Kainos H1 sales surge boosts shares

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Kainos H1 sales surge boosts shares
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FTSE 250 IT services group Kainos (LON:KNOS) has seen its share price increase by 5.08% to 538p (as of 11:55 GMT) as it reported a 29% increase in revenues for the six months ended 30th September. Management said that the company’s revenues were also becoming more diversified with an 86% rise in international sales and a 66% increase in the commercial division.

CEO Brendan Mooney commented: “We are announcing another confident set of results, and remain on track to deliver our tenth consecutive year of growth, which we measure in terms of our people, customers, revenue and adjusted pre-tax profit. This achievement is more pronounced against an unsettled macro-economic backdrop.

“Our Digital Services division has maintained its strong momentum, fuelled by demand from existing and new customers, both locally and internationally.

“We continue to deliver major transformation programmes across UK government and increasingly for our commercial clients. Within our Workday-related business we continue to perform strongly in our established UK and European markets and within our new geographies of France and Canada.

“This client-led demand has resulted in expansion across our established offices, in our new offices Paris and Toronto and to enhance our support for our international clients we now have colleagues based in Sweden, Austria, Finland and Romania.

“In our Digital Platforms division, Smart, our market-leading Software as a Service (SaaS) platform for automated testing of the Workday suite, has accelerated, continuing to add global brands as customers and now with over 190 international organisations on the platform.

“Today we have also announced the acquisition of two specialist consulting companies and we are delighted to welcome twenty one colleagues as part of these transactions. The companies, Formulate in the UK and Implexa in Germany, are experts in the Adaptive Insights financial and business planning software that was acquired by Workday, Inc. in 2018 for $1.6 billion“.

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