Kinovo PLC Disposal of Construction Division (1932Y)
January 12 2022 - 2:10AM
UK Regulatory
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
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January 12, 2022 02:10 ET (07:10 GMT)
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