AN IT company which spun out of Queen's University has announced record revenue and profit growth as it eyes further expansion in Europe and North America.
Kainos, based in south Belfast, revealed that revenue has increased 17% to £29.7m from £25.4m in 2012 and profit has increased by 75% to £3.5m from £2.0m in 2012.
The firm, which employs over 300 software engineers and consultants and has offices in Belfast, Dublin, London and Gdansk in Poland, supplies products to the financial services, utilities, retail and healthcare sectors.
Set up in 1986, it was a corporate venture between QUBIS Ltd – which commercialises innovative ideas from Queen's – and ICL, now Fujitsu.
Kainos' managing director Brendan Mooney said that the growth has been spurred by the company's engagement in the UK public sector and by the continuing success of its flagship electronic medical record product Evolve, which has been taken on by nine NHS trusts in the past year.
He added that a strategic partnership with Workday, which develops cloud applications for human resources and finance, has opened up substantial opportunities across Europe and in North America.
"This has been a landmark year for Kainos," he said, "we exceeded targets on sales, revenue and profit, and expanded our headcount and footprint in the UK and Poland.
"I attribute this excellent set of results to our people and their commitment to Kainos and our customers.
"Our expertise in designing and implementing digital solutions for our customers has helped us gain significant market traction. Our partnership with various departments in the UK public sector has proven to be particularly fruitful.
"We expect further significant growth in the coming year, driven by an exceptionally strong portfolio of products and services."
To date five new companies have spun from Kainos or former staff.
These include Lagan Technologies, which was established by an ex-Kainos manager and colleagues, and grew to become a leading software supplier into local government in the UK and the US. Lagan was backed by a number of UK and European venture capitalists and was eventually acquired by US based Kana Communications Inc.