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Kainos Group PLC on Monday reported an increase in its profit and revenue as it continued to benefit from digitisation shift in the commercial and public sectors.
The Belfast-based company provides digital services to the public sector, healthcare market and commercial customers.
In the six months that ended September 30, Kainos's pretax profit increased 11% to £27.5 million from £24.8 million in the same period last year.
Its revenue increased 26% to £179.8 million from £142.3 million.
Commercial revenue increased 46% to £86.3 million from £59.3 million, representing 48% of total revenue while Public Sector revenue increased 21% to £63.3 million from £52.3 million.
Kainos noted that in the UK, commercial sector expenditure on IT is over three times that of the public sector. While this represents significant opportunity its focus has initially been on financial services customers.
Healthcare revenue slipped 1% to £30.2 million from £30.6 million last year.
Kainos declared an interim dividend of 7.8 pence per share for the first half of 2023, up from 7.1p per share in the same period last year.
Looking forward Kainos said "demand for our services has never been higher". It anticipates that demand will remain high as "the shift to digitisation has been well-established for many years". It noted the Covid-19 pandemic "further accelerated" the shift.
Chief Executive Officer Brendan Mooney said: "Our business is becoming increasingly resilient. We work with over 750 organisations, many of whom are international in scale and who operate across a range of industries including healthcare, public sector, banking, insurance, pharmaceuticals and education. From our UK base we have expanded globally, with over one-third of our revenues now generated internationally."
Shares in Kainos were trading 4.6% higher at 1,503.51 pence each in London on Monday morning.
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