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24 May 2021 | 07:38

Kainos reports record results as crisis spurs digital investment

(Sharecast News) - Kainos's annual profit more than doubled to a record as organisations invested in their digital operations during the pandemic. Pretax profit for the year to the end of March rose 117% to £50.3m as revenue increased 31% to £234.7m. Adjusted pretax profit rose 124% to £57.1m.

Kainos reported a final dividend of 15.1p, taking the annual payout to 28.2p a share or 76% of adjusted profit after tax. The FTSE 250 group paid out 3.5p a share a year earlier after putting dividends on hold during the pandemic.

Revenue was boosted by the UK National Health Service and other organisations and companies spending to improve digital services. Operating costs rose 15% to £68.2m. Kainos said expenses rose significantly more slowly than revenue because it spent less on travel, training and recruitment during the crisis and that these savings were one-offs.

Chief Executive Brendan Mooney said: "Since 2010 we have been helping our customers drive digital transformation. That trend has continued through the pandemic and we have once again delivered a strong business performance.

"We have maintained our high levels of customer satisfaction and employee engagement, at the same time delivering record levels of sales, revenue, adjusted pretax profit and cash."

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