No plans to float Kainos for foreseeable future
The boss of rapidly-growing IT company Kainos has said there are no plans to float the company on the stock exchange – but has not ruled it out in future.
Brendan Mooney was speaking after Mark Fahy, the London Stock Exchange head of UK small and mid-caps, hinted that 'initial public offerings' could be expected from at least two Northern Ireland companies in the next year.
Newry financial software company First Derivatives is listed on the Alternative Investment Market or AIM, the London Stock Exchange's market for smaller companies. Digital camera firm Andor was also AIM-listed until its takeover by Oxford Instruments plc earlier this year – while UTV Media plc is listed on the main London Stock Exchange. Other big names tipped earlier to list are poultry firm Moy Park, meat firm Dunbia, retailer Henderson Group and dairy giant Fane Valley Co-op.
In May, Craigavon pharma firm Almac told the Belfast Telegraph that it had no plans to float. And Mr Mooney said that Kainos does not require such assistance at this time.
"I think it is possible but in general, companies list to raise capital for expansion – we are a profitable company and we can generate that capital ourselves," he said.
"I guess that to say we are a plc will be attractive to some clients, but at this stage I don't think listing would be helpful for our clients or staff."
Mr Fahy told the Belfast Telegraph that the IPO market was opening up for many different companies in many sectors.
"Companies that would not have been interested historically in listing are now getting involved," he said.
"For First Derivatives and Andor, their experience has been very positive. I think when one company makes the move, others sit up and take notice.
"This has been a manic and exciting year. There are a very broad range of companies coming on stream, from property to technology and financial services is definitely a big one.
"Any company with a good growth plan who is interested in dividends or who wants to use the markets to fund a project needs to look into listing," added Mr Fahy.