Specialist property group Kinovo PLC (AIM:KINO, OTC:BILBF) has announced a spate of significant new contract wins, including an award notice under Eastern Procurement Limited's Asset Improvement and Sustainability Framework with a maximum estimated aggregate value of £156 million.
Spanning five contractors over a four-year term, the framework covers a broad range of the company's services including voids, kitchen and bathroom installations, disabled adaptation works, electrical testing, rewiring, upgrades and repairs, as well as insulation and decarbonisation works.
Kinovo has also been awarded a place on three lots of the Hyde Group's Alternative Heating Servicing and Maintenance Services and Metering and Billing Services Framework.
Two of the lots relate to gas servicing, maintenance and renewal services to both domestic and commercial properties for the north and south regions within the framework, and the third lot relates to heating servicing, maintenance and renewal services to electrically heated properties across both regions.
This framework has a maximum estimated aggregate value of £28 million, spanning five contractors over four years.
Due to the nature of frameworks, Kinovo does not attribute revenue from its framework placings within its three-year visible revenue forecasts.
Kinovo nabs a new client
In addition to the above, Kinovo has received a direct award with a new client, Broadland District Council, from the government's Social Housing Decarbonisation Fund announced in March 2023, which allows local authorities and social housing providers to apply for government funding to install energy efficiency upgrades.
Kinovo has been contracted by Broadland to remove its existing systems and supply and install air source heat pumps, high heat retention storage heaters, solar PV and battery storage for approximately 70 properties.
The total anticipated value of the works is £1 million over two years.
Kinovo has invested in another bid manager and another estimator to provide the team with additional resources to build on this positive momentum.
Chief executive David Bullen 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 southeast 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.”