Monday 22 October 2018

Kainos eyes new HQ as it reports 16pc increase in sales

Kainos, which provides digital services and platforms, acts as a partner for Workday software. Stock picture
Kainos, which provides digital services and platforms, acts as a partner for Workday software. Stock picture

Margaret Canning

BELFAST IT company Kainos has said it will announce a move to new headquarters over the next few weeks as it reported a 16pc jump in sales to hit £96.7m (€111m) in its eighth year of growth.

In preliminary results for the year ending March 2018, the firm - one of just three listed companies in Northern Ireland - said adjusted pre-tax profits were up 7pc to £15.3m.

New offices in southern Europe are also on the cards for the firm, which employs around 1,170.

Chief executive Brendan Mooney said the business is also looking for a new headquarters in Belfast after outgrowing its current offices.

Kainos, which provides digital services and platforms, acts as a partner for Workday software. It said performance was in line with market expectations.

The results showed growth in international markets after the company opened new offices in Frankfurt, Copenhagen and Amsterdam. It now has 11 offices - also including Atlanta in the US.

International contracts account for 21pc of revenue.

Mr Mooney said the business is still looking at new markets.

"That trend will continue as we look to develop those markets. Home markets are key but we want to see both grow as we grow the company.

"You should expect us to be in southern Europe in around 18 months - somewhere warm and sunny rather than the chilly Nordic countries. Workday is sold in France, Spain and Italy. We haven't made the final decision but somewhere in that region would be logical."

Governments and the commercial sector account for 56pc and 30pc of revenue respectively. Healthcare revenue dropped to 14pc of sales, from 17pc a year earlier.

Mr Mooney said a crisis in NHS funding meant new IT systems were no longer a priority. "If customers aren't buying then we can't sell to them," he said.

Irish Independent

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