New direct award contract win of up to £12 million

16 September 2024

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

New direct award contract win of up to £12 million

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 up to £12 million over 18 months by the London Borough of Hackney.

The contract falls under the Company's Regeneration and Renewables pillars and was awarded through the National Housing Maintenance Forum's Net Zero Carbon Framework Lot 5A, where the Company holds the top ranking for Planned Maintenance, Net Zero Carbon and Passive Safety Works.

Delivered as part of Wave 2.1 under the Social Housing Decarbonisation Fund ("SHDF"), the contract is for a range of Net Zero Carbon works including the installation of triple-glazed windows, energy efficient boilers and upgrading renewable energy systems, covering over 300 properties.

This new award is expected to mobilise in financial Q3 and replaces a contract with the London Borough of Hackney, which had been worth £6 million per annum, was out for retender in March 2024, then subsequently divided into two lots and has yet to be formally awarded to any party.

This award had been incorporated within the Company's previously disclosed three year visible revenues and thus underpins the Directors' expectations for the current financial year and contributes towards the subsequent financial year.

In addition to the above SHDF agreement, Kinovo has also been awarded a further new contract under competitive tender, with a value of up to £400,000 per annum over an initial term of 2 years, with a possible one-year extension. Involving responsive repair works to council dwellings and common areas, this will provide additional capacity to Hackney's in-house Direct Labour Organisation.

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

"We are delighted to continue our strong partnership with the London Borough of Hackney to deliver retrofit works and sustainable solutions. The Company continues to target driving organic growth with current and prospective partners. We remain well positioned to continue strengthening our current relationships, delivering new key contract wins and diversifying our customer base further as we continue to deliver our growth strategy."

Enquiries