Local IT leader Kainos reports sixth consecutive year of growth

The comments from Kainos chief executive Brendan Mooney came as the firm reported a nine per cent increase in revenues for the year based on rise in as reported a 9 per cent jump in revenues in 2017 on the back of strong UK and global demand.

Turnover reached £83.5 million, although pre-tax profits fell 7 per cent to £13.3m in the 12 months to March 31st.

However the firm, which develops information technology solutions for businesses and organisations particularly in the public, healthcare and financial services sectors, also reported a 58% increased in cash reserves from £15m in 2016 to £23.7m.

“I am delighted to report another year of growth, in both our domestic and international markets,” said Dr Mooney.

“For the sixth consecutive year we are reporting strong growth in Digital Services, driven by demand from existing customers, new customer acquisition and geographic expansion.”

He said the firm continued to deliver major transformation programmes across UK government and had also experienced very strong growth within the commercial sector, which now represented the fastest growing segment within the division.

“Client demand across Europe has resulted in the opening of our Frankfurt office, alongside the established offices in Amsterdam and Gdansk,” he added.

“Our digital platforms division continues to make progress, despite the funding challenge in the NHS.”

The addition of 37 new customers for Smart, the firm’s platform for automated testing of the Workday suite was particularly exciting he said, bringing the total number of global customers on the platform to 92, while Evolve Integrated Care had signed a significant contract with a UK-based NHS Clinical Commissioning Group starting across 38 US hospitals.

“We remain focused on providing exceptional careers for our staff and exceptional digital products and services for our customers.

“The group’s pipeline of prospects continues to strengthen across all divisions and the Board believes that the group is well-positioned for growth in the coming years.”

Expressing disappointment over Brexit and the impact it was likely to have on the economy of the province as a whole, Dr Mooney said the process could prove lucrative for the company.

“For us it’s probably a positive,” he said explainign that clients were keen to invest with a view to completing digital projects before the Brexit deal was in place.