Business

Kainos delivers strong trading update after hitting record valuation

Kainos' global workforce has now passed 2,000 people.
Ryan McAleer

SHARES in Belfast IT services group Kainos hit record levels this week as the company said its strong performance during the pandemic continued through to the end of the financial year.

The London-listed company’s market capitalization has climbed above £2 billion on the back of steady growth during the pandemic, with its share price climbing 150 per cent in a year.

In a trading update on Friday, Kainos said it had maintained its momentum through to March 31 2021.

The software firm secured a steady series of lucrative digital services contracts with the UK Government over the past year.

It now expects the results for the latest financial year to be at the upper end of current market consensus forecasts. Those results will be published on May 24 2021.

Kainos added another 309 staff over the year, bringing its workforce to 2,024, with new inroads made in North America in particular.

In a statement, the company said demand from existing and new customers in both its digital services and Workday divisions continued to be robust, despite the uncertainty generated by Covid-19.

“Along with the support of our customers, we recognise that our business performance has been driven by the exceptional commitment of our people who have demonstrated phenomenal energy, flexibility and resilience throughout the Covid-19 pandemic.

“Looking ahead, our robust pipeline, strong balance sheet and significant contracted backlog underpins our confidence in the outlook. And whilst we are mindful of the ongoing challenges caused by Covid-19, we believe that we are well-positioned for further growth and remain confident in our strategy.”

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