Kinovo receives direct awards following addition to NHMF framework

9th Aug 2024 10:12

(Sharecast News) - Property services group Kinovo said on Friday that it has received "a number of direct awards" from new clients following its successful placing on the National Housing Maintenance Forum's framework for Planned Maintenance, Net Zero Carbon and Passive Fire Safety Works.

Kinovo stated the direct awards received under the framework related to retrofit works under its renewables pillar, to improve the energy efficiency for up to 282 properties across North and East London on behalf of housing association members of the North River Alliance, and included support from the Social Housing Decarbonisation Fund.

The AIM-listed firm said a total of seven individual direct awards had been signed to date, with the overall call-off contract term for each direct award being five years and an initial aggregate contract value of up to £5.3m. Additional works may also be issued by each client within the five-year term.

Chief executive David Bullen said: "I am pleased that our organic growth strategy continues to deliver new business wins, with our framework agreements demonstrating their value as we translate our opportunities into direct awards.

"The recent investment in our retrofit team positions us well to deliver a best-in-class service to our clients and to further expand our presence under our Renewables pillar. These new awards underpin our strategic objectives to accelerate organic growth, capitalising on external drivers of increasing compliance and requirements for decarbonisation."

As of 1010 BST, Kinovo shares were up 5.04% at 73.0p.

Reporting by Iain Gilbert at Sharecast.com