UK's Kinovo falls after unexpected delay in projects
09/02/2024 08:30
** Shares of specialist property services provider Kinovo
Plc KINO.L down 13.7% at 53.18 pence
** Co says four projects relating to former construction
division - DCB Kent - have been delayed due to extreme weather,
now expected to be completed by end of FY
** Total net costs incurred of 7.1 mln pounds ($8.96 mln),
as of Dec 31, as a result of delays
** Co sees total pre-tax net cost to be higher from previous
estimate of 5.72 mln pounds
** Sees revenue for year ending March 31, 2024 for
continuing operations about 65 mln pounds, compared with 62.7
mln pounds in FY 2023
** Kinovo stock up 82% in last 12 months, as of last close
($1 = 0.7922 pounds)
(Reporting by Tanya Jain in Bengaluru)
((Tanya.Jain@thomsonreuters.com;))