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Property services company Kinovo resumed its dividend after reporting a 'significant' reduction in debt, though annual profit fell sharply as pandemic restrictions weighed on activity.
For the twelve months ended 31 March 2021, operating profit fell to £601,000 from £2.3 million year-on-year as revenues slipped to £60.2 million from £65.4 million.
The company proposed the reinstatement of dividend of 0.5 pence per share to reflect 'significant reduction in net debt, resilient underlying trading and confidence in outlook.'
In the three months to 30 June 2021, the company said its performance has been in line with management expectations.
'We remain cautiously optimistic in our outlook as the Covid-19 restrictions unwind and the new normality for society returns,' the company said.
'As a consequence of some of the delays and disruption referred to above, particularly with regard to planned or discretionary work, we anticipate pent-up demand for our services and a strong pipeline of work to follow,' it added.