Kinovo builds momentum with several new contract wins in new year

(Alliance News) - Kinovo PLC on Monday said that it has won several new contracts, building on its "positive momentum" from the previous year.

Kinovo is a London-based property services group that delivers compliance and sustainability solutions.

In February, the company announced that it had been awarded a new contract by The Hyde Group, worth GBP12 million over five years. This contract now has the potential to deliver GBP40 million over the next eight years, having been upgraded to GBP5 million per annum over five years with an option for Hyde to extend for three additional years.

Kinovo has also been awarded two further contracts with existing clients; one with the London Borough of Barnet to undertake mechanical work to replace a district heating system and the other for the Royal Borough of Greenwich. These have a value of GBP1 million over seven months, and GBP1 million over a year respectively.

Additionally, Kinovo has been awarded a place on The Greener Future Partnership's Decarbonisation Framework. The framework is for an initial term of four years, with the option for GFP to extend for three additional years.

"I am delighted that our positive momentum of contract wins has extended into the new financial year. We continue to submit and win high quality bids in specialist areas that underpin our organic growth plan and our FY24 expectations. With a strong pipeline of opportunities, I am confident we will maintain this momentum not only this year but over the medium to long term," said Chief Executive Officer David Bullen.

Kinovo shares were trading 1.3% higher at 49.11 pence each in London on Monday afternoon.

By Holly Beveridge, Alliance News reporter

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