Kinovo awarded GBP12 million net zero carbon works contract in Hackney

(Alliance News) - Kinovo PLC on Monday said it has been awarded a contract with the London borough of Hackney to carry out a range of net zero carbon works across 300 properties.

The London-based property services group that provides compliance and sustainability solutions said the contract was worth up to GBP12.0 million over 18 months, delivered as part of Wave 2.1 under the social housing decarbonisation fund. Kinovo's work will include the installation of triple-glazed windows, energy efficient boilers and upgrading renewable energy systems.

The contract replaces an existing agreement with Hackney that had been worth GBP6.0 million per annum and is expected to mobilise in Kinovo's financial third-quarter. The initial agreement was out for retender in March, then subsequently divided into two lots and has yet to be formally awarded to any party.

Kinovo was also awarded a further new contract for responsive repair works to council dwellings and common areas in Hackney, for a value of up to GBP400,000 per annum over an initial two years, with a possible one-year extension. This work will provide additional capacity to Hackney's in-house direct labour organisation.

Chief Executive Officer David Bullen said: "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."

Shares in Kinovo were up 5.5% at 70.70 pence each in London on Monday morning.

By Emily Parsons, Alliance News reporter

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