Announcement
Kinovo PLC: Additional Framework Wins and Direct Award
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
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Kinovo plc |
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Sangita Shah, Chairman David Bullen, Chief Executive Officer |
+44 (0)20 7796 4133 (via Hudson Sandler) |
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Canaccord Genuity Limited (Nominated Adviser and Sole Broker) |
+44 (0)20 7523 8000 |
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Adam James Andrew Potts Harry Rees |
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Hudson Sandler (Financial PR) |
+44 (0)20 7796 4133 |
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Dan de Belder Harry Griffiths |
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