Kainos Doubles Profits for 11th Consecutive Year of Growth

The pre-tax profit of Northern Ireland software company Kainos more than doubled last year, recording its 11th consecutive year of growth.

Kainos, which provides digital technology services and platforms to clients such as the National Health Service (NHS), was established in 1986 as a spin-off company from Queen’s University Belfast.

In its annual results for the period ended March 31, 2021, the company said it achieved a “very strong” business performance.

It saw revenue growth of 31% to £ 234.7million from £ 178.8million the year before. Adjusted profit before tax increased 124% to £ 57.1million from £ 25.5million.

Bookings rose 6% to £ 258.8million from £ 243.6million, while backlog increased 15% to £ 206.2million.

The company was very cash-generating with a cash conversion of 112 percent from 97 percent and end-of-period net cash of £ 80.9million versus £ 40.8million.

He said his customer approval rating remains high at 98%. Recruitment during the period saw the number of employees increase from 1,715 to 2,024, with retention increasing from 90% to 92%.

“We have made significant progress on our climate action agenda, achieving carbon neutrality for the year,” he said.

Within its digital services division, it saw strong revenue growth of 32% to £ 161.6million. Its daily practices division saw revenue growth of 30% to £ 73.1million.

Kainos Managing Director Brendan Mooney said: “Over the past 15 months we have been physically removed from our colleagues and customers, but we have worked together seamlessly to deliver critical systems.

“Our job has been to support the NHS response to Covid-19 and to ensure that our government and business customers continue to provide essential services to citizens, customers and employees.

“Since 2010, we have been helping our clients drive digital transformation. This trend continued throughout the pandemic and we once again achieved strong business performance. “

Mr. Mooney said the company has “maintained our high levels of customer satisfaction and employee engagement, while delivering record levels of sales, revenue, adjusted pre-tax profit and cash.”

He continued: “We have achieved important milestones throughout the year. We now have over 500 clients and employ over 2,000 talented colleagues; and we made significant progress on our climate action agenda, achieving carbon neutrality for the year.

“Our performance was only possible thanks to the trust and support of our customers and the talents and hard work of our colleagues. Once again, we have a deep sense of gratitude to our employees and customers. “

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