Northern Ireland software company Kainos grows revenue and profits

Northern Ireland software company Kainos grew revenues and pre-tax profit by 2 per cent and 14 per cent respectively last year, the group’s annual results show.

“This strong profit increase in a more subdued growth environment is a demonstration of our business discipline,” the company’s chief executive Russell Sloan said.The group’s largest business areas – workday services, workday products and public sector within digital services – which together generate 80 per cent of revenue, delivered growth of 7 per cent.

The company’s international business grew 13 per cent to £149.8 million while it also increased its investments in artificial intelligence and its product development 48 per cent to £13.5 million. “Our latest results, record our 14th consecutive year of growth with disciplined execution in the current macro-economic climate,” said Mr Sloan.

Looking ahead, Mr Russell said growth opportunities in the company’s markets may have “reduced prominence”.

Source: News Formal (newsformal.com)

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