REG - Kinovo PLC - New Direct Awards from Framework Agreements

KinovoAnnouncement

09/08/2024 07:00

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RNS Number : 8115Z  Kinovo PLC  09 August 2024

9 August 2024

 

 

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

 

New Direct Awards from Framework Agreements

 

Kinovo Plc (AIM: KINO), the specialist property services Group that delivers
compliance and sustainability solutions, is pleased to announce that it has
received a number of direct awards from new clients following its successful
placing on the National Housing Maintenance Forum ("NHMF") Framework for
Planned Maintenance, Net Zero Carbon and Passive Fire Safety Works.

The direct awards received under the NHMF Framework for Planned Maintenance,
Net Zero Carbon and Passive Fire Safety Works relate to retrofit works under
our Renewables pillar, to improve the energy efficiency for up to 282
properties across North and East London on behalf of housing association
members of the North River Alliance, and includes support from the Social
Housing Decarbonisation Fund ("SHDF").

A total of seven individual direct awards have been signed to date by Bangla
Housing Association, Christian Action (Enfield) Housing Association, Innisfree
Housing Association, Islington and Shoreditch Housing Association, Lambeth
Self Help Housing Association, North London Muslim Housing Association and
Providence Row Housing Association.

These housing associations are all new clients, which provides opportunities
to build new relationships whilst further diversifying our client portfolio
and potential workstreams. The Company expects to receive further direct
awards from more housing associations within the North River Alliance under
this NHMF framework agreement.

The overall call-off contract term for each direct award is for 5 years, with
an initial aggregate contract value of up to £5.3 million issued for two
years relating specifically to the retrofit works programme, effective from
1(st) July 2024.  Additional works may also be issued by each client within
the 5 year term.

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

"I am pleased that our organic growth strategy continues to deliver new
business wins, with our framework agreements demonstrating their value as we
translate our opportunities into direct awards.

Alongside this, the ongoing diversification of our client base through new
client wins also serves to further strengthen our platform to build
relationships, establish partnerships and broaden our revenue streams. These
new awards will help to underpin our revenue target for the current year.

The recent investment in our retrofit team positions us well to deliver a best
in class service to our clients and to further expand our presence under our
Renewables pillar. These new awards underpin our strategic objectives to
accelerate organic growth, capitalising on external drivers of increasing
compliance and requirements for decarbonisation."

 

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

 Will Reynish

 

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