Kinovo, the property-services company, anticipates that its full-year results in fiscal 2024 will meet its expectations. The company expects to achieve revenue and profit growth in the first half of the year.
For the six months ending on September 30, Kinovo projects revenue of £30.3 million ($37.4 million), a slight increase from £28.8 million in the same period last year. The delayed commencement of some planned works resulted in a later start in the latter part of the reporting period. However, as these works progress and new contract wins are fully mobilized, the company foresees an even stronger revenue performance in the second half of the year.
Kinovo also forecasts a 9% rise in gross profit to £8.4 million. Furthermore, the company expects operating profit to grow significantly by 46% to £2.75 million, largely driven by a favorable work mix. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) are projected to increase to £2.9 million from £2.4 million.
David Bullen, the Chief Executive of Kinovo, expressed confidence in the company’s future prospects. He believes that their strategic investments will generate further value, leading to continued momentum and opportunities for additional contract wins and renewals across their divisions.
In conclusion, Kinovo remains optimistic about its performance in fiscal 2024. The delayed works and new contracts are expected to contribute to revenue growth and improved profitability. With strategic investments on their side, the company is well-positioned to seize future opportunities.