Belfast IT firm Kainos reaches 拢1bn valuation

Image source, dusanpetkovic

  • Author, John Campbell
  • Role, 91热爆 News NI Economics & Business Editor

Kainos, the Belfast-based IT firm, has reached a stock market valuation of more than 拢1bn.

The valuation represents the number of company shares multiplied by the current price of those shares.

The company's share price has risen sharply in recent months from about 拢5 in November to more than 拢8 today.

Kainos specialises in helping organisations to digitise their operations.

It is a major supplier to UK government departments and other public bodies.

Strong results

In November, the company posted a strong set of results for the first half of the financial year.

Image caption, Kainos employs 1,550 people across 12 offices in Europe and North America

Turnover was up 29% to 拢87m and adjusted pre-tax profit rose by 27% to 拢13m.

The company said it was showing good progress in growing its non-UK business with international turnover up 86% to 拢18m.

Kainos employs 1,550 people across 12 offices in Europe and North America.

It is planning to develop a new headquarters building in Belfast over the next two years.