REG - Kainos Group plc - Year-end Trading Update

KainosAnnouncement

15/04/2024 07:00

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RNS Number : 5224K  Kainos Group plc  15 April 2024

15 April 2024

 

Kainos Group plc

("Kainos" or the "Company")

 

Year-end Trading Update

 

Kainos Group plc (KNOS), a UK-headquartered IT provider with expertise across
three divisions - Digital Services, Workday Services, and Workday Products,
today issues a trading update for the year ended 31 March 2024.

 

The Board expects to deliver solid growth in revenues and strong growth in
adjusted PBT for the year.  This will result in revenues being slightly below
and adjusted PBT being in line with consensus forecasts*.

 

Overall, our business has continued to prove resilient in the current economic
climate, particularly in our Workday Products and Services segments.  We
believe that given the macro-economic environment, we have maintained the
appropriate balance between growth, international expansion, investment for
the future and profitability.

 

·     In Digital Services, our public sector team delivered another
solid revenue performance and a strong sales performance and healthcare
revenues continued to recover following the pandemic-related peak.  This
performance has been offset by weakness in demand within our commercial
clients.

 

·   As a leading partner in the Workday consulting sector, our Workday
Services division continues to generate good growth as we engage in valuable
relationships with international clients in all significant European and North
American markets.

 

·  Our Workday Products division recorded a very strong performance, both
in our established products,Smart Test (for automated testing), Smart Audit
(for compliance monitoring) and Smart Shield (for data masking), and in
Employee Document Management, which launched in September 2023 and has been
our most successful product launch to date.

 

We remain confident in our strategy.  Our core markets have proven to be
resilient and offer substantial further growth opportunities and we are well
positioned within these markets, both locally and, increasingly,
internationally.

 

Our confidence is reinforced by our long-term customer relationships, and the
calibre of our people, who continue to excel in delivering high-impact
solutions for our customers.  As always, we are grateful for the ongoing
trust of our customers and the efforts of our colleagues across the world.

 

In the near-term, an increased backlog, a robust pipeline and a strong balance
sheet provide excellent visibility of the strength of our performance in the
current financial year.

 

Our results for the full year ended 31 March 2024 will be announced on 20 May
2024.

 

* Note: Company compiled range is based on known sell side analyst
estimates.  The ranges are: Revenue £395.4m - £404.1m and Adjusted PBT
£71.7m - £78.6m.  The respective consensus figures are £400.7m and
£76.3m.

 

ENDS

 

 

For further information, please contact:

 

Kainos via FTI Consulting LLP

Russell Sloan, Chief Executive Officer

Richard McCann, Chief Financial Officer

 

Investec Bank plc +44 20 7597 5970

Patrick Robb / Ben Griffiths

 

FTI Consulting LLP +44 20 3727 1000

Dwight Burden / Kwaku Aning

 

About Kainos Group plc

Kainos Group plc is a UK-headquartered IT provider with expertise across three
divisions:  Digital Services, Workday Services, and Workday Products.

 

·     Digital Services develops and supports custom digital service
platforms for public sector, commercial, and healthcare customers. Our
solutions transform the delivery of these services, ensuring they are secure,
accessible, and cost-effective, and provide better outcomes for users.

 

·    Workday Services specialises in the deployment of Workday, Inc.'s
Finance, HR and Planning products to leading organisations across Europe and
North America. We are one of Workday's most respected partners, experienced in
complex deployment and trusted by our customers to launch, test, expand, and
support their Workday systems.

 

·   Workday Products develops products that complement Workday. Our
established Smart product suite, including Smart Test (for automated testing),
Smart Audit (for compliance monitoring), and Smart Shield (for data masking),
and the recently launched Employee Document Management, are used by more than
450 customers globally.

 

Our people are central to our success. We employ more than 2,900 people in 22
countries across Europe and the Americas.

 

We are listed on the London Stock Exchange (LSE: KNOS) and you can discover
more about us at www.kainos.com (http://www.kainos.com/) .

 

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