Kainos upbeat on future prospects as growth continues

NI-headquartered software firm says it has experienced good growth in the past year

Kainos chief executive Brendan Mooney

Kainos chief executive Brendan Mooney

 

Belfast-based technology firm Kainos has said it experienced good growth across all its business divisions in the 12 months to the end of March.

The company, whose chief executive Brendan Mooney won the EY Entrepreneur of the Year award last year, is the North’s largest locally owned IT services company and one of only two listed firms in Northern Ireland.

In a trading update issued ahead of the publication of full-year results late next month, Kainos said it remains well positioned in core markets.

“The business has a solid pipeline, which includes a growing level of recurring revenue,” it said.

The company, which began as a Queen’s University spin-out, develops digital technology solutions for businesses and organisations in the public, healthcare and financial services sectors.

“The increasing trends towards digitisation and adoption of enterprise Software as a Service (SaaS) solutions have continued to generate strong demand for the company’s digital services in both public and commercial markets in the UK and Europe,” it said in a statement.

‘Sustained momentum’

“Growth in digital platforms remains solid, supported by sustained momentum of Kainos WorkSmart contract wins, although limited funding in the UK’s NHS continues to moderate short term growth of Kainos Evolve platforms,” it added.

Kainos said it has a robust balance sheet with no debt and strong cash generation.

The Belfast-based IT firm, which was established in 1986, listed its shares on the main market of the London Stock Exchange in July 2015 in a flotation valued at £161.3 million/€189.8.

The company said it employed 975 people at the end of March 2017 with more than 200 of these having joined the firm in the past 12 months.