Kinovo PLC Final DCB Project Update
02 August 2024 - 4:00PM
RNS Regulatory News
RNS Number : 8720Y
Kinovo PLC
02 August 2024
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2 August 2024
Kinovo plc
("Kinovo", the "Company" or
the "Group")
Final DCB Project
Update
Kinovo Plc (AIM: KINO), the
specialist property services Group that delivers compliance and
sustainability solutions, is pleased to confirm that it has
completed the build of the final outstanding legacy project,
relating to its former construction subsidiary, DCB (Kent) Ltd
("DCB"), 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.
David Bullen, Chief Executive Officer of Kinovo plc,
commented:
"I
am pleased that we have been able to complete the build of the
final outstanding DCB project within time and cost forecasts,
reaffirming the expectations of our final net pre-tax cost to
complete liability. While there are additional external works we
have agreed to, which are contracted and to be paid for separately
by the client, we are pleased to draw a line under the DCB legacy
projects and be able to focus solely on our future and the
execution of our organic growth strategy."
Enquiries
Kinovo plc
|
|
Sangita Shah, Chairman
David Bullen, Chief Executive
Officer
|
+44 (0)20 7796 4133
(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
Will Reynish
|
|
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