TIDMKNOS
RNS Number : 9869B
Kainos Group plc
14 October 2020
14 October 2020
Kainos Group plc
("Kainos" or "the Company")
Trading Update
Kainos Group plc (KNOS), a leading IT provider, operating across
two specialist business areas, Digital Services and its Workday
Practice, today issues a trading update for the period from 1 April
2020 to date.
Driven by the structural shift of digital adoption, ongoing
customer demand remains high and this has resulted in a very strong
trading performance within the period. We therefore expect results
for the full year ending 31 March 2021 to be materially ahead of
current consensus of revenue and significantly ahead of adjusted
profit forecasts.
As referenced in our September update, our Digital Services
customers continue to prioritise digital transformation programmes
in the NHS and Public Sector, and as a trusted partner to the UK
Government, we continue to support these critical, long-term
programmes.
Our Workday Practice continues to benefit from its international
scale and an ability to secure new consulting contracts across all
our geographies. Alongside these engagements, our specialist
Workday automated testing platform, Smart, continues to support
over 200 international clients and to drive new client acquisition,
especially within the US market.
Throughout this Covid-19 period, our colleagues have been
exceptional in their response to supporting our customers as they
have adapted their organisations to operate within this changed
landscape. We remain extremely grateful for the personal
motivation, flexibility and hard work of our people and for the
trust that our clients have placed in Kainos.
Trading through the period has benefited from several one-off
efficiencies including increased utilisation and reductions in
recruitment, training and travel expenditure. We view the majority
of these efficiencies as non-recurring in nature and will reduce in
future trading periods.
Looking forward, we remain confident in our outlook for the
financial year, which is underpinned by a robust pipeline and a
significant contracted backlog. Notwithstanding we are mindful of
the potential medium-term impacts of further lockdown measures and
the broader economic disruption caused by Covid-19.
The announcement of our results for the six months ending 30
September 2020 will be made on Monday 16 November 2020.
Ends
For further information, please contact:
Kainos via FTI Consulting LLP
Brendan Mooney, Chief Executive Officer
Richard McCann, Chief Financial Officer
Investec Bank plc +44 20 7597 5970
Patrick Robb / Ben Griffiths
Canaccord Genuity +44 20 7523 4606
Simon Bridges / Emma Gabriel
FTI Consulting LLP +44 20 3727 1000
Matt Dixon / Dwight Burden / Kwaku Aning
About Kainos
Kainos Group plc is a UK-headquartered provider, across two
specialist business areas, Digital Services and Workday
Practice.
The Group's Digital Services include full lifecycle development
and support of customised Digital Services for public sector,
healthcare and commercial customers. These transformative solutions
encompass a range of services from experience design to Artificial
Intelligence and Cloud to deliver truly intelligent solutions that
are secure, accessible and cost-effective.
The Group's Workday Practice is one of Workday's most respected
partners. As a full-service partner, we are experienced in complex
deployment and integrations, and the leader in Workday test
automation. We're trusted by our customers to launch, test, expand
and safeguard their Workday systems.
Kainos has over 1,700 people across 15 offices in Europe and
North America.
Kainos is listed on the London Stock Exchange (LSE: KNOS). For
further information, please visit www.kainos.com .
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
The person responsible for arranging the release of this
announcement on behalf of Kainos is Gillian Poole, Corporate
Manager.
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END
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