Kainos hails strong demand as H1 profits, revenue grow

14th Nov 2022 07:15

(Sharecast News) - IT provider Kainos posted a jump in first-half profit and revenue on Monday as it hailed strong underlying demand.

In the six months to 30 September, adjusted pre-tax profit rose 16% to £34m, on revenues of £179.8m, up 26% on the same period a year earlier. Revenue from digital services was 17% higher at £110.5m, reflecting increased demand for digital transformation primarily across the public and commercial sectors.

Meanwhile, Workday Services revenue grew 44% to £48.4m, driven by growth in North America. Workday Products revenue increased to £20.9 m, up 45% on the year.

In addition, Kainos said bookings were up 18% during the half to £221.5m.

Chief executive Brendan Mooney said: "As the digital transformation market enters its second decade, it continues to grow in importance for organisations operating in government, in healthcare and in the commercial sector.

"This importance is translating into continued demand for the work that we do for our customers, not just in the last six months but also looking to the future. Despite the economic uncertainty, there is an urgency from our customers about extending existing projects and starting new projects."