Kainos Group plc (KNOS.L), on Thursday, issued an update on trading since 2 September 2024 and updated guidance for the year ending 31 March 2025.
The Workday Products division continues to experience robust growth; however, the company's Digital Services and Workday Services divisions remain influenced by the prevailing macroeconomic conditions and subsequent delays in client decision-making processes.
In light of these considerations, the Board has adjusted its expectations for the second half of the fiscal year. It now anticipates that for the year ending 31 March 2025, Kainos will achieve revenues that are moderately below the current market consensus, with the majority of this reduction impacting adjusted profit before tax.
Further, the Board continues to believe that the company is well positioned in its core markets, which offer substantial growth opportunities in all divisions, and that it is maintaining the appropriate balance between investment for future growth, international expansion, and profitability.
Citing the strength of the balance sheet, the Board intends to approve a share buyback program. Comprehensive details will be provided concurrently with the interim results for the six-month period ending 30 September 2024, which are scheduled to be announced on 11 November 2024, the company added.
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