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Kinovo PLC (LSE:KINO), a property services group specializing in compliance and sustainability, has received multiple direct awards from new clients through its inclusion in the National Housing Maintenance Forum (NHMF) Framework. This framework encompasses Planned Maintenance, Net Zero Carbon, and Passive Fire Safety Works.
Scope of Direct Awards
The awards are related to retrofit projects aimed at enhancing energy efficiency for up to 282 properties across North and East London. These projects fall under Kinovo’s Renewables pillar and are supported by the Social Housing Decarbonisation Fund (SHDF). The work involves improving energy efficiency and achieving net zero carbon goals.
New Client Relationships
Seven direct awards have been signed with various housing associations including 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 associations represent new clients for Kinovo, offering opportunities for establishing new relationships and diversifying the client portfolio.
Contract Terms and Values
Each direct award has a five-year call-off contract term. The initial aggregate contract value is up to £5.3 million for the first two years, specifically for the retrofit works programme starting from July 1, 2024. Additional work may be assigned by each client within the five-year period.
Strategic Impact and Future Outlook
The successful acquisition of these awards aligns with Kinovo’s organic growth strategy and highlights the value of its framework agreements. The company anticipates further direct awards from additional housing associations within the North River Alliance under the NHMF framework.
The expansion of the client base through these new contracts is expected to bolster revenue targets for the current year. Investments in the retrofit team are aimed at delivering high-quality service and expanding the company's presence in the Renewables sector, contributing to the strategic objectives of accelerating growth and addressing compliance and decarbonisation demands.
