BELFAST IT group Kainos has said it remains on course to grow its profit level by up to 15 per cent again this year.
In a trading update issued on Thursday morning, the software firm said it expects its full-year results for the 12 months ending March 31 2024 to be in line with current consensus forecasts.
It means Kainos is on course to record an adjusted pre-tax profit of between £72.6 million and £78.1m for the year, on a revenue of between £418.2m to £434.2m.
The upper end of the forecast would leave the company’s revenue and profit up by around 15 per cent on the last financial year.
Kainos recorded a 24 per cent revenue surge to £374.8m in 2022/23, with profits up 15 period over the same period.
“Despite the uncertain trading environment, our customers continue to maintain their investment in digital projects and trading in the first half has been good,” the London-listed company announced.
The announcement comes three weeks ahead of the group’s AGM, where Russell Sloan will formally succeed Brendan Mooney as chief executive after 22 years in charge.
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Updating the markets on Thursday, Kainos said its digital services division had delivered “a solid performance with sustained demand” from its public sector clients.
The company said its Workday business is also performing well, both within the product and services divisions of the workplace management software business.
“Looking forward, our robust pipeline, strong balance sheet and significant contracted backlog support our confidence about the future, and we believe that we are well-positioned for further growth and remain confident in our strategy,” said the group.
