Kainos Group records rising revenues in first half

Kainos, a British provider of IT, consulting and software solutions, recorded a successful first half with revenue rising 9% to £40.6m in the six months ended 30 September 2016.

Gross profit jumped 15% to £21.1 while statutory profit before tax rose 25% to £6.5m.

Diluted earnings per share were up 26% to 4.3p and the interim dividend grew 6% to 1.9p.

The group increased its presence in the UK central and regional government with existing and new customers as well as ‘significantly’ expanding its Digital Services footprint in commercial sectors in the UK and overseas.

For Workday services the company has consolidated its position as the largest boutique provider in Europe.

The company has invested in both research and development (R&D) and Sales and Marketing in Digital Platforms and increased its staff numbers by 179, taking the total headcount to 967 at 30 September 2016.

Chief executive Brendan Mooney said: “Underlying market conditions for Digital Services remain very positive, supporting a growing sales pipeline and a good outlook for the remaining half of the year, with increasing opportunity for growth in the UK, Ireland and mainland Europe, particularly in commercial industry sectors.

We are confident that trading is in line with market expectations and we see plenty of opportunities to continue to deliver growth in the future.”

The share price fell 6.9% to 219.72p at 1253 GMT on Monday.