Kainos on track to hit forecasts after solid first half

31st Aug 2023 07:16

(Sharecast News) - Belfast-based IT services group Kainos has announced that full-year results are still expected to meet consensus forecasts despite an uncertain trading environment.

In a brief trading update for the first half ending 30 September, the company said customers have maintained their investments in digital projects has trading during the period has been "good".

Current consensus forecasts are for full-year revenues to be between £418-434m, up from £375m the previous year, and adjusted pre-tax profit in the range of £73m-78m, up from £68m.

Kainos did not a "uncertain trading environment" but said all its three divisions were performing well.

The Digital Services division has performed solidly, with decent demand from public sector clients. Meanwhile, the company, which provides consulting services for firms deploying the Workday software, said it continues to generate strong growth in both its Workday Services and Workday Products divisions.

"Looking forward, our robust pipeline, strong balance sheet and significant contracted backlog support our confidence about the future, and we believe that we are well-positioned for further growth and remain confident in our strategy," the company said.