Sales and profits soar as Kainos grows for ninth year running
HALF-year sales at Belfast-based software solutions firm Kainos soared by 62 per cent to £67.2 million up to the end of September while pre-tax profit lifted 42 per cent to £10.1 million.
The growth was driven by significant ongoing engagements in the UK's digital transformation programme and further strengthening of Kainos's position as US-based software company Workday's leading boutique partner in Europe.
The company is holding on to £38.8m in cash (up 42 per cent on the corresponding figure of £27.3m last time), while sales orders rose from £63.4m to £90.2m.
Brendan Mooney, chief executive of the former Queen's spin-out firm, described the performance as "exceptionally strong".
He added: “It means we are well on the way to achieving a ninth consecutive year of growth in terms of our people, customers, revenue and adjusted pre-tax profit."
The digital services division at Kainos continued to experience strong momentum, fuelled by demand from existing and new customers, while delivery of major transformation programmes across UK government and for commercial clients continued, prompting the opening of new offices in Birmingham and London.
Mr Mooney added: "To support the continued expansion with our Workday-related business, in Europe we continue to grow from our recently established offices in Frankfurt and Copenhagen, alongside our existing offices in Amsterdam and Gdansk. In North America we continue to expand our presence in Boston and Atlanta and we will open an office in Toronto in the next few weeks.
"Our digital platforms division continues to make progress against key milestones. Smart, our market-leading Software as a Service (SaaS) platform for automated testing of the Workday suite continues to add global brands as customers, with over 130 international organisations now.
"We remain focused on providing exceptional careers for our staff and exceptional digital products and services for our customers. The group's pipeline of prospects continues to strengthen across all divisions and the board believes that the group is well-positioned for growth both in the short-term and in the coming years.”
In July Kainos said it was investing £8 million in a new research and development project to help develop its automated testing platform, which is designed to be used with cloud-based HR and financial management software. Invest NI provided £2.4 million of support.