Business

Kainos director raises £8.7m from sale of shares

Kainos now employs just under 1,600 people across 12 locations
Ryan McAleer

A SENIOR figure in Belfast tech group Kainos has raised £8.7 million from the sale of some of his shares in the company.

Richard McCann has held the position of chief financial officer/chief operating officer at the publicly listed IT firm for almost nine years.

The sale was announced to the stock exchange on Friday. A total of 1.5 million ordinary shares in the company were sold at an average price of 580p per share.

It leaves him with a 3.88 per cent stake in the Kainos group, now worth an estimated £27.3m.

In June, another director Paul Gannon, sold half a million shares at a slightly higher price of 622.37p per share, raising around £3.1m. He previously sold 400,000 shares in July 2018, raising £1.6m.

It left him with just under eight million shares, worth around £48.5m.

Kainos' chief executive Brendan Mooney holds the largest shareholding among the group's directors.

His 11.88 per cent stake in the company is now worth around £86m.

The Belfast-based tech company now employs just under 1,600 people across 12 locations around the globe.

Earlier this month, Kainos announced that its adjusted pre-tax profits surged by 27 per cent to £12.8m in the six months to September 30 2019.

It followed revenue growth of 29 per cent to £86.9m, up from £67.2m during the same six months last year.

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