Business Irish

Saturday 23 February 2019

Brexit contract wins help lift Kainos shares

Kainos is working on the UK’s so-called transformation strategy, which is aimed at providing citizens and businesses with easier online access to government data and services. Stock picture
Kainos is working on the UK’s so-called transformation strategy, which is aimed at providing citizens and businesses with easier online access to government data and services. Stock picture

Paul Jarvis

Brexit is providing a boost to Kainos, a Belfast-based information-technology firm that's listed in London.

Shares surged almost 11pc yesterday, after the company, which specialises in contracted IT services for governments and industry, said it expects full-year results to exceed analysts' expectations, thanks to "very strong" growth in digital services and ongoing demand from state and commercial clients.

Shore Capital Markets analyst Martin O'Sullivan expects Brexit to be a "net positive" for Kainos, since it has won early projects linked to the UK's exit from the EU, including with the Home Office and Department for Environment, Food & Rural Affairs in Britain.

Kainos is working on the UK's so-called transformation strategy, which is aimed at providing citizens and businesses with easier online access to government data and services.

The stock has almost tripled since the UK referendum to exit the EU, putting it among the FTSE All-Share Index's top 10 best-performing equities in the period.

Bloomberg

Irish Independent

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