Belfast Telegraph

Kainos is first Northern Ireland firm promoted to the FTSE 250

Chief executive: Brendan Mooney
Chief executive: Brendan Mooney
Margaret Canning

By Margaret Canning

Belfast-based IT firm Kainos has been promoted to the FTSE 250, becoming the first homegrown Northern Ireland business to make the senior index.

The quarterly review of the indices by FTSE Russell also resulted in Aveva Group and JD Sports Fashion joining the FTSE 100.

A total of nine companies joined the FTSE 250 yesterday, including easyJet, PayPoint and pub group Marstons. Along with easyJet, Hikma Pharmaceuticals was relegated from the FTSE 100 to the FTSE 250.

Kainos also reached a market capitalisation of £750m yesterday as its share price continued to climb following a strong set of results.

The business, which joined the stock exchange in July 2015, is led by Brendan Mooney.

Kainos reported a 56% rise in revenue to £151.3m for the year to the end of March, with pre-tax profits rising 52% to £23.3m.

The company, which is based in south Belfast, provides digital transformation services and products to the public and private sector, and employs around 1,470 people.

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Earlier this year the business reached a £7m deal to buy the former Movie House cinema on Belfast's Dublin Road for its new flagship headquarters.

Northern Ireland has three other companies - Fusion Antibodies, First Derivatives and Diaceutics - listed on the Alternative Investment Market.

Belfast Telegraph