In a break with tradition, IT group Kainos (KNOS) has steamed into its new financial year, meaning management now expects numbers for the year to March 2019 to come in ahead of previous expectations. Investors – who perhaps expected momentum to dip after the group reported a 16 per cent increase in revenue in the 2018 financial year – sent the shares up as much as 13 per cent in response.
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It’s particularly reassuring to see that growth coming from both Digital Services and Workday, which together make up around 80 per cent of group sales. The former is benefiting from an increase in both commercial and public sector contracts, while the latter is enjoying strong demand across continental Europe.
