BELFAST-based IT giant Kainos Group says its trading in the period for the year to March 31 has continued in line with market expectations and the company remains "well positioned" in its core markets.
The update also pointed to the strength of its ongoing recruitment campaign, with 194 people having joined the digital services and platforms provider since April 2017, bringing the total number of employees and contractors worldwide to 1,169.
The trading update, which came ahead of Kainos announcing its year-end finals on Tuesday May 29, pointed to a "robust balance sheet" with no debt and strong cash generation, and a growing level of recurring revenue and solid pipeline.
The statement said growth in digital services has been particularly strong, driven by both digital transformation and Workday, and with continued momentum across government and healthcare clients.
Kainos's international client base has also continued to expand, supported by the group’s broadened European footprint and growing reputation in the commercial sector following sales investment. A very strong sales performance has generated a comparable increase in contracted backlog.
Digital platforms has performed in line with expectations, mainly driven by the Kainos Smart platform, where it continued to acquire new clients successfully.
The constrained funding in the UK NHS continues to impact short term growth of the Kainos Evolve platforms, although sales activity levels are showing signs of improvement that are consistent with expectations.
