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01 Sep 2021 | 08:03

Kainos sees FY revenue ahead of market views

(Sharecast News) - Digital technology group Kainos lifted its full-year revenue expectations on Wednesday as it announced the acquisition of workday services company UNE for an undisclosed sum. In an update for the period from 1 April to date, Kainos said trading continues to be resilient across both business areas as organisations increase their investment in digital solutions.

"Our performance is further enhanced by our long-term customer relationships and the expansion of our revenues across customers, markets and geographic regions," it said. As a result, it now excepts revenue for the year ending 31 March 2022 to be ahead of current consensus forecasts, while adjusted profit is set to be in line.

Kainos said "strong" recruitment during the period has increased headcount to 2,409 as at 31 August from 2,024 at the end of March.

The company said growth in digital services remains strong as demand across the public, commercial and healthcare sectors in the UK remains "robust". Internationally, the group is encouraged by its early progress as it expands its client base in Europe and North America.

"Within the Workday Practice, we continue to benefit from the established geographic scope of our business, and we have secured significant new consulting contracts nationally and internationally," it said. "Smart Test, our Workday automated testing platform, continues to win new clients and drive very strong growth, and we are delighted to launch Smart Audit."

Kainos also said on Wednesday that it was expanding its Americas Workday operations with the acquisition of UNE.

It has been working with UNE on joint Workday projects since 2019 and the acquisition builds on "this successful relationship". Founded in Argentina in 2011, UNE offers expertise in the full range of Workday services, including Workday Financial Management and Workday Human Capital Management, Kainos said.

The terms of the acquisition were not disclosed.

Chief executive officer Brendan Mooney said: "We are delighted to welcome the UNE team to Kainos as we continue to grow our global Workday practice - UNE's values of innovation, trust and commitment deeply align with our own. We look forward to working closely with our new colleagues, who have a wealth of experience serving customers across the globe."
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