Posted on Monday 26 November 2018 by John Mulgrew
Northern Ireland IT firm Kainos has seen a sales and profits surge with revenue rising by 62% to £67.2m for the first half of the year.
And boss Brendan Mooney says it is “disappointing” that a political argument around Brexit is “over-shadowing” the business case, which is largely supportive of the withdrawal deal currently on the table.
The company, which has it headquarters in Belfast, saw adjusted pre-tax profit rising 42% - from £7.1m to £10.1m, in the six months to the end of September.
It says much of the increase is down to the expansion of its Workday business throughout Europe.
It says “to support the continued expansion with our Workday-related business, in Europe we continue to grow from our recently established offices in Frankfurt and Copenhagen, alongside our existing offices in Amsterdam and Gdansk”.
“In North America we continue to expand our presence in Boston and Atlanta and we will open an office in Toronto in the next few weeks.”
Brendan Mooney, the firm’s chief executive, told Ulster Business:
“There is no single reason or new reason (for the rise in sales).”
He said the firm's government commercial work was still a very strong part of the business, with a move towards digitalisation.
“In Workday, as it rolls out across the world, there is great demand for the service as well.
“There is underlying geographical expansion and significant revenue outside the UK – we are seeing growth across Europe.”
The company has grown its workforce to 1,524 – up again on the previous year, and has continued to grow.
Of that, 678 workers are based at its Belfast and Londonderry offices which Brendan says “are a very important part of our business, and that trend will continue”.
On Brexit, from a company perspective, Brendan says the services it provides to government are “not linked to Brexit”.
“For us, it doesn’t get impacted by the Brexit direction – we are pragmatic on that.
“In terms of Northern Ireland, the reality is… conversations about a political impact, they are over-shadowing what businesses are talking about and that’s disappointing.”
He said looking forward at the next five years, the rise in demand for areas such as machine learning could form a much bigger part of the business.