Kinovo PLC Contract Win and NHMF Net Zero Carbon Framework (6212Q)
22 February 2023 - 6:00PM
UK Regulatory
TIDMKINO
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 GBP12
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
GBP4 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
GBP200 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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