GCIKinovo wins £12m sustainability contract from London Borough of Hackney
() , a provider of specialist property services focused on safety and regulatory compliance, announced a new 18-month contract worth up to £12m with the London Borough of Hackney. The contract was awarded through the National Housing Maintenance Forum's Net Zero Carbon Framework Lot 5A, where holds the top ranking for 'Planned Maintenance, Net Zero Carbon and Passive Safety Works'.
The contract is for a range of net zero carbon works, including the installation of triple-glazed windows, energy efficient boilers, and upgrading renewable energy systems, covering over 300 properties. It replaces a previous £6m/year contract, which was out for retender in March 2024 and has yet to be awarded to any party.
Kinovo also announced a separate contract with the Borough of Hackney under competitive tender worth up to £400k/year over a 2-year term with a possible 1-year extension, involving responsive repair works to council dwellings and common areas, to provide additional capacity to Hackney's in-house Direct Labour Organisation.
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Kinovo announces a major contract with the London Borough of Hackney worth up to £12m over 18 months to deliver retrofit works and sustainable solutions, building on its robust existing relationship with the borough. The direct award was delivered as part of Wave 2.1 under the Social Housing Decarbonisation Fund, and is expected to mobilise in Q3 (FY ends March 31).
The contract will fall under 's 'Regeneration' and 'Renewables' pillars. It has been incorporated within the group's previously disclosed 3-year visible revenues, underpinning management expectations for the current FY, and carrying over into the next FY as the company continues to drive organic growth.
In its most recent final results to March 31, 2024, announced significant growth in profitability, exceeding expectations, with multiple contract wins and framework placings driving high visibility over the next 3 years. Adjusted EBITDA jumped by 23% to £6.7m, gross margins rose by 3.1% to 29.4%, and basic EPS increased by 37% to 8.20p. 3-year visible revenues rose by 11% to £162.6m (99% recurring), with £69m anticipated to be realised in FY25.
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