REG - Kinovo PLC - Interim Results
28/11/2023 07:00
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RNS Number : 8267U Kinovo PLC 28 November 2023
28 November 2023
Kinovo Plc
("Kinovo" or the "Group")
Interim Results
Strong H1 Performance
Ongoing Execution of Strategic Initiatives
Kinovo plc (AIM:KINO), the specialist property services group that delivers
compliance and sustainability solutions, announces its unaudited Interim
Results for the six months ended 30 September 2023 (the "Period").
Financial highlights (Continuing Operations):
· Revenue increased by 2% to £30.3 million (H1 2023: £29.8
million)
· Gross profit up 9% from £7.71 million to £8.40 million
· Gross margin increased by 1.8ppt to 27.7% (H1 2023: 25.9%)
· Adjusted EBITDA up 21% to £2.9 million (H1 2023: £2.4 million)
· Operating profit increased by 47% to £2.7 million (H1 2023:
£1.9 million)
· Basic earnings per share increased 43% to 3.08p from 2.16p in H1
2023
· Cash conversion of 92% during the period (H1 2023: 130%)
· Net cash of £1.0 million (H1 2023, net debt: £56,000)
Operating highlights:
· A favourable mix of works, operational efficiencies and lower
non-underlying costs delivered increased gross margin
· Three-year visible revenues increased to £157.0 million (FY 2023:
£146.4 million) with 95% of revenues recurring
· Regulation attributable revenues increased to 61% of the Group's
total revenues (H1 2023: 54%), due to legislation drivers, delivering growth
of 15% in Regulation revenues
· Regeneration attributable revenues increase to 26% of the Group's
total revenues (H1 2023: 25%) with growth of 8%
· Renewables down to £3.87 million in the period from £6.29
million but is expected to reverse in H2
· Electrical services leads the Group's service performance,
accounting for 47% of total revenues and delivering 20% growth
· Numerous successful placements on major frameworks and subsequent direct
awards provide a strong pipeline of opportunities
· Further strategic investment in the Business Development and
Renewables teams to accelerate organic growth momentum
· Satellite office established in Dereham, Norfolk following the
strong interest in our services in the East of England, which further
consolidates our geographic position
· Our year two Carbon Net Zero Strategic Report has been released
with our maiden ESG Impact Report to be published in December 2023
Discontinued operations, DCB (Kent) Limited ("DCB"):
· Work has progressed substantially on seven of the nine projects; five
are on track to be completed in December 2023 with the other two are expected
to be completed by the end of the FY24 financial year
· On one of the remaining two projects the construction partner
entered into administration in October 2023, leading to a terminable event for
the contract.
· Constructive negotiations continue with the final project which is
now currently scheduled to complete in early 2026
· As previously announced, project amendments and additional
remedial costs have together resulted in an additional pre-tax provision of
£0.46 million as at the half year. However, these estimates may change as we
move towards completion of the projects and we will update the market with any
further material changes if or when they may occur
Outlook:
· The second half has started well, with revenues expected to pick up
further in the second half of the year, albeit at more normalised margins, as
part of the Group's traditional heavier second half weighting
· Ongoing execution of strategic initiatives under the three key
pillars of Regulation, Regeneration and Renewables continues to strengthen our
position and create opportunities for all service divisions
· At least seven of nine DCB projects expected to be completed
during the current financial year
· The Group is trading in line with the Board's expectations for the
full year and is well positioned to continue its growth trajectory
Unaudited 6 months to Unaudited 6 months to Audited 12 months to
30 September 2023 30 September 2022 31 March
£ˊ000 £ˊ000 2023
£ˊ000
Continuing operations
Income statement
Revenue 30,337 29,761 62,670
Gross profit 8,399 7,711 16,472
Gross margin 27.7% 25.9% 26.3%
EBITDA(1) (excluding effect of lease payments) 3,199 2,630 6,013
Adjusted EBITDA(2) (including effect of lease payments) 2,911 2,396 5,474
Operating profit 2,745 1,873 4,809
Underlying operating profit(3) 2,800 2,311 5,297
Underlying profit before taxation(4) 2,633 2,099 4,896
Profit after taxation 1,918 1,344 3,713
Basic earnings per share(5) 3.08 2.16 5.97
Adjusted earnings per share(6) 3.17 2.87 6.76
Cash flow
Net cash generated from operating activities 2,959 2,466 5,488
Adjusted net cash generated from operating activities(7) 2,686 3,119 5,865
Adjusted operating cash conversion(8) (%) 92% 130% 107%
Financial position
Cash and cash equivalents 1,157 1,721 1,322
Term and other loans (114) (1,777) (177)
Net cash/(debt)(9) 1,043 (56) 1,145
Net assets/(liabilities) 1,055 (2,294) (652)
Discontinued operations (see note 11)
Loss on disposal (343) (3,486) (4,261)
Net cash absorbed by operating activities (2,601) (1,652) (2,750)
1. Earnings before interest, taxation, depreciation and amortisation
("EBITDA") and excluding non-underlying items, as set out in the financial
review.
2. To align with internal reporting, Adjusted EBITDA is stated after the
effect of a charge for lease payments, as set out in the financial review.
3. Underlying operating profit is stated before charging non-underlying items
as set out in note 4.
4. Underlying profit before taxation is stated after finance costs and before
charging non-underlying items as set out in the financial review.
5. Basic earnings per share is the profit after tax divided by the weighted
average number of ordinary shares.
6. Adjusted earnings per share is the profit before deducting non-underlying
items after tax divided by the weighted average number of ordinary shares.
7. Net cash generated from operating activities before tax and after lease
payments in the period ended 30 September 2023. It is also adjusted to reflect
the payment of deferred HMRC payments to normal terms. Further analysis is set
out in the financial review.
8. Adjusted net cash generated from operating activities divided by Adjusted
EBITDA, as set out in the financial review.
9. Net cash/(debt) includes term and other loans, and cash net of overdraft,
and excludes lease obligations.
David Bullen, Chief Executive Officer of Kinovo, commented:
"I am pleased to report another strong period of growth for Kinovo, with
revenue and profits both increasing during the half year. The business
continues to benefit from our strategic repositioning, concentrating our
service offering, as well as external legislative drivers, while our framework
placings represent a significant growth opportunity and will enable further
diversification of our services.
The second half has started well and we are trading in line with the Board's
expectations for the full year, and remain confident that we have the right
strategy to drive growth and realise Kinovo's significant potential. I am
satisfied with the progress made on the DCB projects, with seven of the nine
due to be completed this financial year. We continue to prioritise investing
in our people, we have motivated teams and we are confident in our long-term
success."
Enquiries
Kinovo plc
Sangita Shah, Chair +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
Adam James
Andrew Potts
Harry Rees
Hudson Sandler (Financial PR) +44 (0)20 7796 4133
Dan de Belder
Harry Griffiths
Chair's statement
Overview
I am pleased to report a strong first half of the financial year for Kinovo's
continuing business, with revenue and profits continuing to rise. The business
continues to benefit from our strategic repositioning, as well as key external
legislative drivers providing a significant boost to our three-year visible
revenues. The Regulation and Regeneration pillars grow from strength to
strength, while the Renewables pillar was temporarily affected by
administrative bottlenecks at a number of clients, causing delays to planned
works. These works are expected to commence during H2.
As a result of a more favourable mix of works, actions taken internally to
boost operational efficiency and lower non-underlying costs, EBITDA grew by
21% during the half year to £2.91 million, with operating profit increasing
by 46% to £2.75 million. We have a healthy balance sheet at period-end and
are pleased to be in a net cash position compared to net debt of £0.06
million in the prior year.
Discontinued Operations
The executive management team have shown a dogged determination and commitment
to resolve the situation regarding DCB Kent ("DCB"), our former construction
division. The team has made significant progress to the portfolio of projects
we are legally obliged to complete, with five of the nine projects due to be
completed during December 2023, and a further two by the end of this financial
year. The executive team are working diligently to manage the risks related to
these projects and as at the half year, provisioned an incremental £0.46m, as
previously announced. As we draw to practical completion on these projects,
the market will, of course, be updated with any further material increases
should they arise.
Fully resolving the projects relating to DCB's discontinued operations remains
the key priority for the Board which will leave the Group to focus entirely on
growth.
Outlook
In spite of the challenging macroeconomic outlook, I remain optimistic in
terms of Kinovo's prospects and potential for growth. We have a strong
underlying business, with considerable demand supplemented by internal actions
and legislation.
As ever, our people are our key assets and I am pleased to report that David
Bullen has maintained his momentum and commitment to continue to invest in our
people.
The second half has started well and the Group continues to trade in line with
the Board's expectations in terms of the continuing business and the Board is
confident in increasing shareholder value and delivering the long-term
strategy of the business.
Sangita Shah
Non-Executive Chair
28 November 2023
Chief Executive Officer's review
Overview & Financial performance
The first half marked another important period for Kinovo as we accelerated
organic growth and continued to develop our three key operational pillars of
Regulation, Regeneration and Renewables. Revenue increased 2% to £30.34
million (H1 2023: £29.76 million), despite some planned works being delayed
and only commencing in the latter part of H1 due to clients' administrative
bottlenecks, which will play into the traditional heavier second half
weighting.
There was a marked increase in profitability due to a more favourable mix of
higher margin works, as well as continuing operational efficiencies and lower
non-underlying costs. Gross profits grew 9% to £8.40 million (H1 2023: £7.71
million) and gross margins increased to 27.7% (H1 2023: 25.9%). This led to
EBITDA growth of 21% to £2.91 million (H1 2023: £2.40 million), while
operating profit grew by 46% to £2.75 million (H1 2023: £1.87 million). The
Group ended the Period with a cash balance of £1.16 million and a net cash
position of £1.04 million (H1 2023: gross cash of £1.72 million and net debt
of £0.06 million).
Operational Review & Growth Drivers
Our H1 performance benefitted from strategic internal actions and investments
as well as the continued effects of legislative drivers, namely the Building
Safety Act, Fire Safety Act and changes to the Electrical Wiring Legislation.
Our strategic repositioning, which focuses our range of works around the three
pillars mentioned above, has been a catalyst for accelerating organic growth.
We also continue to invest in our people, and during the Period have
supplemented our Renewables pillar and expanded the Business Development team.
Within the three pillars, revenue attributable to Regulation increased to 61%
(H1 2023: 54%), growing 15% to £18.60 million, and Regeneration attributable
revenues increased to 26% (H1 2023: 25%), growing 8% to £7.86 million, both
benefitting from the legislative drivers referenced above. The Renewables
pillar decreased its attributable revenues to £3.87 million to 13% in H1 2024
(H1 2023: 21%), due to clients' administrative bottlenecks and a deliberate
run down on the private works stream. Positively, the Company achieved an
uplift in direct awards for the Renewables pillar of approximately £7.5
million granted during the Period and post-Period end which will start to be
realised in H2. The Renewables pillar represents a significant growth
opportunity for the Group, with Kinovo adding key hires including a Lead
Assessor, Technical Coordinator and Resident Liaison Officer to increase our
capabilities and strengthen the offering to capitalise on this opportunity.
In revenue terms, Mechanical works generated £6.14 million, representing 20%
of total revenue, Electrical works contributed £14.23 million, 47% of total
revenue, driven by the legislative drivers mentioned above and Building
Services works were £9.96 million, representing 33% of total revenue. The
inflow of workstreams commencing in the latter part of H1 as well as the
mobilisation of new workstreams during the period is expected to reflect
positively across the three pillars as well as the three service divisions in
the full year.
Another considerable growth driver for the Group is our framework placings,
which we are confident will enable us to further enhance our top line growth,
diversify our client base and broaden our mix of works. During the Period, we
announced the award of additional significant framework wins under the
following:
· Eastern Procurement Limited's Asset Improvement and
Sustainability Framework with a maximum aggregate estimated value across the
relevant contractors of £156 million over 4 years;
· a place on The Greener Futures Partnership's ("GFP")
Decarbonisation Framework with a maximum aggregate value across the relevant
contractors of £252 million over 7 years;
· 3 lots of The Hyde Group's Alternative Heating Servicing and
Maintenance Services and Metering and Billing Services Framework with a
maximum aggregate estimated value across the relevant contractors of £132
million over 4 years; and
· a place on the National Housing Maintenance Forum Heating
Services Framework for domestic heating appliances and servicing, maintenance,
and installations worth a maximum aggregate value across the relevant
contractors of £300 million over 4 years
During the Period and post-period end, the Group has won tenders as well as
demonstrating the value of being placed on frameworks with direct award wins
with a total contract value of £56 million over a maximum of eight years.
These wins have broadened our client range as well as introduce new
workstreams, including a number of direct award wins secured in the East of
England. Both of these achievements are in line with the objectives to deliver
our growth strategy, with wins ranging from a direct award for £4.8 million
through The GFP Decarbonisation Framework to retrofit approximately 200
properties over the next 18 months, through to an introductory direct award
from Great Yarmouth Borough Council for £0.3 million for a damp and mould and
retrofit works project over 4 months.
This momentum demonstrates the resilience and robustness of visible earnings
outlook with three-year visible revenues increasing from £146.4 million to
£157.0 million, with 95% recurring. £66 million of the visible revenue is
expected to be recognised in FY24.
The Group is making positive progress, and to accelerate our organic growth,
we have invested further in our Business Development Team with a new Bid
Manager and Estimator.
In line with our objective to consolidate our geographic position, the strong
interest in our services in the East of England has resulted in a number of
direct awards through frameworks, facilitating the establishment of a
satellite office in Dereham, Norfolk, to enable us to service the area more
effectively and efficiently. Our newly recruited Renewables team will be based
in Dereham, whilst offering support to the rest of the Group.
ESG & Social Value
Sustainability and driving social value are integral to our corporate identity
and embedded in our culture, underpinning each of our three pillars. We
continue to invest in our sustainability offering as a business and, during
the Period, we have been developing our maiden ESG Impact Report, which will
be released next month. We also published our year-two Net Zero Report earlier
this month, which provides our pathway to reach an 81% reduction in Scope 1, 2
and 3 emissions and our commitment to become Net Zero by 2040. We have offset
all Scope 1 and 2 emissions since 2022 in pursuit of being carbon neutral
within our own operational boundary, and we commit to maintaining this by
offsetting all future emissions.
Developing our people, offering career progression and apprenticeship
opportunities is extremely important to us, with apprentices representing 14%
of our total employees. Training apprentices is a fundamental part of our
professional development programme, enabling us to upskill young and local
people while also mitigating the potential impacts of supply issues within our
subcontractor base as we grow.
We have continued to develop our people, providing 1,781 hours of in-house
training, including Carbon Literacy training to our Management Team. We have
introduced an Employee Assistance Programme offering specialist help, support,
and advice to all our staff around their wellbeing and general health. We also
introduced a "volunteer day" programme across the Group, where employees are
encouraged to participate in community initiatives, providing a dual benefit
of contributing to personal development, whilst cultivating a culture of
giving back.
Our social value proposition has also been developed in collaboration with
clients and we focus our initiatives on the needs within local areas. We
encourage those who face barriers to employment to join us and have visited
local prisons to offer advice on getting back to work and sharing
opportunities available within the Group. We have also signed up to the Armed
Forces Covenant Pledge to acknowledge and understand the needs of the Armed
Forces community.
Discontinued Operations
We continue to progress the legacy projects relating to our former
construction division, DCB. We expect seven of the nine total projects to be
completed during the current financial year, five of which we remain confident
of being completed in December. The expected costs to complete these seven
projects have increased by £0.20 million and will be updated with the final
account reconciliations as the projects draw to a close.
Of the two remaining projects, one had been delayed due to ongoing
negotiations with the construction partner, a UK housebuilder. The
construction partner has fallen into administration just after the period end
which has led to a terminable event for the contract between DCB's
administrators and the construction partner and a resulting cessation of
discussions with Kinovo. The Group is awaiting the next steps from the
administrators to clarify and confirm the Group's position. In these interim
results, and as previously announced, additional associated costs on this
project, including legal fees, amounting to £0.26 million has been provided.
Additional costs of £0.2 million on the seven projects and the project in
administration together comprise the £0.46 million increase in the total
costs to complete which has been provided at 30 September 2023. The total net
pre-tax cost to complete the DCB projects is now estimated to be £5.72
million.
We remain in an active dialogue with the client regarding the final project,
which is now currently scheduled to complete in early 2026 and we will update
the market in due course on all material matters relating to the DCB projects
if or when they may occur.
Outlook
We are optimistic regarding Kinovo's growth potential, believing that there
are significant opportunities for top and bottom-line growth resulting from
the ongoing effects of our strategic repositioning and the external
legislative drivers which will continue to increase demand for our works. The
framework placings will also continue to broaden out our client base as we
diversify our range of works.
We continue to prioritise internal initiatives that will further drive this
growth, namely investments in our employees, teams and capabilities. Our
people are our greatest asset, and we will continue to invest in their
professional development as a matter of priority.
I am satisfied with how the DCB projects are progressing and look forward to
putting the majority behind us this calendar year. The team has worked
tirelessly in dealing with this difficult situation for Kinovo, and I wish to
thank them for their roles in allowing us to begin to put the issue behind us.
The second half has started well and the Group is trading in line with the
Board's expectations for the full year and is well positioned to continue its
exciting growth trajectory. We have an excellent business with talented and
motivated teams, and a market proposition that will enable us to continue
strengthening our position in our existing geographies.
David Bullen
Chief Executive Officer
28 November 2023
Financial review
Trading review
In the six-month period to 30 September 2023, Kinovo has continued to deliver
a strong trading result and cash generation from its continuing operations.
Adjusted EBITDA (after the effect of a charge for lease payments) increased by
21% to £2.91 million (H1 2023: £2.40 million) with operating profit from
continuing operations delivering £2.75 million (H1 2023: £1.87 million), an
increase of 47%.
Profit before taxation for continuing operations was £2.58 million (H1 2023:
£1.66 million), an increase of 55% and basic earnings per share were up 43%
to 3.08p (H1 2023: 2.16p).
A number of expected planned works were delayed in the first half due to our
clients' administrative bottlenecks with revenues increasing 2% to £30.34
million (2023: £29.76 million) whilst increased margins delivered an increase
in gross profit of 9% to £8.40 million (2023: £7.71 million). As the
planned works progress and our new contract wins are fully mobilised, revenues
are expected to pick up in the second half of the year, albeit at more
normalised margins, strengthening the traditional second half weighting.
Underlying Administrative expenses of £5.6 million in the Period have
increased £0.2 million (4%) compared to £5.40 million in the prior Period.
Kinovo continues to progress the fulfilment of its commitments on the DCB
construction projects as set out in the Chief Executive Officer review and
below. Discontinued operations include a full provision for the estimated
costs to complete the projects which, before tax, has increased by £0.46
million in the period.
As a result of the discontinued operations provision, the Group has reported a
total profit for the period of £1.56 million (H1 2023: loss £2.14 million).
The Adjusted EBITDA on continuing operations of £2.91 million (H1 2023:
£2.40 million) in the period is considered by the Board to be a key
Alternative Performance Measure ("APM") as it is the basis upon which the
underlying management information is prepared and the performance of the
business assessed by the Board.
Adjusted EBITDA is calculated as earnings before interest, taxation,
depreciation and amortisation, excluding non-underlying items and is stated
after the effect of a charge for lease payments.
A reconciliation of EBITDA (excluding lease payments) and Adjusted EBITDA
(including a charge for lease payments) for continuing operations is set out
below:
Unaudited Unaudited Audited
6 months ended
6 months ended
year
30 September 2023
30 September 2022
ended
31 March
2023
Continuing operations £'000 £'000 £'000
Profit before tax 2,578 1,661 4,408
Add back: non-underlying items 55 438 488
Underlying profit before tax 2,633 2,099 4,896
Adjustments for items not included in EBITDA:
Finance costs 167 212 401
Depreciation of property, plant and equipment 69 64 131
Depreciation of right-of-use assets 274 222 513
Amortisation of software costs 56 33 72
EBITDA (excluding a charge for lease payments) 3,199 2,630 6,013
Adjustment for lease payments (288) (234) (539)
Adjusted EBITDA 2,911 2,396 5,474
Non-underlying items
Non-underlying items are considered by the Board to be either exceptional in
size, one-off in nature or non-trading related items and are represented by
the following, and as set out in note 4.
Unaudited Unaudited Audited
6 months ended
6 months ended
year
30 September 2023
30 September 2022
ended
31 March
2023
£'000 £'000 £'000
Continuing activities
Amortisation of customer relationships - 383 385
Share based payment charge 55 55 103
Total 55 438 488
Customer relationship intangible fixed asset was fully amortised at 30
September 2022.
Cash flow performance
Adjusted net cash generated from continuing operating activities in the period
was £2.68 million (H1 2023: £3.12 million) delivering an Adjusted operating
cash conversion of 92% (H1 2023: 130%).
Adjusted operating cash conversion is calculated as cash generated from
continuing operations (after lease payments) of £2.69 million (H1 2023:
£2.23 million), adjusted for the effects of deferred HMRC repayments of £nil
(H1 2023: £0.89 million), in the period; divided by Adjusted EBITDA of £2.91
million (H1 2023: £2.40 million), as set out below;
Continuing operations Unaudited Unaudited Audited
6 months ended
6 months ended
year
30 September 2023
30 September 2022
ended
31 March
2023
£'000 £'000 £'000
Cash flow from operating activities per condensed consolidated statement of 358 814 2,738
cash flows
Adjustment for cash absorbed by discontinued operations 2,601 1,652 2,750
Net cash generated from continuing operating activities 2,959 2,466 5,488
Less operating lease payments (273) (234) (510)
Net cash generated from continuing activities (after lease payments) 2,686 2,232 4,978
Adjustment for deferred HMRC payments - 887 887
Adjusted net cash generated from continuing operating activities 2,686 3,119 5,865
Adjusted EBITDA (as above) 2,911 2,396 5,474
Adjusted operating cash conversion 92% 130% 107%
In the year ended 31 March 2023, the Group received accelerated receipts of
£0.40 million relating to future periods which improved cash conversion in
FY23. If the receipts were allocated to the correct periods cash conversion in
FY23 and for the 6-month period to 30 September 2023 would be 100% and 106%
respectively.
By arrangement with HMRC, VAT liabilities of £887,000 were deferred at 31
March 2022 and were fully repaid by 1 September 2022.
Discontinued operations
Following its rebranding and strategic review, Kinovo determined that DCB Kent
Limited (DCB), the Company's construction business was non-core and initiated
a process to dispose of the business which was completed in January 2022.
The terms of the disposal included certain working capital commitments. The
business entered administration in May 2022 and Kinovo retained commitments
under parent company guarantees, signed prior to the disposal of DCB, to
complete its' construction projects.
The total net cost of the commitment to complete the DCB construction projects
was estimated to be £5.3 million at 31 March 2023, which was provided in full
at that date.
In the 6-month period to 30 September 2023 the Group has continued to fulfil
its commitments on seven of the nine projects which are expected to be
completed during the current financial year. Two projects were in ongoing
discussions at the time of the publication of the Group Report and Accounts in
July 2023. The client on one of these projects subsequently entered into
administration in October 2023 which led to a terminable event. Discussions
continue on the further final project to conclude a mutually acceptable
solution for all parties. As a consequence of the administration of the client
on one of the projects and additional costs to complete forecast on other
projects, an additional provision of £457,000 (post tax £343,000) has been
booked at 30 September 2023. Total pre-tax net costs to complete are now
expected to be £5.72 million.
The outstanding provision for the completion costs of the projects amounts to
£1.33 million at 30 September 2023. The provision for the net costs to
complete the DCB projects have been presented as discontinued operations.
Cash outflow in the 6-month period to 30 September 2023 relating to the
discontinued operations amounted to £2.60 million (H1 FY 23: £1.65 million
including £1.23 million in respect of working capital contributions made to
DCB prior to it entering administration and accrued at 31 March 2022). In the
year ended 31 March 2023 cash outflow relating to the discontinued operations
amounted to £2.75 million including the working capital contributions
referenced above.
Net debt
There has been a continuing focus on cash management in the period. In the
six-month period to 30 September 2023, the Group held a net cash balance of
£1.04 million compared to net debt of £56,000 at 30 September 2022. The net
cash position is comparable to the year end and is after the absorption of
£2.60 million cash relating to the fulfilment of legacy DCB project
commitments.
Set out below is an analysis of net debt:
Unaudited Unaudited Audited
at 30 September 2023 at 30 at 31
September March
2022 2023
£'000 £'000 £'000
Net debt/(cash) (1,157) (1,721) (1,322)
HSBC term loan - 1,534 -
HSBC mortgage 114 171 143
Other term loan - 72 34
Net debt/(cash) (1,043) 56 (1,145)
During the period the Group repaid £63,000 (H1 FY23: £1.07 million) of
borrowings being, £29,000 (H1 FY23: £28,000) on the HSBC mortgage and
£34,000 (H1 FY23: £37,000) on the legacy Funding Circle Term loan, which was
fully repaid in September 2023. £1.00 million was repaid on the HSBC Term
loan in the six-month period to 30 September 2022. The Term loan was fully
repaid at 31 March 2023.
The Group also has an on-demand overdraft facility of £2.50 million which was
undrawn at 30 September 2023. The facility was renewed in September 2023 and
interest is charged at 3% above Bank of England Base rate. At the same time
the Group also renewed a purchasing card facility of £6.0 million with HSBC
which is reported within trade creditors. Both facilities expire at 31 May
2024 to enable the further ordinary course renewal of these facilities to be
completed prior to approval of the financial statements for the year ending 31
March 2024.
Due to increases in the Bank of England Base Rate, HSBC have amended their
standard terms on their purchasing card product, reducing credit terms by 30
days. In alignment with the renewal of our facilities a payment will be made
to reflect the new terms in May 2024. The payment will be dependent on the
phasing of spend on the purchasing card but this is expected to be
approximately £1.4 million and the facility (currently £6.0 million) will
reduce by a commensurate amount at the same time.
Dividends
No final dividend was paid for the year ended 31 March 2023 and no interim
dividend is currently recommended for the year ending 31 March 2024. It
remains the Board's priority to fulfil the completion of the DCB projects and
strengthen the balance sheet and to resume the payment of a dividend as soon
as financial conditions allow.
Clive Lovett
Group Finance Director
28 November 2023
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six-month period ended 30 September 2023 (unaudited)
Unaudited Unaudited Audited
6 months to
6 months to
Year ended
30 September 2023
30 September 2022
31 March
2023
£'000 £'000 £'000
Continuing operations
Revenue 30,337 29,761 62,670
Cost of sales (21,938) (22,050) (46,198)
Gross Profit 8,399 7,711 16,472
Underlying administrative expenses (5,599) (5,400) (11,175)
Operating profit before non-underlying items 2,800 2,311 5,297
Non-underlying administrative expenses
Amortisation of customer relationships - (383) (385)
Share based payment charge (55) (55) (103)
Total non-underlying administrative expenses (note 4) (55) (438) (488)
Operating profit 2,745 1,873 4,809
Finance cost (167) (212) (401)
Profit before tax 2,578 1,661 4,408
Income tax expense (note 10) (660) (317) (695)
Total profit from continuing operations for the period 1,918 1,344 3,713
Discontinued operations
Loss for the period (note 11) (343) (3,486) (4,261)
Total comprehensive income/(loss) for the period attributable to the equity 1,575 (2,142) (548)
holders of the parent company
Earnings per share from continuing operations (note 6)
Basic (pence) 3.08 2.16 5.97
Diluted (pence) 3.05 2.16 5.92
Earnings/(loss) per share (note 6)
Basic (pence) 2.53 (3.45) (0.88)
Diluted (pence) 2.50 (3.43) (0.88)
There are no items of other comprehensive income for the period.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 September 2023 (unaudited)
Unaudited Unaudited Audited
30 September 2023
30 September 2022
31 March
2023
£'000 £'000 £'000
Assets
Non-current assets
Intangible fixed assets 4,478 4,393 4,511
Property plant and equipment 1,066 1,069 1,062
Right-of-use-assets 875 696 929
Total non-current assets 6,419 6,158 6,502
Current assets
Inventories 2,823 3,528 2,438
Deferred tax asset 64 783 610
Trade and other receivables 11,807 11,988 11,087
Cash and cash equivalents 1,157 1,721 1,322
Total current assets 15,851 18,020 15,457
Total assets 22,270 24,178 21,959
Equity and liabilities attributable to equity holders of the parent company
Issued share capital and reserves
Share capital (note 8) 6,278 6,213 6,213
Own shares (850) (850) (850)
Share premium 9,289 9,245 9,245
Share based payment reserve 136 65 113
Merger reserve (248) (248) (248)
Retained earnings (13,550) (16,719) (15,125)
Total equity 1,055 (2,294) (652)
Non-current liabilities
Borrowings (note 7) 57 114 86
Lease liabilities 457 384 491
514 498 577
Current liabilities
Borrowings (note 7) 57 1,663 91
Lease liabilities 433 324 452
Trade and other payables 18,877 19,987 18,013
Provisions (note 11) 1,334 4,000 3,478
20,701 25,974 22,034
Total equity and liabilities 22,270 24,178 21,959
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six-month period ended 30 September 2023 (unaudited)
Unaudited Unaudited Audited
6 months to
6 months to
Year ended
30 September 2023
30 September 2022
31 March
2023
£'000 £'000 £'000
Net cash generated from operating activities (note 5) 358 814 2,738
Cash flow from investing activities
Purchase of property, plant and equipment (75) (27) (90)
Purchase of intangible assets (22) (8) (188)
Net cash used in investing activities (97) (35) (278)
Cash flow from financing activities
Issue of new share capital for SIP 77 - -
Repurchase of own shares for SIP - (64) (64)
Repayment of borrowings (63) (1,065) (2,666)
Interest paid (167) (212) (401)
Principal payments of leases (273) (221) (511)
Net cash used in financing activities (426) (1,562) (3,642)
Net decrease in cash and cash equivalents (165) (783) (1,182)
Cash and cash equivalents at beginning of period/year 1,322 2,504 2,504
Cash and cash equivalents at end of period/year 1,157 1,721 1,322
The condensed consolidated statement of cash flows includes all activities of
the Group. Cash flows from discontinued operations are set out in note 11.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six-month period ended 30 September 2023 (unaudited)
Issued share capital Share Own shares Share based payment Merger Retained earnings Total
premium reserve reserve equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 April 2023 6,213 9,245 (850) 113 (248) (15,125) (652)
Profit and total comprehensive income for the period - - - - - 1,575 1,575
Issue of share capital for SIP 65 44 - (32) - - 77
Share based payment charge - - - 55 - - 55
Balance at 30 September 2023 6,278 9,289 (850) 136 (248) (13,550) 1,055
For the six-month period ended 30 September 2022 (unaudited)
Balance at 1 April 2022 6,213 9,245 (850) 74 (248) (14,577) (143)
Loss and total comprehensive loss for the period - - - - - (2,142) (2,142)
Share based payment charge - - - 55 - - 55
Purchase of own shares for SIP - - - (64) - - (64)
Balance at 30 September 2022 6,213 9,245 (850) 65 (248) (16,719) (2,294)
For the year ended 31 March 2023
Balance at 1 April 2022 6,213 9,245 (850) 74 (248) (14,577) (143)
Loss and total comprehensive loss for the year - - - - - (548) (548)
Share based payment charge - - - 103 - - 103
Purchase of own shares for SIP - - - (64) - - (64)
Balance at 31 March 2023 6,213 9,245 (850) 113 (248) (15,125) (652)
NOTES TO THE INTERIM STATEMENT
1. Basis of preparation
Kinovo Plc and its subsidiaries (together "the Group") operate in the
mechanical, electrical and general building services industries. The Group is
a public company operating on the AIM market of the London Stock Exchange
(AIM) and is incorporated and domiciled in England and Wales (registered
number 09095860). The address of its registered office is 201 Temple Chambers,
3-7 Temple Avenue, London EC4Y 0DT. The Company was incorporated on 20 June
2014.
These interim financial statements of the Group have been prepared on a going
concern basis under the historical cost convention, and in accordance with UK
adopted Accounting Standards, the International Financial Reporting
Interpretations Committee ("IFRIC") interpretations issued by the
International Accounting Standards Boards ("IASB") that are effective or
issued and early adopted as at the time of preparing these financial
statements and in accordance with the provisions of the Companies Act 2006.
The Group has adopted all of the new and revised standards and interpretations
issued by the IASB and the International Financial Reporting Interpretations
Committee ("IFRIC") of the IASB, as they have been adopted by the United
Kingdom, that are relevant to its operations and effective for accounting
periods beginning on 1 April 2022.
The interim financial information does not include all the information and
disclosures required in the annual financial statements and should be read in
conjunction with the Group's annual financial statements, being the statutory
financial statements for Kinovo Plc as at 31 March 2023, which have been
prepared in accordance with IFRIC of the IASB as adopted by the United
Kingdom.
The interim financial information for the six months ended 30 September 2023
do not comprise statutory accounts within the meaning of Section 434 of the
Companies Act 2006. The interim financial information has not been audited.
Significant accounting policies
The accounting policies adopted in the preparation of the interim financial
information is consistent with those expected to be adopted in the preparation
of the Group's annual financial statements for the year ending 31 March 2024.
Going concern
The Directors have adopted the going concern basis in preparing these interim
financial statements.
The continuing business traded strongly in the first six months of the
financial year with adjusted EBITDA 21% ahead of the prior period. The Group
has secured a number of new direct awards in the period, has a robust pipeline
of opportunities and is well placed on several framework agreements to secure
additional contracts in future periods.
At 30 September 2023 the Group had a cash balance of £1.16 million and a net
cash position of £1.04 million, with only £0.12 million of borrowings
remaining, relating to a historic mortgage loan.
In September 2023, the £2.5 million overdraft facility, which is undrawn at
30 September 2023, and the £6.0 million purchasing card facility, which is
reported within trade creditors, were renewed to 31 May 2024. This will enable
the further ordinary course renewal of these facilities to be completed prior
to approval of the financial statements for the year ending 31 March 2024.
During FY22 Kinovo disposed of its non-core construction based subsidiary DCB
(Kent) Limited ("DCB"). On 16 May 2022, DCB filed for administration and as at
the date of the interim financial statements Kinovo has limited expectation of
recovery of amounts owed under the terms of the disposal of DCB. Kinovo had
residual commitments under various Parent Company Guarantees ("PCG's") for the
DCB construction projects and under the terms of the PCG's, Kinovo is
responsible for the completion of the projects.
There are nine projects in total. Seven projects are expected to be completed
by the end of the financial year, with five of these expected to be complete
in December 2023. The client on one of the two remaining contracts went into
administration in October 2023 which has led to a terminable event. Positive
negotiations continue on the final project.
Three of the nine DCB contracts originally had performance bonds, which were
indemnified by Kinovo plc, totalling £2.10 million. Only one bond, amounting
to £860,000, remains outstanding to resolve. Discussions continue on the
final project associated with the performance bond with an expectation that a
positive outcome for both parties will be agreed. Kinovo has engaged with the
insurer, underwriter and client and although the outstanding bond could have
been called at any time since DCB entered into administration, it is
recognised by all parties that positive negotiations are ongoing to identify a
satisfactory solution.
For the year ended 31 March 2023 the Group recognised a pre-tax loss of £5.26
million relating to the expected net cost to complete the nine projects, with
£0.96 million of anticipated recoveries to be recognised, in future periods,
when they have been realised. Additional project liabilities, which have been
recognised in the interim financial statements, have increased the expected
pre-tax net costs to complete the projects by £0.46 million to £5.72
million.
During the period the Group funded £2.60 million net costs on the projects
and at 30 September 2023 the outstanding costs to complete provision was
£1.33 million.
In assessing the Group's ability to continue as a going concern, the Board
reviews and approves the 12-month budget and longer-term strategic plan,
including forecasts of cash flows. In building these budgets and forecasts,
the Board has considered the expected remaining net costs to complete the DCB
construction projects and the market challenges of supply chain inflation and
material and labour availability on the trading of the Group.
The Directors expect that a combination of the cash generated by the
continuing business together with the available cash and bank facilities will
enable Kinovo to fund the remaining costs to complete the construction
projects and continue to drive the growth of the core operations.
After taking into account the above factors and possible sensitivities in
trading performance, the Board has reasonable expectation that Kinovo plc and
the Group as a whole have adequate resources to continue in operational
existence for the foreseeable future.
For these reasons, the Board continues to adopt the going concern basis in
preparing the consolidated financial statements. Accordingly, these accounts
do not include any adjustments to the carrying amount or classification of
assets and liabilities that would result if the Group were unable to continue
as a going concern.
Publication of non-statutory financial statements
The results for the six months ended 30 September 2023 and 30 September 2022
are unaudited and have not been reviewed by the auditor. Statutory accounts
for the year ended 31 March 2023 were filed with the Registrar of Companies in
August 2023.
The interim financial information has been prepared on the basis of the same
accounting policies as published in the audited financial statements for the
year ended 31 March 2023. The annual financial statements of the Group are
prepared in accordance with International Financial Reporting Standards and
International Financial Reporting Interpretations Committee ("IFRIC")
pronouncements as adopted by the United Kingdom. Comparative figures for the
year ended 31 March 2023 have been extracted from the statutory financial
statements for that period.
2. Corporate governance, principal risks and uncertainties
The Corporate Governance Report included with our Annual Report and Financial
Statements for 2023 detailed how we embrace governance. The Kinovo Board
recognise the importance of sound corporate governance commensurate with the
size and nature of the Company and the interests of its shareholders.
The Quoted Companies Alliance has published a corporate governance code for
small and mid-sized quoted companies, which includes a standard of minimum
best practice for AIM companies, and recommendations for reporting corporate
governance matters (the "QCA Code"). Kinovo has adopted the QCA Code.
The nature of the principal risks and uncertainties faced by the Group have
not changed significantly from those set out within the Kinovo Plc annual
report and accounts for the year ended 31 March 2023.
3. Segmental analysis
The Board of Directors has determined an operating management structure
aligned around the three core activities of the Group, being Mechanical
services, Building services and Electrical services. Operating profit before
non-underlying items has been identified as the key performance measure. The
following is an analysis of the performance by segment for continuing
operations:
Unaudited Unaudited Audited
6 months ended
6 months ended
year
30 September 2023
30 September 2022
ended
31 March
2023
Continuing operations £'000 £'000 £'000
Mechanical services 6,140 7,524 15,022
Building services 9,965 10,389 19,686
Electrical services 14,232 11,848 27,962
Total revenue 30,337 29,761 62,670
Reconciliation of operating profit before non-underlying items to profit
before taxation from continuing operations:
Unaudited Unaudited Audited
6 months ended
6 months ended
year
30 September 2023
30 September 2022
ended
31 March
2023
£'000 £'000 £'000
Continuing operations
Mechanical services 556 740 1,527
Building services 859 816 1,494
Electrical services 2,340 1,585 4,099
Unallocated central costs (955) (830) (1,823)
Operating profit before non-underlying items 2,800 2,311 5,297
Amortisation of acquisition intangibles - (383) (385)
Share based payment charge (55) (55) (103)
Operating profit 2,745 1,873 4,809
Finance cost (167) (212) (401)
Profit before tax 2,578 1,661 4,408
Only the Group Consolidated Statement of Comprehensive Income is regularly
reviewed by the chief operating decision maker and consequently no segment
assets or liabilities are disclosed under IFRS 8.
4. Non-underlying items
Operating profit includes the following items which are considered by the
Board to be exceptional in size, one off in nature or non-trading related.
Note Unaudited Unaudited Audited
6 months to
6 months to
Year ended
30 September 2023
30 September 2022
31 March
2023
£'000 £'000 £'000
Amortisation of customer relationships (a) - 383 385
Share based payment charge (b) 55 55 103
55 438 488
All non-underlying items have been charged to other operating expenses.
(a) Amortisation of customer relationships
Amortisation of acquisition intangibles was nil for the period (H1 2023:
£0.38 million) and, in the prior periods related to amortisation of the
customer relationships identified by the Directors on the acquisition of
Purdy.
(b) Share based payment charge
A number of share option schemes are in place and new options have been
granted during the period relating to the Share Incentive Plan amounting to
290,602 (H1 2023: 289,954) Ordinary shares and CSOP nil (H1 2023: 50,000). The
share based payment charge has been separately identified as it is a non-cash
expense.
5. Cash flows from operating activities
Unaudited Unaudited Audited
6 months to
6 months to
Year ended
30 September 2023
30 September 2022
31 March
2023
£'000 £'000 £'000
Profit/(loss) before income tax 2,121 (2,643) (852)
Adjusted for:
Net finance cost 167 212 401
Depreciation 344 287 645
Amortisation of intangible assets 56 416 457
Share based payments 55 55 103
Movement in receivables (720) (1,364) (461)
Movement in payables and provisions (1,280) 4,925 2,428
Movement in inventories (385) (1,074) 17
Net cash from operating activities* 358 814 2,738
* Includes all activities of the Group. Cash flows from discontinued
operations are set out in note 11
6. Earnings/(loss) per share
The calculation of basic earnings per share is based on the result
attributable to shareholders divided by the weighted average number of
ordinary shares in issue during the year. Diluted earnings per share is
calculated under the same method adjusted for the weighted average share
options outstanding during the period as well as ordinary shares in issue.
Basic earnings per share amounts are calculated by dividing net profit for the
year or period attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding during the year.
Basic and diluted earnings per share is calculated as follows:
Unaudited Unaudited Audited
6 months to
6 months to
Year ended
30 September 2023
30 September 2022
31 March
2023
£'000 £'000 £'000
Profit/(loss) used in calculating basic and diluted earnings
per share
Continuing operations 1,918 1,344 3,713
Total operations 1,575 (2,142) (548)
Weighted average number of shares for the purpose of basic earnings per share 62,269,270 62,137,757 62,137,757
Weighted average number of shares for the purpose of diluted earnings per 62,978,446 62,264,963 62,689,167
share
Continuing operations
Basic earnings per share (pence) 3.08 2.16 5.97
Diluted earnings per share (pence) 3.05 2.16 5.92
Total operations
Basic earnings/(loss) per share (pence) 2.53 (3.45) (0.88)
Diluted earnings/(loss) per share (pence) 2.50 (3.43) (0.88)
Details of loss per share for discontinued operations are set out in note 11.
Adjusted earnings per share
Profit after tax is stated after deducting non-underlying items totalling
£0.06 million (H1 2023: £0.44 million). Non-underlying items are either
exceptional in size, one off in nature or non-trading related. These are shown
separately on the face of the Consolidated Statement of Comprehensive Income.
The calculation of adjusted basic and adjusted diluted earnings per share is
based on the result attributable to shareholders, adjusted for non-underlying
items, divided by the weighted average number of ordinary shares in issue
during the year.
Unaudited Unaudited Audited
6 months to
6 months to
Year ended
30 September 2023
30 September 2022
31 March
2023
£'000 £'000 £'000
Continuing operations
Profit after tax 1,918 1,344 3,713
Add back:
Amortisation of acquisition intangible assets - 383 385
Share based payment charge 55 55 103
1,973 1,782 4,201
Weighted average number of shares for the purpose of basic adjusted earnings 62,269,270 62,137,757 62,137,757
per share
Weighted average number of shares for the purpose of diluted adjusted earnings 62,978,446 62,264,963 62,689,167
per share
Continuing operations
Basic adjusted earnings per share (pence) 3.17 2.87 6.76
Diluted adjusted earnings per share (pence) 3.13 2.86 6.70
7. Borrowings
Unaudited Unaudited Audited
30 September 2023
30 September 2022
31 March
2023
£'000 £'000 £'000
Non-current borrowings
Bank and other borrowings;
Term loans - - -
Mortgage loan 57 114 86
Other loans - - -
Total non-current borrowings 57 114 86
Current borrowings;
Bank and other borrowings;
Term loans - 1,534 -
Mortgage loans 57 57 57
Other loans - 72 34
Total current borrowings - 1,663 91
Bank and other borrowings;
Term loans - 1,534 -
Mortgage loans 114 171 143
Other loans - 72 34
Total borrowings 114 1,777 177
The fair value of the borrowings outstanding as at 30 September 2023 is not
materially different to its carrying value since interest rates applicable on
the loans are close to market rates.
8. Share capital
Ordinary shares of £0.10 each Unaudited Unaudited Audited
30 September 2023
30 September 2022
31 March
2023
£'000 £'000 £'000
At the beginning of the period 6,213 6,213 6,213
Issued in the period 65 - -
At the end of the period 6,278 6,213 6,213
Number of shares Unaudited Unaudited Audited
30 September 2023
30 September 2022
31 March
2023
At the beginning of the period 62,137,757 62,137,757 62,137,757
Issued in the period 650,457 - -
At the end of the period 62,788,214 62,137,757 62,137,757
In August 2023 the Company issued 650,457 of shares to allocate to members of
the SIP scheme. 23.5p was paid for 330,753 of these shares, for a total
consideration of £77,727. This was allocated as £33,075 of share capital and
£44,652 of share premium. The remaining 319,704 were a share based payment
for the members of the scheme, and therefore 10p per share (a total amount of
£31,970) was transferred to share capital from the share based payment
reserve as consideration for these. No share capital was issued in the prior
periods.
9. Dividends
The Company did not pay a final dividend for the year ended 31 March 2023
(2022: nil pence). The Board do not recommend an interim dividend for the year
ending 31 March 2024.
10. Taxation
The income tax charge for the six months ended 30 September 2023 is calculated
based upon the effective tax rates expected to apply to the Group for the full
year of 25% (2023: 19%). Differences between the estimated effective rate
and the statutory rate of 25% are due to non-deductible expenses.
11. Discontinued operations
(a) Description
Following the disposal of the non-core DCB Kent Ltd (DCB) in January 2022, the
business subsequently entered administration in May 2022, as detailed in the
Kinovo plc 2023 annual report. Under parent company guarantees, signed prior
to the disposal of DCB, Kinovo has a commitment to complete the DCB
construction projects. The Kinovo plc 2023 annual report set out the expected
net costs to complete the projects amounting to £5.26 million.
Kinovo had residual commitments under various parent company guarantees for
the DCB construction projects and working capital support. Under the terms
of the parent company guarantees, Kinovo is responsible for the completion of
the projects.
The activities of DCB are presented as discontinued operations.
There are nine projects in total and six are now operating under new contracts
and another is being completed directly by the client. All these projects are
expected to be completed by the end of the financial year, with five of these
expected to be complete in December 2023. The client on one of the two
remaining contracts went into administration in October 2023 which led to a
terminable event. Positive negotiations continue on the final project.
Three of the nine DCB contracts originally had performance bonds, which were
indemnified by Kinovo plc, totalling £2.10 million. Only one bond, amounting
to £860,000, remains outstanding to resolve. Discussions continue on the
final project associated with the performance bond with an expectation that a
positive outcome for both parties will be agreed. Kinovo has engaged with the
insurer, underwriter and client and although the outstanding bond could have
been called at any time since DCB entered into administration, it is
recognised by all parties that positive negotiations are ongoing to identify a
satisfactory solution.
For the year ended 31 March 2023 the Group recognised a pre-tax loss of £5.26
million relating to the expected net cost to complete the nine projects, with
£0.96 million of anticipated recoveries to be recognised, in future periods,
when they have been realised. Additional project liabilities, which have been
recognised in the interim financial statements, have increased the expected
pre-tax net costs to complete the projects by £457,000 to £5.72 million.
During the period the Group funded £2.60 million net costs on the projects
and at 30 September 2023 the outstanding costs to complete provision was
£1.33 million.
(b) Financial performance and cash flow information from discontinued
operations
Unaudited Unaudited Audited
6 months to
6 months to
Year ended
30 September 2023
30 September 2022
31 March
2023
£'000 £'000 £'000
Revenue 2,069 - 532
Cost of sales (2,526) (4,304) (5,792)
Loss before taxation (457) (4,304) (5,260)
Income tax credit 114 818 999
Loss for the period/year (343) (3,486) (4,261)
Operating profit excludes allocation of Corporate costs in accordance with
IFRS 5, which states that only costs clearly identifiable as directly relating
to the discontinued operations can be included.
Loss per share from discontinued operations
Basic (pence) (0.55) (5.61) (6.86)
Diluted (pence) (0.55) (5.61) (6.86)
Cash flows from discontinued operations
Net cash outflow from operating activities (2,601) (1,652) (2,750)
Net cash outflow from investing activities - - -
Net cash outflow from financing activities - - -
Net reduction in cash generated by the subsidiary (2,601) (1,652) (2,750)
12. Forward-Looking statements
This report contains certain forward-looking statements with respect to the
financial condition of Kinovo Plc. These statements involve risk and
uncertainty because they relate to events and depend on circumstances that
will occur in the future. There could be a number of factors which influence
the actual results and developments. These could impact on the forward-looking
statements included in this report.
13. Interim Report
Copies of this Interim Report will be available to download from the investor
relations section on the Group's website www.kinovoplc.com
(http://www.kinovoplc.com) .
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