Tuesday 20 August 2019

IT giant Kainos shrugs off Brexit as profits up 5pc to €7.6m

Kainos recently announced the opening of a new office in Denmark. Stock picture
Kainos recently announced the opening of a new office in Denmark. Stock picture

Margaret Canning

IT giant Kainos, which employs around 1,000 people, has reported a 5pc increase in pre-tax profits to £6.8m (€7.6m).

The firm, which recently announced the opening of a new office in Denmark, also announced a 2pc increase in sales to £41.4m for the six months ending September 2017.

CEO Brendan Mooney revealed it is also seeking new offices for its Belfast workforce as growth continues.

"All this recruitment means our office space is maxed out. We are looking at new premises so whether we opt for additional smaller offices, or a brand new complex - we are talking around that at the moment."

The firm has been based at Lower Crescent close to Queen's University. "There is a real vibrancy in the Queen's Quarter and a quarter of our staff are under 25. It's a good place to be, so we'd like to stay close."

Mr Mooney added: "This is the eighth year in a row of increased revenue and profits.

"Sales performance is a good leading indicator for the rest of the year, and we now have over £63m of new contracts for national and international clients."

He said the company was "pretty relaxed" about the impact of Brexit. "There's nothing I or Kainos can do around Brexit so we are just taking a wait-and-see approach."

But he said its international presence - the company has offices in Birmingham and Frankfurt - would help it "absorb local shocks around Brexit more easily". Mr Mooney said the firm's digital services division was continuing to carry out work with UK Government clients. However, the commercial sector was the strongest-growing segment in digital services.

Irish Independent

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