Kinovo(KINO), a specialist property services provider focusing on safety and regulatory compliance, has secured additional multi-million framework wins and a direct award, broadening its client base and potentially boosting revenue generation.
Kinovo has received an award notice under Eastern Procurement Limited's Asset Improvement and Sustainability Framework, estimated at £156 million across four years, covering services like voids, kitchen and bathroom installations, electrical testing, insulation and decarbonisation works.
Kinovo has also earned a place in three lots of the Hyde Group's Alternative Heating Servicing and Maintenance Services and Metering and Billing Services Framework, with an estimated value of £28 million over four years. This framework can also be accessed by other public bodies.
Kinovo doesn't include framework revenue in its visible three-year revenue forecasts.
Finally, Kinovo has received a direct award from Broadland District Council through the Government's Social Housing Decarbonisation Fund, valued at £1 million over two years. The work will adhere to Broadland's requirements and retrofit regulations such as PAS2030:2019 and PAS2035:2019.
David Bullen, Chief Executive Officer of Kinovo plc, commented: "We are delighted to report these direct award and framework wins that the team has worked hard to generate. The frameworks provide a considerable opportunity for Kinovo to broaden our client base and build on our strong reputation across the South East of England, covering a broad spectrum of works, particularly within our Renewables pillar, and offer the potential for significant revenue generation.
This strong momentum has facilitated additional investment in our business development team, which will further increase the quality and quantity of our bids. We look forward to seeking to maintain this momentum of new contract wins and renewals across FY24 in line with our growth strategy."
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Kinovo provides specialist property services to aid in safety and regulatory compliance, building construction, conversion and maintenance, and providing efficient and greener energy alternatives to drive down a building's carbon footprint.
Today’s news demonstrates that there is strong demand from clients for services within Kinovo’s Renewables pillar, which entails providing energy efficient solutions that reduce carbon footprints. The company will no doubt see continued demand as its services are well aligned with the long-term economic drivers of its customers.
Financially, Kinovo's FY22 revenues increased 18% to £62.7m, with a 29% rise in Adjusted EBITDA to £5.5m and a 58% jump in pre-tax profit to £4.4m. It ended the period with positive net cash, ending with £1.1m in the bank from a net debt of £0.3m the previous year after an early £2.5m HSBC loan repayment.
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