Belfast-headquartered IT firm Kainos has just become the first tech company from Northern Ireland to be promoted to the FTSE 250 index.The Financial Times Stock Exchange (FTSE) indices are key indicators of the health of UK companies, measuring the collective market capitalisation of the top companies across the country. Belfast-based firm Kainos has now been promoted to the FTSE 250 index, becoming the first company to emerge from the region and make it into the list.
Kainos reports that it has reached a market capitalisation of £750m, and its share price is continuing to climb following the publication of a strong set of quarterly financial results. The firm saw a 56% rise in revenue for the year from March 2018 to March 2019 (reaching £151.3m) and a corresponding boost in pre-tax profits of 52% to £23.3m.
The FTSE indices are reviewed on a quarterly basis, with some firms being promoted into them and others being relegated based on changes in their market capitalisation. This most recent quarterly review saw companies Aveva Group and JD Sports Fashion move up to the FTSE 100 index, and other companies such as easyJet move down from the FTSE 100 to the FTSE250.
About the author
Brendan is a Sync NI writer with a special interest in the gaming sector, programming, emerging technology, and physics. To connect with Brendan, feel free to send him an email or follow him on Twitter.
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