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Kainos plc reports growth in sales and profits for first half of the year

By Margaret Canning

Published 29/11/2016

Kainos chief executive Brendan Mooney:
Kainos chief executive Brendan Mooney: "We remain confident that investment in our digital platforms business is on target to deliver future returns"

Belfast-based IT firm Kainos plc has reported 3% growth in adjusted pre-tax profit to £7m in the six months to the end of September. The company, one of just two listed firms in Northern Ireland, said statutory pre-tax profit grew from £5.2m in the six months to September 2015 to £6.5m in the most recent half-year.

Gross profit at the firm, which has seven offices in the UK, Ireland and Poland, was up 15% from £18.3m to £21.1m.

Overall revenue for the first half of the 2016/17 financial year was up 9% from £37.2m on the same period a year earlier to £40.6m.

And the company has also taken on another 179 staff, bringing headcount to 967. The firm said it had grown its presence in central and regional government with existing and new customers.

And it also expanded its digital services footprint in commercial sectors in the UK and overseas.

The company, which is based at Upper Crescent in south Belfast, also invested in digital platforms for research and development and sales and marketing.

Chief executive Brendan Mooney said: "We have seen a good performance across the group during this reporting period, with increasing levels of demand for our digital services and platforms.

"In the six months from April 1 to September 30, 2016, we have grown overall revenue by 9%, adjusted pre-tax profit by 3%, and statutory profit by 25%. Underlying market conditions for digital services remain very positive, supporting a growing sales pipeline and a good outlook for the remaining half of the year, with increasing opportunity for growth in the UK, Ireland and mainland Europe, particularly in commercial industry sectors."

But he said the slow process of procurement in the NHS had been off-set by growth of its Smart system. "We remain confident that investment in our digital platforms business is on target to deliver future returns."

Mr Mooney was recently named EY Entrepreneur of the Year in Ireland - following in the footsteps of First Derivatives' Brian Conlon, who won the title in 2010. First Derivatives is Northern Ireland's only other listed company.

Belfast Telegraph

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