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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kinovo Plc | LSE:KINO | London | Ordinary Share | GB00BV9GHQ09 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 42.00 | 41.00 | 43.00 | 42.10 | 41.10 | 42.00 | 22,529 | 08:00:24 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Bldg Clean & Maint Svc, Nec | 63.2M | -548k | -0.0087 | -48.28 | 26.37M |
TIDMKINO
RNS Number : 1932Y
Kinovo PLC
12 January 2022
12 January 2022
Kinovo plc
("Kinovo" or the "Company")
Disposal of Construction Division
Kinovo Plc (AIM: KINO), the specialist property services Group that delivers compliance and sustainability solutions, announces that it has entered into an agreement to sell the Company's non-core construction division, DCB (Kent) Limited ("DCB"), for a total deferred consideration of up to GBP5.0 million.
The construction division has been acquired by MCG Global Limited on the following terms, consisting of four constituent elements:
-- firstly, up to GBP1.9 million will be payable on the successful completion of current projects, most of which are due in the calendar year 2022;
-- secondly, up to GBP2.1 million will be payable on trade settlements relating to these current contracts; and
-- the third and fourth elements, upon which GBP0.5 million will be payable for each element, relate to the achievement of a GBP3.0 million profit before tax target, for each of the years ending March 2023 and March 2024 respectively.
For the year ending March 2021, DCB generated revenues of GBP20.82 million and delivered an operating profit of GBP0.26 million with profit before tax of GBP0.24 million.
David Bullen, Chief Executive Officer of Kinovo plc, commented:
"I am pleased to have concluded the disposal of DCB. This marks an important step for Kinovo, strengthening the foundation of our core business and enhancing our strategic commitment to focus on Regulation, Regeneration and Renewables. This commitment centres on the non-discretionary areas of compliance and regulatory work that offer long-term contracts, recurring revenues and strong cash generation."
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 Corporate Broking: Andrew Potts Georgina McCooke Sales: Jonathan Barr Hudson Sandler (Financial PR) +44 (0)20 7796 4133 Dan de Belder Bertie Berger
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END
DISSFASWEEESESF
(END) Dow Jones Newswires
January 12, 2022 02:10 ET (07:10 GMT)
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