Belfast IT firm Kainos sees sales rise by 33%

  • Belfast IT firm Kainos has increased its sales by 33% from £107m to £142m in the first half of the financial year.

    Kainos specialises in helping organisations to digitise their operations and counts the UK government as one of its major clients.

    The company also revealed their adjusted pre-tax profit was up by 12% from £26m to £29m.

    Kainos bookings were also up 81% to £187.4 million.

    Profit growth was lower than sales growth due to salary increases, greater use of contract staff and the return of some "in-person" expenses in areas like training.

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    As a result of the increased need for digital services during the pandemic the company performed strongly during this time. It expects further strong growth, with a backlog of work valued at £250m.

    The company has also reported postive recruitment figures, with staff numbers up 41% to 2,438. Employee retention is also strong at 89%.

    Commenting on the figures, Brendan Mooney, CEO at Kainos said: "Since 2010, we have been helping organisations drive digital transformation programmes. That digitalisation trend has been accelerated by the pandemic and we have continued to support our customers as they respond to changing demands on their organisations.In parallel, we have remained focused as a business, maintaining our high levels of customer satisfaction and employee engagement; while simultaneously delivering record levels of sales, revenue, adjusted pre-tax profit and cash."

    RELATED: Belfast-based software company Kainos buys business in Argentina

    Mr. Mooney also added: "We continue to achieve significant milestones - we now work with over 600 customers and employ over 2,400 colleagues including those that we welcomed during the year through the acquisitions of Cloudator (Europe) and Une Consulting (Argentina)."

    The proportion of revenue generated from customers outside the UK and Ireland increased by 45% to £40m and is now 28% of total revenue compared with 26% at the same point last year.

    Kainos's share price has also performed strongly and the business is valued at about £2.5bn.

    Source: Kainos

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    Aoife is a Sync NI writer with a previous background working in print, online and broadcast media. She has a keen interest in all things tech related. To connect with Aoife feel free to send her an email or connect on LinkedIn.

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