Belfast-based IT firm Kainos, one of Northern Ireland's most successful companies, is making 190 of its staff redundant, representing approximately 7% of it’s workforce. The company currently employs about 3,000 people globally, and is one of Northern Ireland’s largest employers in the technology sector.
Despite experiencing rapid growth in recent years, Kainos confirmed it had made the "difficult decision" to reduce staff numbers in response to the "current market environment".
In December, the company replaced its recently-installed chief executive after warning shareholders that full year sales would be below market expectations with the company’s former chief executive Brendan Mooney, having retired in September 2023 after 22 years in charge resuming the role.
The company's share price has struggled over the last year falling from around 1200p in May to around 675p on Wednesday. The company had previously initiated a Share Buyback to enhance Shareholder Value in November
The warning said the business was experiencing a tougher trading environment as clients delayed decisions on projects.
"This decision was made with careful consideration and a focus on the long-term growth opportunities of our business.
"While our business fundamentals remain strong, this step allows us to manage costs responsibly while continuing to support our customers.
"We recognise that this means saying goodbye to talented colleagues who have made valuable contributions to Kainos. They leave with our deep gratitude, and we are committed to supporting them in their transition to new opportunities."
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