(Alliance News) - Kinovo PLC on Monday touted progress on its cross-selling services strategy, following the award of a two-year contract by the London Borough of Waltham Forest.
Kinovo is a London-based specialist property services group, which delivers compliance and sustainability solutions.
The contract covers a two-year term, and is worth GBP4 million. It also contains possible extensions of two further one-year terms.
Comprised of electrical, commercial mechanical works, and associated builders works, the deal also includes work under each of the group's three key strategic pillars: regulation, regeneration, and renewables.
Following the company's strategic repositioning and rebranding in 2021, and subsequent streamlining of operations to the above three key focus areas, cross-selling its services across contracts has been integral to its recent improvement in financial performance.
As announced on November 28, Kinovo reported a 25% increase in revenue for the first half of the 2022 financial year, with three-year visible revenues of GBP146 million, which it said the contract win adds to.
"We are delighted to have secured this contract and the opportunity to work with our existing customer, the London Borough of Waltham Forest again. As well as its considerable inherent value, at GBP4 million over 2 years, the ability to utilise all our key focus areas under this contract reinforces our strategy of cross-selling services across the group," said Chief Executive Officer David Bullen.
Kinovo shares were trading 1.7% lower at 32.45 pence each in London on Monday morning.
By Holly Beveridge; Alliance News reporter
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Kinovo Plc (KINO)