Kinovo celebrates Waltham Forest contract worth GBP4 million

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(Alliance News) – Kinovo PLC on Monday announced progress in its cross-selling services strategy, following the award of a two-year contract by the London Borough of Waltham Forest.

Kinovo is a specialist property services group based in London, delivering compliance and sustainability solutions.

The contract covers a term of two years, and is worth GBP4 million. It also contains possible extensions of two more one-year terms.

Comprised of electrical works, commercial mechanical, and associated builders works, the deal also includes work under each of the group’s three main strategic pillars: regulation, regeneration and renewable energy.

Following the strategic repositioning and rebranding of the company in 2021, and the subsequent rationalization of operations to the three main focus areas above, the cross-selling of its services between the -contracts has been integral to its recent improvement in financial performance.

As announced on 28 November, Kinovo reported a 25% increase in revenue for the first half of the 2022 financial year, with three-year visible revenue of GBP146 million, which it said the contract win he adds to it.

“We are delighted to have secured this contract and the opportunity to work with our existing client, the London Borough of Waltham Forest again. As well as its considerable inherent value, at GBP4 million over two years, the capacity to utilize all of our core focus areas under this contract reinforces our strategy of cross-selling services across the group,” said CEO 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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