Announcement • May 14
Kinovo plc Intends to Cancel Trading of Shares on AIM The boards of Kinovo plc and Sureserve announced that they have reached agreement on the terms and conditions of a recommended final cash offer pursuant to which Sureserve will acquire the entire issued and to be issued ordinary share capital of Kinovo (the "Acquisition"). The Acquisition is currently intended to be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. Prior to the Effective Date (the date upon which the Acquisition becomes Effective in accordance with its terms), it is intended that applications will be made to the London Stock Exchange for admission of the Kinovo Shares to trading on AIM to be cancelled with effect from or shortly following the Effective Date. The last day of dealings in, and registration of transfers of, Kinovo Shares on AIM is expected to be the Business Day immediately prior to the Effective Date, and no transfers will be registered after 6.00 p.m. (London time) on that date. Upon the Scheme becoming Effective, Sureserve will acquire the Kinovo Shares fully paid and free from all liens, charges, equitable interests, encumbrances and rights of pre-emption and any other interests of any nature whatsoever and together with all rights attaching thereto including the right to receive and retain all dividends and distributions declared, made or paid by reference to a record date after the Effective Date. On the Effective Date, Kinovo will become a wholly-owned subsidiary of Sureserve and share certificates in respect of Kinovo will cease to be valid and should be destroyed. In addition, entitlements held within the CREST system to the Kinovo Shares will be cancelled on the Effective Date. It is also intended that Kinovo will be re-registered as a private limited company and for this to take place as soon as practicable following the Effective Date. Announcement • May 13
Sureserve Limited made a non-binding proposal to acquire Kinovo plc (AIM:KINO) for £54.5 million. Sureserve Limited made a non-binding proposal to acquire Kinovo plc (AIM:KINO) for £54.5 million on May 12, 2025. A cash consideration valued at £0.875 per share will be paid by Sureserve Limited. Having considered the Possible Offer, the Kinovo Board has indicated to Sureserve that it is at a value the Board would be minded to recommend to Kinovoshareholders, should a firm intention to make an offer. In accordance with Sureserve must, by no later than on 10 June 2025, being the 28th day following the date of this announcement, either announce a firm intention to make an offer for Kinovo or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement. The deadline can be extended with the consent of the Takeover Panel.
Adam James and Harry Rees of Canaccord Genuity Limited and Alistair Allen, Rob McCann and Matt Jaquiss-OllierRothschild & Co acted as financial advisor to the Kinovo plc. Addleshaw Goddard LLP is acting as legal adviser to Sureserve. Dorsey & Whitney (Europe) LLP is acting as legal adviser to Kinovo. New Risk • Nov 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-UK£1.1m). Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risks Market cap is less than US$100m (€43.8m market cap, or US$47.0m). Announcement • Nov 08
Kinovo plc Provides Earnings Guidance for the Six Months Ended September 30, 2024 Kinovo plc provided earnings guidance for the six months ended September 30, 2024. The Group expects to report revenue of £29.6 million, a decrease of 3% compared to the previous period (H1 FY24: £30.3 million). Announcement • Aug 05
Kinovo plc, Annual General Meeting, Aug 28, 2024 Kinovo plc, Annual General Meeting, Aug 28, 2024. Location: the offices of hudson sandler, 25 charterhouse square, ec1m 6ae, london United Kingdom Announcement • Aug 02
Kinovo plc Announces Final DCB Project Update Kinovo Plc confirmed that it has completed the build of the final outstanding legacy project, relating to its former construction subsidiary, DCB (Kent) Ltd., ending its financial liabilities relating to these under parent company guarantees. The building has been completed on time and in line with cost forecasts. The total net pre-tax cost to complete for the nine DCB projects remains in line with those announced at the Company's results on 9 July 2024. Additionally, the client for the final project has contracted Kinovo for further external works to the property, which are deemed as variations to the contract and will be paid for separately by the client, therefore not affecting the final cost to complete. These additional works will extend the date of practical completion to September. Reported Earnings • Jul 10
Full year 2024 earnings released: EPS: UK£0.082 (vs UK£0.06 in FY 2023) Full year 2024 results: EPS: UK£0.082 (up from UK£0.06 in FY 2023). Revenue: UK£64.1m (up 2.3% from FY 2023). Net income: UK£5.13m (up 38% from FY 2023). Profit margin: 8.0% (up from 5.9% in FY 2023). Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Commercial Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. New Risk • Jun 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Market cap is less than US$100m (€44.3m market cap, or US$47.4m). Announcement • May 25
Kinovo plc to Report Fiscal Year 2024 Results on Jul 09, 2024 Kinovo plc announced that they will report fiscal year 2024 results on Jul 09, 2024 Announcement • May 03
Kinovo plc Provides Earnings Guidance for the Full Year 2024 Kinovo plc provided earnings guidance for the full year 2024. For the year, the company expects to report revenues for FY24 of approximately £64 million (FY23: £62.7 million), reflecting a different revenue mix of projects contracted in the year andincluding the strategic exit from a private sector mechanical contract amounting to £3.6 million in revenue. New Risk • Mar 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Market cap is less than US$100m (€30.2m market cap, or US$32.7m). Recent Insider Transactions • Mar 12
Independent Non Executive Chair recently bought €53k worth of stock On the 8th of March, Sangita Shah bought around 111k shares on-market at roughly €0.48 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Sangita has been a buyer over the last 12 months, purchasing a net total of €65k worth in shares. Reported Earnings • Dec 01
First half 2024 earnings released: EPS: UK£0.031 (vs UK£0.022 in 1H 2023) First half 2024 results: EPS: UK£0.031 (up from UK£0.022 in 1H 2023). Revenue: UK£30.3m (up 1.9% from 1H 2023). Net income: UK£1.92m (up 43% from 1H 2023). Profit margin: 6.3% (up from 4.5% in 1H 2023). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Commercial Services industry in Germany. Board Change • Dec 01
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non Executive Director David Guest was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 08
Kinovo plc to Report First Half, 2024 Results on Nov 28, 2023 Kinovo plc announced that they will report first half, 2024 results on Nov 28, 2023 Announcement • Nov 07
Kinovo plc Provides Earnings Guidance for the Six Months Ending 30 September 2023 Kinovo plc provided earnings guidance for the six months ending 30 September 2023. With a number of planned works being delayed due to clients' administrative bottlenecks and only commencing in the latter part of the first half, the Board expects to report a revenue increase of 2% to £30.34 million (H1 2023: £29.76 million) with a 9% increase in gross profit to £8.40 million (H1 2023: £7.71 million). As the planned works progress and new contract wins are fully mobilised, revenues are expected to pick up further in the second half of the year, albeit at more normalised margins, as part of the Group's traditional second half weighting. The Board expects to report adjusted EBITDA growth of 21% to £2.91 million (H1 2023: £2.40 million) and Operating Profit growth of 46% to £2.75 million (H1 2023: £1.87 million) driven by a favourable work mix, enhanced by the Group's operational efficiencies and lower non-underlying costs. Announcement • Sep 03
Tim Scott cancelled the acquisition of an unknown minority stake in Kinovo plc (AIM:KINO) from Ruffer LLP and other shareholders. Tim Scott made a non-binding indicative offer to acquire an unknown minority stake in Kinovo plc (AIM:KINO) from Ruffer LLP and other shareholders on August 24, 2023. The offer price is 56 pence cash per share. The offer is subject to the satisfaction or waiver by offeror of a number of pre-conditions, including the satisfactory completion of customary due diligence, the recommendation of the Board of Kinovo and no material change in the outlook of the DCB Kent construction projects.
Bobbie Hilliam, Adam James, Andrew Potts and Harry Rees of Canaccord Genuity Limited acted as financial adviser of Kinovo.
Tim Scott cancelled the acquisition of an unknown minority stake in Kinovo plc (AIM:KINO) from Ruffer LLP and other shareholders on September 1, 2023. Announcement • Aug 25
Rx3 Holdings Limited made a non-binding indicative offer to acquire Kinovo plc (AIM:KINO) from Tipacs2 Limited and other shareholders for £34.8 million. Rx3 Holdings Limited made a non-binding indicative offer to acquire Kinovo plc (AIM:KINO) from Tipacs2 Limited and other shareholders for £34.8 million on August 24, 2023. The offer price is 56 pence cash per share. The offer is subject to the satisfaction or waiver by Rx3 of a number of pre-conditions, including the satisfactory completion of customary due diligence, the recommendation of the Board of Kinovo and no material change in the outlook of the DCB Kent construction projects.Bobbie Hilliam, Adam James, Andrew Potts and Harry Rees of Canaccord Genuity Limited acted as financial adviser of Kinovo. Buying Opportunity • Aug 17
Now 20% undervalued Over the last 90 days, the stock is up 3.9%. The fair value is estimated to be €0.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 24% in the next 2 years. Reported Earnings • Aug 13
Full year 2023 earnings released: EPS: UK£0.06 (vs UK£0.037 in FY 2022) Full year 2023 results: EPS: UK£0.06 (up from UK£0.037 in FY 2022). Revenue: UK£62.7m (up 18% from FY 2022). Net income: UK£3.71m (up 64% from FY 2022). Profit margin: 5.9% (up from 4.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Commercial Services industry in Germany. Announcement • Aug 05
Kinovo plc, Annual General Meeting, Aug 30, 2023 Kinovo plc, Annual General Meeting, Aug 30, 2023, at 11:00 Coordinated Universal Time. Location: Hudson Sandler, 25 Charterhouse Square London United Kingdom Buying Opportunity • Jul 18
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €0.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 24% in the next 2 years. Reported Earnings • Jul 12
Full year 2023 earnings released: EPS: UK£0.06 (vs UK£0.037 in FY 2022) Full year 2023 results: EPS: UK£0.06 (up from UK£0.037 in FY 2022). Revenue: UK£62.7m (up 18% from FY 2022). Net income: UK£3.71m (up 64% from FY 2022). Profit margin: 5.9% (up from 4.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Commercial Services industry in Germany. Announcement • Jul 07
Kinovo plc to Report Fiscal Year 2023 Final Results on Jul 11, 2023 Kinovo plc announced that they will report fiscal year 2023 final results on Jul 11, 2023 Buying Opportunity • Jun 15
Now 23% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be €0.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • May 18
Now 22% undervalued Over the last 90 days, the stock is up 43%. The fair value is estimated to be €0.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 29
First half 2023 earnings released: EPS: UK£0.022 (vs UK£0.014 in 1H 2022) First half 2023 results: EPS: UK£0.022 (up from UK£0.014 in 1H 2022). Revenue: UK£29.8m (up 25% from 1H 2022). Net income: UK£1.34m (up 61% from 1H 2022). Profit margin: 4.5% (up from 3.5% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Commercial Services industry in Germany. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non Executive Director David Guest was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 15
Kinovo plc to Report First Half, 2023 Results on Nov 28, 2022 Kinovo plc announced that they will report first half, 2023 results on Nov 28, 2022 Announcement • Sep 15
Kinovo plc Provides Revenue Guidance for First Six Months Ending 30 September 2022 Kinovo plc's directors expected to report for the first six months ending 30 September 2022, revenues of approximately £30.0 million (H1 2022: £23.8 million). Announcement • Aug 24
Kinovo plc, Annual General Meeting, Sep 15, 2022 Kinovo plc, Annual General Meeting, Sep 15, 2022, at 09:00 Coordinated Universal Time. Location: Hudson Sandler, 25 Charterhouse Square, London, EC1M 6AE London United Kingdom Agenda: Annual General Meeting. Reported Earnings • Aug 20
Full year 2022 earnings released: EPS: UK£0.037 (vs UK£0.003 in FY 2021) Full year 2022 results: EPS: UK£0.037 (up from UK£0.003 in FY 2021). Revenue: UK£53.3m (down 11% from FY 2021). Net income: UK£2.26m (up UK£2.11m from FY 2021). Profit margin: 4.2% (up from 0.3% in FY 2021). The increase in margin was driven by lower expenses. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non Executive Director David Guest was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 08
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non Executive Director David Guest was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 01
Kinovo plc Announces Directorate Change Kinovo Plc announced that Caroline TolhurstMRICS, Non-Executive Director, retired from the Board with effect from 31 March 2022. The Company announced that it has appointed Kim Wright as a Non-Executive Director of the Company ("NED") with immediate effect. Kim will join as a NED and Chair of Remuneration Committee. Announcement • Jan 13
MCG Global Limited acquired DCB (Kent) Limited from Kinovo plc (AIM:KINO) for £5 million. 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. For the year ended March 2021, DCB generated revenues of £20.82 million and delivered an operating profit of £0.26 million. Canaccord Genuity Hawkpoint Limited acted as nominated financial advisor to Kinovo plc.
MCG Global Limited completed the acquisition of DCB (Kent) Limited from Kinovo plc (AIM:KINO) on January 12, 2022. Board Change • Dec 31
High number of new directors Independent Non Executive Director Caroline Tolhurst was the last director to join the board, commencing their role in 2020. Reported Earnings • Dec 09
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: UK£0.014 (up from UK£0.006 loss in 1H 2021). Revenue: UK£23.8m (up 64% from 1H 2021). Net income: UK£834.0k (up UK£1.20m from 1H 2021). Profit margin: 3.5% (up from net loss in 1H 2021). Revenue was in line with analyst estimates. Recent Insider Transactions • Aug 12
CEO & Director recently bought €59k worth of stock On the 5th of August, David Michael Bullen bought around 150k shares on-market at roughly €0.39 per share. This was the largest purchase by an insider in the last 3 months. This was David Michael's only on-market trade for the last 12 months. Reported Earnings • Jul 07
Full year 2021 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£60.2m (down 8.0% from FY 2020). Net income: UK£157.0k (down 89% from FY 2020). Profit margin: 0.3% (down from 2.1% in FY 2020). The decrease in margin was driven by lower revenue. Announcement • May 07
Bilby Plc Provides Financial Guidance for the Full Year Ending 31 March 2021 Bilby Plc provided financial guidance for the full year ending 31 March 2021. Bilby continued delivering essential, regulation-driven maintenance and building services for its clients, despite the year being enveloped by the uncertainties stemming from Covid-19 and UK Government restrictions. Whilst the Company was impacted by often significant no access rates and delays, Bilby expects to report a solid performance for the financial year. Bilby had a strong performance in the second half and, as a result, expects revenues of approximately £60 million for the full year ending March 2021.