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Monday 16 April 2018

Positive indications from Kainos

logoUK-based provider of IT, consulting and software solutions Kainos has issued a cautiously upbeat assessment of its performance for the year ended 31 March 2018. Trading in the period has continued in line with market expectations and the company believes that it remains well positioned in its core markets.

The direction of travel reported for H1 FY18, during which revenues improved by only 2% over H1 17   (see here), appears to have carried forward into the second half. Growth in its Digital Services business is described as having been particularly strong, suggesting that the 5% revenue increase achieved in the six months to 30 September 2017 has accelerated during H2. Its international client base too has continued to expand, as have its activities in the commercial sector. A very strong sales orders performance, generating a comparable increase in contracted backlog, is also noted. These numbers were up 94% and 43% respectively in H1 18.

The constrained funding in the NHS, which dragged down UK revenues by 7% in H1, is continuing to impact short term growth, although sales activity levels are reported to be showing signs of improvement. Kainos will, however, enter FY 19 with a robust balance sheet, a strong cash position, a growing level of recurring revenue and a solid new business pipeline. Headcount has also increased by c. 20% over the last twelve months.

A seventh consecutive year of growth would seem to be firmly on the cards. Kainos will announce its full year results on 29 May 2018. We must wait until then to learn whether and by how much it has improved on the modest revenue increase delivered in H1.

Posted by Duncan Aitchison at '09:52' - Tagged: tradingupdate  

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