I’m not surprised, because I thought the results presentation yesterday was positive in a number of respects. Crucially, management made it clear that for all practical purposes they think the potential for any further nasty DCB related surprises is now behind us. Five of the nine DCB construction contracts will be completed in December and a further two by the March 24 financial year end. Of the remaining two, they conformed that one has now been terminated with no further liability (due to the client going into administration), and although the final remaining contract might not be completed until early 2026, Kinovo’s liability is capped at the £860,000 value of its performance bond. In terms of estimated net cash costs to complete the various contracts, there was £1.33m remaining at the end of September. Obviously there may be some adjustments up or down to contract values as the various projects reach practical completion, but probably no more than a few hundred thousand pounds either way, and in terms of cash flow they say there is c. £960,000 of customer retentions on the projects which could be coming back to Kinovo following practical completion. So, as I say, the major DCB uncertainties do now seem to be behind us, and this should become fully apparent by the time of the full year figures.So investors can now start to look to the value of the underlying core business without the drag of DCB uncertainty, and the prospects for the core business seem stronger than ever. Three year visible revenues have grown to £157m, of which they say £66m should be booked in FY 24/5 (turnover was £63m last year). But this does not include any potential revenues from the multiple framework wins which Kinovo has announced. Management said yesterday that at present Kinovo has £72m of tenders out for direct award, and historically has won c.50% of its tenders. There is the potential for a lot more than this over the next few years as the framework clients continue to put work out to tender, and Kino seems to be in the sweet spot of having more potential work than it can handle and is bidding on service quality rather than price. Management stated during the presentation that they don’t need to bid on price (they say they were not the lowest price bidder on any of the new contracts they’ve recently won), and hence they’re confident of maintaining gross profit margins at c. 26%. going forward. Quite apart from the growth prospects, Bullen emphasised in yesterday’s presentation that the key to valuing Kinovo is the strong underlying cash generation of its business, and this should become increasingly evident next year. They should end the current financial year with a small positive net cash balance and in a normal year expect to convert at least 90% of EBITDA into cash, so IMV they should be generating £6m+ p.a. of cash next year, and obviously this will grow as EBITDA grows. They have high visibility of forward revenue growth, and gross profit margins seem sustainable. So in terms of capital allocation, they will clearly have the potential, if they choose, to pay a significant proportion of free cash flow as dividend in 24/5. As I’ve previously posted, all this seems to make the current market cap of £30m look way too low, and if the market doesn’t recognise this then Kino will look very vulnerable to a bid from a Private Equity fund or a competitor. Personally, I’m hoping this doesn’t come too soon, because I’d really like to hold this stock longer term. I can’t find many stocks with Kinovo’s combination of seemingly assured growth potential, high cash generation and low market value. But I guess it will depend on the attitude of Tim Scott with his 30%? He could in theory bid again once six months from his last bid have passed, though I think that’s unlikely - more likely at some stage he sells to another bidder? I’m hoping he’s going to be patient! |
Posted at 13/9/2023 07:08 by someuwin Kinovo plc("Kinovo" or the "Company") Decarbonisation Direct Award Kinovo Plc (AIM: KINO), the specialist property services group that delivers compliance and sustainability solutions, is pleased to announce it has received a direct award with an anticipated value of GBP4.8 million over 19 months through The Greener Futures Partnership's ("GFP") Decarbonisation Framework. This is Kinovo's first direct award following the Company's placement on the GFP Framework as announced on 22 May 2023. The framework comprises five housing associations and over 300,000 homes, representing 9% of the total social housing market. Kinovo's two sub-lots cover two of the framework's five geographic regions, namely London and the South and East of England. In March 2023, the GFP was awarded GBP40.4 million from Wave 2.1 of the Government's Social Housing Decarbonisation Fund, which will be match funded by GFP by a minimum of the same value. Total investment value of around GBP95 million nationally is currently anticipated by GFP under this framework between 2023 to 2025. Kinovo's direct award is to undertake whole house retrofit energy efficiency works compliant with PAS 2030:2019 and PAS 2035:2019 for approximately 200 properties. Works are due to start in September 2023 for an initial term of 19 months until March 2025. Following this and other recent direct awards and contract wins, the Company has invested further in its Renewables pillar, strengthening the team with three additional roles; a fully qualified Retrofit Assessor and Co-ordinator as our Retrofit Lead, alongside a Technical Co-ordinator and Retrofit Liaison Officer. These additions will provide further technical expertise and qualifications covering Domestic Retrofit, Domestic Energy Assessment and Green Deal Advisory services. David Bullen, Chief Executive Officer of Kinovo plc, commented: "We are pleased to have won our first direct award under the GFP Decarbonisation Framework, at a value of GBP4.8 million, and the latest in a series of new contracts and direct awards under our Renewables pillar. I believe Kinovo has all the qualifications, skills and experience to act as a "one stop shop" to support housing associations and local councils in meeting the Government's net zero carbon emissions target by 2050, alongside their objective for all social homes to achieve an EPC "C" rating by 2030." |
Posted at 01/9/2023 13:38 by farnesbarnes Welcome mark,They had a piece last week too on KINO thats worth a read. It is good to have balanced views, but should also question why Small Cap Life don't declare if they have a position or not in any stock they write about. Kinovo (KINO.L) - Potential Offer Kinovo…today announces that it has received a non-binding indicative offer from Rx3 Holdings Limited ("Rx3") which may or may not lead to an offer being made by Rx3 for the entire issued and to be issued share capital of Kinovo at a price of 56 pence per share, payable in cash. Rx3 and Tipacs2 Limited, (which holds c.29.89% of Kinovo's shares), are both ultimately owned by Mr Tim Scott. This is at very little premium to the share price prior to this news. Rx3 are keen to point out that the minimum price they can offer is even lower: Rx3 notes the announcement made yesterday by Kinovo in relation to its possible offer for the Company. It confirms that, ..., if Rx3 makes an offer for Kinovo, Rx3 is required to offer a price of not less than 40 pence per share So they appear to be setting shareholders up for the reality that it may not even bid at 56p. We suspect that the bid, if it comes, will therefore be somewhere between 40p and 56p and will be followed by them asking the board to recommend it. If they don't, then an EGM to remove the board? We expect lots of gnashing of teeth from shareholders who think the offer undervalues the company, and we have some sympathy with that, given the forward P/E is under 8. However, as Best of The Best showed, a 30% holder can easily force the issue if they really want to, and such companies rarely deserve a premium rating. If no offer is forthcoming, it is unlikely to be due to the price, but that Rx3 find something material in their due diligence. Given the issues in the past with DCB Kent, then this can’t be ruled out. As such, shareholders may be better off simply taking the current market bid and re-investing it into other cheap UK small caps, rather than risk a low-ball offer being pushed through, or some more contract issues appearing. |
Posted at 16/5/2022 16:38 by tomboyb Kinovo PLC Update re DCB Kent Limited ("DCB")16/05/2022 4:33pm UK Regulatory (RNS & others) Kinovo (LSE:KINO) Intraday Stock Chart Monday 16 May 2022 Click Here for more Kinovo Charts. TIDMKINO RNS Number : 6689L Kinovo PLC 16 May 2022 16 May 2022 Kinovo plc ("Kinovo" or the "Company") Update re DCB Kent Limited ("DCB") Kinovo Plc (AIM: KINO), the specialist property services Group that delivers compliance and sustainability solutions, provides the following update on developments in the financial position of DCB, its former subsidiary, since the release by Kinovo, on 6 May 2022, of its trading update for the year ended 31 March 2022 (the "6 May Announcement"). Kinovo has today been informed that two partners of CFS Restructuring LLP have been appointed as joint administrators of DCB (the "Joint Administrators"). As referred to in the 6 May Announcement, since the completion of its disposal of DCB, Kinovo has provided working capital support to DCB in the amount of GBP3.7 million in aggregate, to facilitate the completion by DCB of active projects. Prior to the disposal, as also referred to in the 6 May Announcement, Kinovo provided certain parent company guarantees relating to construction projects in existence at the time of the disposal, which were expected to be released by the purchaser of DCB following completion of the disposal. Kinovo is currently establishing the impact of an administration of DCB on the monies it has advanced DCB to support its working capital, which remain at GBP3.7 million, as well as on the parent company guarantees it has provided. The deferred purchase price for the disposal of DCB was based on the successful completion of active projects, upon trade settlements relating to those projects, and on profits for financial years ending March 2023 and 2024, respectively. In consequence of an administration of DCB, Kinovo's directors expect that any deferred consideration it may receive would only likely now arise from trade settlements and retentions related to contracts; this would be linked directly to the administration process and completion of the relevant construction projects. A further announcement will be made to shareholders as and when appropriate. Sangita Shah, Chairman of Kinovo plc, commented: "We are very disappointed to be informed of the appointment by DCB of the Joint Administrators. We are actively engaged with our legal advisors in establishing Kinovo's position in consequence of an administration of DCB, and we are also in direct discussions with the Joint Administrators." Enquiries Kinovo plc Sangita Shah, Chairman +44 (0)20 7796 4133 David Bullen, Chief Executive Officer (via Hudson Sandler) Canaccord Genuity Limited (Nominated Adviser and Sole Broker) +44 (0)20 7523 8000 Andrew Potts Bobbie Hilliam Hudson Sandler (Financial PR) +44 (0)20 7796 4133 Dan de Belder Harry Griffiths |
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