REG - Kinovo PLC - Additional Framework and Contracts Wins

KinovoAnnouncement

22/05/2023 07:00

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RNS Number : 1060A  Kinovo PLC  22 May 2023

22 May 2023

Kinovo plc

("Kinovo", the "Group" or the "Company")

 

Additional Framework and Contracts Wins

 

Kinovo Plc (AIM: KINO), the specialist property services Group that delivers
compliance and sustainability solutions, is pleased to announce the following
contract wins.

 

As announced on 22 February 2023, the Company was awarded a new contract worth
£12 million over five years by The Hyde Group ("Hyde") comprising electrical
testing and associated works for both Hyde's domestic and communal properties.
This contract now offers the potential to deliver £40 million over the next
eight years, having been upgraded to £5 million per annum over five years
with an option for Hyde to extend for three additional years.

 

Kinovo has also been awarded two further contracts with existing clients; one
with the London Borough of Barnet to undertake mechanical work to replace a
district heating system with a value of £1 million over seven months and the
other for the Royal Borough of Greenwich, with a value of £1 million over a
year, relating to the provision of building services for occupied repairs and
void remedial works.

 

In addition to these, the Company has been awarded a place on The Greener
Future Partnership's ("GFP") Decarbonisation Framework.  GFP comprises five
housing associations, totalling over 300,000 homes, representing 9% of the
total social housing market. The Framework consists of five geographic regions
and the Group is included within two regions: London, and South and East
England.  The Framework is for an initial term of four years with the option
for GFP to extend for three additional years.  Following a successful award
to GFP from Wave 2.1 of the Social Housing Decarbonisation Fund for the value
of £40.4 million, GFP will be match funding this to the same value, providing
a total value of £80.8 million nationally, across the relevant contractors,
for the Framework between 2023 to 2025.

 

These wins, and the considerable pipeline of upcoming new business
opportunities, are testament to the strategic repositioning, targeted
investment and strengthening recognition and reputation of the Group in the
sector.

 

David Bullen, Chief Executive Officer of Kinovo plc, commented:

"I am delighted that our positive momentum of contract wins has extended into
the new financial year. We continue to submit and win high quality bids in
specialist areas that underpin our organic growth plan and our FY24
expectations. With a strong pipeline of opportunities, I am confident we will
maintain this momentum not only this year but over the medium to long term."

 

 

 

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
 Adam James

 Andrew Potts

 Harry Rees

 Hudson Sandler (Financial PR)                                   +44 (0)20 7796 4133
 Dan de Belder

 Harry Griffiths

 

 

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