Kainos Group (KNOS)

Up
Share Price:
1,294.00p
Market Cap:
£1,503.37m
Change Today:
28.00p
Sector:
IT Services

Kainos surges on £30m buyback, higher interims

By Frank Prenesti

Date: Monday 11 Nov 2024

LONDON (ShareCast) - (Sharecast News) - Shares in Kainos surged on Monday after the software group unveiled a £30m share buyback as it reported a rise in interim profit on the back of an 18% rise in recurring revenue, although it remained cautious on full-year prospects.
Pre-tax profit for the six months to September 30 rose 11% to £34.2m. Overall revenue was down 5% to £183m, but product annual recurring revenue rose to £65m from £55.4m and the contracted backlog increased 8% to £354.1m. Shares in the company gained 8%.

"Our services businesses faced a tougher environment in the first half of the year in a generally soft market, and we remain cautious about our prospects for the remainder of the year," said chief executive Russel Sloan.

"However, we continue to generate robust levels of profitability and looking to the medium term and beyond, we continue to see substantial growth opportunities across all our core markets."

Kainos last month cut its full-year revenue outlook reflecting poor macro-economic conditions and delayed decision making by the new UK Labour government.

"We expect the majority of the revenue reduction (along with the impact of the additional investment to support our products partnership with Workday) to flow through to lower adjusted profit before tax," it added on Monday.

Reporting by Frank Prenesti for Sharecast.com

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Kainos Group Market Data

Currency UK Pounds
Price 1,294.00p
Change Today 28.00p
52 Week High 1,294.00p
52 Week Low 695.00p
Volume 1,096,916
Shares Issued 116.18m
Market Cap £1,503.37m

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