REG - Kinovo PLC - Contract Win and NHMF Net Zero Carbon Framework

KinovoAnnouncement

22/02/2023 07:00

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RNS Number : 6212Q  Kinovo PLC  22 February 2023

22 February 2023

Kinovo plc

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

 

Contract Win and NHMF Net Zero Carbon Framework

 

Kinovo Plc (AIM: KINO), the specialist property services Group that delivers
compliance and sustainability solutions, is pleased to announce that it has
been awarded a new contract worth £12 million over five years by The Hyde
Group ("Hyde"), an existing client that is one of the UK's leading housing and
care providers with approximately 50,000 units of accommodation and over
100,000 residents. The contract comprises electrical testing and associated
works for both Hyde's domestic and communal properties.

 

Further to this, Kinovo has also been awarded first position on the Hyde
Framework Agreement, providing the ability to undertake additional domestic
and communal electrical testing across all its geographical areas of
operation. This framework can be also accessed by other public bodies.

 

Following its strategic repositioning, Kinovo is on a promising growth
trajectory of contract wins and renewals. For instance, the Company recently
announced it has been awarded a contract worth £4 million over two years by
the London Borough of Waltham Forest ("LBWF") and, together with the Hyde win,
this will contribute to Kinovo's three-year visible revenues.

 

In addition to the Company's recent award of highest-ranking regional
contractor for a number of direct lots via the National Housing Maintenance
Forum ("NHMF"), Kinovo has also been ranked in first position for a number of
sustainability lots. The lots, relating to the Greater London, Southeast and
East regions, comprise part of the "Net Zero Carbon Works", including Planned
Maintenance, Net Zero Carbon and Passive Fire Safety Works. The NHMF estimates
the potential value of the framework to be worth £200 million nationally,
across the relevant contractors in aggregate, over four years.

 

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

"We are delighted to continue our strong momentum of contract wins and
renewals as we near the end of our financial year, a typically busy period for
the Company. The Hyde contract win represents an extremely exciting
opportunity for Kinovo, further contributing to our visible revenues and
creating the potential for a number of additional projects.

 

We are also pleased to have secured additional first place rankings under the
NHMF for our renewables works, one of our three strategic pillars and a key
growth area for the Group. While not factored into our visible revenues, these
have the potential to considerably benefit our revenues in the years ahead."

 

 

 

 

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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