REG - Kinovo PLC - Additional Framework Wins and Direct Award

KinovoAnnouncement

07/09/2023 07:00

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RNS Number : 6362L  Kinovo PLC  07 September 2023

7 September 2023

Kinovo plc

("Kinovo" or the "Company")

 

Additional Framework Wins and Direct Award

 

Kinovo Plc (AIM: KINO), the specialist property services group that delivers
compliance and sustainability solutions, is pleased to announce that it has
been awarded additional framework wins and a direct award.

 

Kinovo has received an award notice under Eastern Procurement Limited's Asset
Improvement and Sustainability Framework with a maximum estimated aggregate
value of £156 million across a total of five contractors over a term of 4
years in which awards can be granted and agreed. The framework covers a broad
range of the Company's services including voids, kitchen and bathroom
installations, disabled adaptation works, electrical testing, rewiring,
upgrades and repairs, as well as insulation and decarbonisation works.

 

The Company has also been awarded a place on 3 lots of the Hyde Group's
Alternative Heating Servicing and Maintenance Services and Metering and
Billing Services Framework. Two of the lots relate to gas servicing,
maintenance and renewal services to both domestic and commercial properties
for the north and south regions within the framework, and the third lot
relates to heating servicing, maintenance and renewal services to electrically
heated properties across both regions. This framework has a maximum estimated
aggregate value of £28 million over 4 years across a total of five
contractors, and the framework can also be accessed by other public bodies.

 

As previously referenced, due to the nature of frameworks, Kinovo does not
attribute revenue from its framework placings within its three year visible
revenue forecasts.

 

In addition to the above, Kinovo has received a direct award with a new
client, Broadland District Council ("Broadland"), from the Government's Social
Housing Decarbonisation Fund announced in March 2023, which allows local
authorities and social housing providers to apply for government funding to
install energy efficiency upgrades. Kinovo has been contracted by Broadland to
remove its existing systems and supply and install Air Source Heat Pumps, High
Heat Retention Storage Heaters, Solar PV and battery storage for approximately
70 properties. The total anticipated value of the works is £1 million over 2
years. All works will be completed in accordance with Broadland's requirements
and relevant retrofit regulation such as PAS2030:2019 and PAS2035:2019.

 

As a result of the continued progress of the Company's Business Development,
Kinovo has invested in another Bid Manager and an Estimator to provide the
team with additional resources to build on this positive momentum.

 

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

"We are delighted to report these direct award and framework wins that the
team has worked hard to generate. The frameworks provide a considerable
opportunity for Kinovo to broaden our client base and build on our strong
reputation across the South East of England, covering a broad spectrum of
works, particularly within our Renewables pillar, and offer the potential for
significant revenue generation.

 

This strong momentum has facilitated additional investment in our business
development team, which will further increase the quality and quantity of our
bids. We look forward to seeking to maintain this momentum of new contract
wins and renewals across FY24 in line with our growth strategy."

 

 

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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