TIDMKNOS
RNS Number : 3016S
Kainos Group plc
15 November 2021
15 November 2021
Kainos Group plc
( "Kainos" or the "Group")
Interim results for the six months ended 30 September 2021
Kainos Group plc (KNOS), a leading IT provider, operating across
two specialist business areas, Digital Services and its Workday
Practice, is pleased to announce its results for the six months
ended 30 September 2021(H1 22).
Financial highlights
H1 2022 H1 2021 Change
======================================= =========== ========== =======
Revenue GBP142.3m GBP107.2m +33%
======================================= =========== ========== =======
Profit before tax GBP24.8m GBP24.0m +3%
======================================= =========== ========== =======
Adjusted pre-tax profit GBP29.2m GBP26.1m +12%
======================================= =========== ========== =======
Cash
(
[1]) GBP80.4m GBP62.5m +29%
======================================= =========== ========== =======
Bookings GBP187.4m GBP103.6m +81%
======================================= =========== ========== =======
Software as a Service (SaaS) bookings GBP31.0m GBP14.2m +118%
======================================= =========== ========== =======
Backlog GBP250.0m GBP180.9m +38%
======================================= =========== ========== =======
Adjusted diluted earnings per share
(note 8) 19.1p 17.0p +12%
======================================= =========== ========== =======
Diluted earnings per share 16.0p 15.7p +2%
======================================= =========== ========== =======
Special dividend - 6.7p -100%
======================================= =========== ========== =======
Interim
dividend 7.1p 6.4p +11%
======================================= =========== ========== =======
Operational highlights
We continue to deliver a strong business performance, reflecting
robust market demand, the ongoing trust and support of our
customers and the commitment of our colleagues.
-- Revenue growth of 33% (32% organic) to GBP142.3 million (H1 21: GBP107.2 million).
-- Adjusted pre-tax profit increased 12% to GBP29.2 million (H1 21: GBP26.1 million).
-- Bookings up 81% to GBP187.4 million (H1 21: GBP103.6 million).
-- Contracted backlog growth of 38% to GBP250.0 million (H1 21: GBP180.9 million).
-- Period-end cash of GBP80.4 million (H1 21: GBP62.5 million);
with cash conversion at 38% (H1 21: 123%).
Alongside our business performance, we are focussed on our
ambition to be a responsible organisation.
-- Strong recruitment has increased our staff numbers by 41% to
2,438 (H1 21: 1,729), with employee retention at 89% (H1 21: 92%);
whilst we have continued to retain our 'Top 100 Best Companies to
Work For' accreditation.
([1]) Cash includes treasury deposits of GBP18.0 million.
2 Data from all completed customer surveys in the period. There
are five possible designations: 'Poor', 'Satisfactory', 'Good',
'Very Good' or 'Excellent'; the rating reflects the percentage of
customers that rate our performance 'Good' or better.
-- Customer approval rating( ([2]) () remains high, reaching 98% (H1 21: 97%).
-- Having achieved carbon neutral status in 2020, we remain on
track to achieving carbon net zero by 2025. As part of our
offsetting activity, we have supported forest preservation,
reforestation, wind power, landfill gas-to-energy and cooking stove
programmes in Europe, North America, Africa and South America.
In Digital Services, we continue to deliver significant digital
transformation programmes across the public sector, healthcare and
in the commercial sector.
-- This has driven very strong revenue growth of 32% to GBP94.2
million (H1 21: GBP71.4 million).
Our Workday Practice continues to be the leading Pan-European
Workday specialist and we are building strongly in North
America.
-- We have recorded very strong revenue growth of 34% (31%
organic) to GBP48.1 million (H1 21: GBP35.8 million).
-- Within this, our Smart product revenues grew 22% to GBP14.4
million (H1 21: GBP11.8 million); at the same time the Annual
Recurring Revenue (ARR) increased 37%.
-- Focused on the opportunity in North America, we now have 249
colleagues (H1 21: 110) based across USA, Canada and Argentina.
Our focus on sector diversification has ensured that we have
built a robust and well-balanced business across sector and
region.
-- Overall, our revenues are: 42% Commercial, 37% Public Sector and 21% Healthcare.
-- Commercial revenues are up 51% to GBP59.3 million (H1 21: GBP39.2 million).
-- Healthcare revenues are up 63% to GBP30.6 million (H1 21: GBP18.8 million).
-- Public Sector revenues are up 6% to GBP52.3 million (H1 21: GBP49.2 million).
We have recorded very strong growth in our international and
software-related revenues.
-- International revenues are up 45% to GBP39.9 million (H1 21: GBP27.6 million).
-- SaaS and software-related revenues are up 36% to GBP21.1 million (H1 21: GBP15.5 million).
A Confident Outlook
While the economy is not yet free of the impacts of Covid-19,
our robust pipeline, significant contracted backlog, long-term
customer relationships and talented colleagues allow us to be
confident in our outlook for both the current financial year and
future periods.
Brendan Mooney, CEO, commented:
"For the past 18 months we have been physically distant from our
colleagues and customers, but we have worked seamlessly together to
deliver critical systems.
Our work has included supporting the NHS response to Covid-19
and ensuring that our government and commercial clients have
continued to provide essential services to citizens, patients,
customers, and employees.
Since 2010, we have been helping organisations drive digital
transformation programmes. That digitalisation trend has been
accelerated by the pandemic and we have continued to support our
customers as they respond to changing demands on their
organisations.
In parallel, we have remained focused as a business, maintaining
our high levels of customer satisfaction and employee engagement;
while simultaneously delivering record levels of sales, revenue,
adjusted pre-tax profit and cash.
We continue to achieve significant milestones - we now work with
over 600 customers and employ over 2,400 colleagues including those
that we welcomed during the year through the acquisitions of
Cloudator (Europe) and Une Consulting (Argentina).
As part of our Climate Action programme, we have achieved Carbon
Neutrality for 2020 and we remain on track to achieve our Carbon
net zero target in 2025.
Our performance has only been possible because of the trust and
support of our customers and the talents and hard work of our
colleagues. Once again, we have a deep sense of gratitude towards
our colleagues and our clients."
For further information, please contact:
Kainos via FTI Consulting LLP
Brendan Mooney, Chief Executive Officer
Richard McCann, Chief Financial Officer
Investec Bank plc +44 20 7597 5970
Patrick Robb / Ben Griffiths
Canaccord Genuity +44 20 7523 4606
Simon Bridges / Andrew Potts
FTI Consulting LLP +44 20 3727 1000
Matt Dixon / Dwight Burden / Kwaku Aning
About Kainos
Kainos Group plc is a UK-headquartered IT provider, across two
specialist business areas, Digital Services and its Workday
Practice.
Our Digital Services include full lifecycle development and
support of customised Digital Services for public sector,
healthcare and commercial customers. These transformative solutions
encompass a range of services from experience design to artificial
intelligence and cloud to deliver truly intelligent solutions that
are secure, accessible and cost-effective.
Our Workday Practice is one of Workday's most respected
partners. As a full-service partner, we are experienced in complex
deployment and integrations, and the leader in Workday test
automation. We are trusted by our customers to launch, test, expand
and safeguard their Workday systems.
Our people are central to our success - we have over 2,400
people based across 17 offices in Europe, North America and South
America.
Kainos is listed on the London Stock Exchange (LSE: KNOS).
For further information, please visit www.kainos.com .
Cautionary statement
This report has been prepared solely to provide additional
information to shareholders to assess the Group's strategies and
the potential for those strategies to succeed. It should not be
relied on by any other party or for any other purpose.
This report includes statements that are, or may be deemed to
be, "forward-looking statements". These statements are made by the
Directors in good faith based on the information available to them
up to the time of their approval of this report, but such
statements should be treated with caution due to the inherent
uncertainties, including both economic and business risk factors,
underlying any such forward-looking information.
Definition of terms
We use the following definitions for our key metrics:
Adjusted pre-tax profit: profit before tax excluding the effect
of share-based payment expense, acquisition-related expenses
including amortisation of acquired intangible assets and
post-combination remuneration expense (relating to contingent
deferred consideration subject to future service conditions).
Annual Recurring Revenue (ARR): the value at the end of the
accounting period of the software and subscription recurring
revenue annualised.
Backlog: the value of contracted revenue that has yet to be
recognised.
Bookings: the total contracted value of sales completed during
the period.
Carbon net zero: reducing the quantities of CO(2) emitted, in
line with science-based targets and using carbon offsets that avoid
or remove the remaining emissions.
Carbon neutral: using carbon offsets that avoid or remove
emissions in the same quantities as any CO(2) emitted.
Cash Conversion: cash generated from operating activities as a
percentage of adjusted EBITDA.
Earnings before Interest, Tax, Depreciation and Amortisation
(Adjusted EBITDA): calculated as being adjusted pre-tax profit
excluding interest, tax, depreciation of property, plant and
equipment and right-of-use assets, and amortisation of intangible
assets.
Organic revenue: Group revenue excluding revenue from
acquisitions completed in the period.
Group business review
Continued business momentum with widening opportunities
Our established track record in helping ambitious organisations
deliver large-scale digital transformation programmes is
particularly relevant in a post-pandemic world. This digitalisation
trend has been accelerated by the pandemic and we have continued to
support new and existing customers as they respond to changing
demands on their organisations.
Our high levels of activity with our customers has translated
into a very strong set of results for the first six months of
FY22.
Revenue for the period grew by 33% to GBP142.3 million (H1 21:
GBP107.2 million) with adjusted pre-tax profit increasing by 12% to
GBP29.2 million (H1 21: GBP26.1 million). The return of utilisation
to normal levels, salary increases, the elevated use of contract
staff and the resumption of some 'in person' expenses has
constrained our profit margin growth; we view current profit margin
levels as our expected long-term profit trend.
Our sales performance underlines our success in winning business
while continuing to operate remotely - extensions to existing
contracts, additional projects placed by existing customers and
winning new customers. Bookings in the first six months increased
81% to GBP187.4 million (H1 21: GBP103.6 million), which resulted
in a 38% increase in the contracted backlog to GBP250.0 million (H1
21: GBP180.9 million).
In response to this success, we have been undertaking
significant recruitment, with staff and contractor numbers
increasing by 41% to 2,438 (H1 21: 1,729). Employee engagement
remains high, reflected in our placing in the Sunday Times 'Best
Companies to Work For' 2021 survey (#86 position) and with staff
retention at 89% (H1 21: 92%).
Customer satisfaction remains high, with 98% (H1 21: 97%) of our
customers rating service as 'good' or better. This high level of
customer service underpins our long-term customer relationships,
with existing customers accounting for 95% of total revenue (H1 21:
94%). We currently have 601 active customers (H1 21: 481)( ([3]) ()
.
Significant progress has been made in widening our customer base
by sector and region. Following growth of 51%, commercial sector
customers now account for 42% of total revenue (H1 21: 37%), our
growing public sector customers represent 37% (H1 21: 45%) and 21%
of revenue is from healthcare customers (H1 21: 18%). The
proportion of revenue generated from customers outside the UK and
Ireland increased by 45% to GBP39.9 million and is now 28% of total
revenue (H1 21: 26%).
On 30 September, we had a strong cash balance (including
treasury deposits) of GBP80.4 million (H1 21: GBP62.5 million),
representing 38% cash conversion (H1 21: 123%), with cash
collection expected to return to historic levels during H2 22.
3 The number of active customers at the period end excludes the
425 customers of the acquired businesses, IntuitiveTEK, Formulate,
Implexa, Cloudator and Une Consulting. An active customer is
defined as one where Kainos has undertaken paid-for work in the
current financial year.
Digital Services review
Our Digital Services division builds solutions that are highly
cost-effective and make public-facing services more accessible and
easier to use for the citizen, patient and customer.
Revenues grew by 32% to GBP94.2 million (H1 21: GBP71.4
million), while our bookings increased by 90% to GBP125.9 million
(H1 21: GBP66.2 million), correspondingly our backlog increased by
29% to GBP152.2 million (H1 21: GBP118.1 million).
Public sector
Our public sector customers have remained committed to their
digital transformation programmes and they remain ambitious in the
scope of services that they wish to digitise. As a result, revenues
increased by 9% to GBP51.7 million (H1 21: GBP47.5 million).
Within central government, we continue to consolidate our strong
position across key accounts, securing new contracts to deliver
digital programmes including Data Products for HM Passport Office
(GBP92 million, five years) and with Defra to deliver their Europe
and Trade Delivery Portfolio, and Future Farming and Countryside
Programme (GBP54.5 million, two years) .
Commercial sector
While our commercial customers were cautious during the early
stages of the pandemic, their confidence has returned, and activity
levels are higher than before the pandemic.
As a result, our revenues increased 80% to GBP12.4 million (H1
21: GBP6.9 million). We have assisted new customers such as Hello
Fresh and IMCO as well as established customers such as Concardis,
New Day and Our Future Health as they increase investment in
digital transformation.
We have continued to win small engagements in Canada, Germany
and Switzerland. While these are small in scope and size, we are
optimistic that we will be awarded further projects during this
year.
Healthcare sector
Our healthcare revenues increased by 77% to GBP30.1 million (H1
21: GBP17.0 million).
We continue to have a strong partnership with NHS Digital and
NHS X, providing ongoing support for their response to the
challenges of Covid-19. Increasingly the focus is turning to
broader healthcare provision and how technology can support the NHS
with its ambitious digital plans. In this regard, we are delighted
to be named on the GBP800 million Digital Capability for Health
framework.
With Alliance Medical, our engagement is utilising UiPath
Robotic Process Automation (RPA) to automate radiology scan
requests from GP's and Clinicians across Ireland with the national
radiology information system.
Workday Practice review
Having first engaged with Workday Inc. in 2011, we are now one
of their most experienced partners. We are the only specialist
Workday partner headquartered in the UK and one of only 37 partners
globally, accredited to implement Workday's innovative SaaS
platform.
Revenue for the period grew by 34% to GBP48.1 million (H1 21:
GBP35.8 million) and backlog for the division increased by 56% to
GBP97.8 million (H1 21: GBP62.8 million), reflecting an increase in
bookings of 64% to GBP61.5 million (H1 21: GBP37.4 million).
The number of accredited Workday consultants at Kainos increased
by 50% to 562 (H1 21: 375).
Workday services
Within Europe, we continue to consolidate our position as the
leading Workday partner. This leadership position is the result of
high satisfaction levels within our customer base, coupled with our
geographic expansion.
Our international growth started in Europe in 2015 when we
opened our office in Amsterdam, we now have over 210 colleagues (H1
21: 159) based in Northern and Central Europe. Having entered the
North American market in 2018, we now have over 245 people focused
on the US and Canada (H1 21: 110).
Within the ecosystem there is an established trend of larger
partners buying smaller organisations([4]) , and we anticipate
further transactions will occur in the future. The reduction in the
number of partners provides further growth opportunities.
In addition to the delivery of Workday for new customers, we are
increasingly involved in supporting customers already live on the
Workday platform. We describe this annuity-style revenue stream as
Post Deployment Services.
Revenue for the year grew by 41% to GBP33.6 million (H1 21:
GBP23.9 million); backlog increased by 39% to GBP35.3 million (H1
21: GBP25.4 million); and bookings increased 51% to GBP35.8 million
(H1 21: GBP23.7 million).
Acquisitions
In June 2021, we completed the acquisition of Cloudator (55
people), the largest Workday partner in the Nordic region. In
September 2021 Buenos Aires-based Une Consulting (42 people) was
also acquired, further strengthening our Workday capability in
North and South America. Details of the consideration relating to
each acquisition are included in note 13 in this report.
In total, the acquisitions completed during the period
contributed revenue of GBP1.3 million (H1 21: nil).
Smart product suite
Workday is a comprehensive SaaS platform, but we believe that
there are opportunities to develop software components that are
complementary to the platform and enable customers to further
increase the benefit that they can realise from their investment in
Workday.
4 Recent transactions include the Ataraxis acquisition by HR
Path (2018). In 2019 Alight acquired the Workday-related business
elements of Wipro, for a reported $110 million (350 consultants).
In 2020, Accenture acquired US-focused Sierra-Cedar (275
consultants) and Cognizant completed the acquisition of
Collaborative Solutions (c.1,000 consultants).
In 2013, Kainos launched Smart Test which is used by
organisations to automatically verify their Workday configurations.
Smart Test currently consists of five modules: HCM, Security,
Financials, Payroll and Recruitment, with a further four modules
due to launch during FY22 and FY23. Smart Test is used by over 250
global customers, including AT&T, Johnson & Johnson and the
State of Oregon.
Smart Audit became generally available in August 2021 and has
already been deployed to over 20 customers including Match.com,
Innovate UK and AIA. Smart Audit is a compliance monitoring tool
that allows Workday customers to maintain operational controls over
their Workday environments. Our pre-built controls focus on
safeguarding against Segregation of Duties conflicts, providing
robust Privileged Access Controls and protecting Personal and
Sensitive employee data.
In total, Smart product bookings increased 88% to GBP25.7
million (H1 21: GBP13.7 million). This strong sales performance
resulted in revenue increasing 22% to GBP14.4 million (H1 21:
GBP11.8 million), of which GBP13.1 million relates to SaaS
subscriptions (H1 21: GBP10.0 million); the Annual Recurring
Revenue was GBP28.0 million (H1 21: GBP20.4 million), an increase
of 37% and backlog increased 67% to GBP62.5 million (H1 21: GBP37.4
million).
Workday Extend
Workday Inc. has a Platform-as-a-Service offering known as
Workday Extend, (previously Workday Cloud Platform) which became
generally available to customers in May 2020. Kainos has been part
of the Extend early adopter programme since 2017.
Extend allows customers to build additional, specialised
functionality on the Workday platform to further enhance their
Workday deployment. As experts in Extend we have helped
organisations such as WWE, Shopify and Spotify build Extend
applications.
In addition to these services-based assignments, Extend provides
the opportunity to build further products. During 2021 we have
built and deployed applications such as Return to Work, Vaccination
Management and Rewards and Recognition. While the focus of these
initial deployments has been to demonstrate the capability of
Extend, we believe that there are opportunities to create paid-for
applications.
Our people
We believe that the future success of our organisation is
dependent upon the ability, skills and motivation of the people
working in Kainos; and our People Development Plan focuses on the
key objectives of engagement, development, retention and
recruitment.
Our culture
Our ambition is to be a great place to work. Our people tell us
when we get it right and tell us about the areas where we can
improve. We use the Sunday Times 'Best Companies to Work For'
annual survey as an annual health check, alongside our continual
engagement.
The 'Best Companies' survey is a confidential way for our
colleagues to share their feedback and having first appeared in the
Top 100 in 2012, we are delighted to still be there in 2021.
We are focused on creating a workplace environment that people
want to join and then stay to develop their careers.
During the period, staff retention was 89% (H1 21: 92%) and on
Glassdoor, the website which hosts anonymous employee reviews of
global organisations, 84% of reviewers would recommend working at
Kainos.
Recruitment
We work hard at retaining the talented people already in Kainos;
we are also very focused on recruiting new talented colleagues.
Kainos continues to attract strong interest in key recruitment
markets, with several thousand candidates applying each year to
join Kainos.
Overall headcount increased by 709 to 2,438 people (H1 21:
1,729); of this increase, over 90 people joined via the
acquisitions of Cloudator and Une Consulting. In total, 13% of our
colleagues are contractors (H1 21: 11%). By region, UK &
Ireland increased to 1,775 people (+498), Central Europe grew to
406 people (+64) and North and South America increased to 257
people (+147).
Development
To support our colleagues in their skills development we provide
extensive internal and external training programmes. The pandemic
required us to deliver these programmes in a virtual delivery
model, which has been very successful and global demand remains
high. Through these programmes we delivered over 7,000 days of
technical and behavioural skills training during the period.
While much of our efforts are aimed internally, supporting the
career development of our colleagues, we also remain committed to
helping young people who are making their first career decisions.
Since April, our Tech Outreach programmes have allowed 484 young
people to participate in our virtual Work Experience programmes;
similarly , we hosted 231 young people on our week-long virtual
CodeCamps.
To widen participation at university, we launched our Digital
Bursaries programme which over the next 3 years will support 60
young people who are traditionally under-represented at
university.
Staff share incentive plan
The Group operates a Share Incentive Plan for all staff.
Including the annual awards made in December 2020 (378,152 shares
granted) a total of 2,914,120 free shares have now been distributed
to staff. In addition, the Group operates Save as you earn (SAYE)
schemes through which 2,912,089 options have also been granted to
staff.
Summary and outlook
Group outlook
During the early stages of Covid-19, we successfully adapted to
the changing business environment, and we remain confident that we
will be able to respond to any future challenges in the wider
macro-economic environment.
In the near-term, we anticipate that demand for all our services
will remain high as the pandemic has accelerated the move towards
greater digitisation.
Over the medium-term, we remain well-placed to deliver further
growth, as detailed in the following sections.
Digital Services outlook
We remain extremely positive about the future of digitisation in
the UK public sector and within the NHS, both immediately and over
the long-term. We are confident that based upon our strong
reputation and successful track record, we are well positioned to
maintain a central role in this transformation drive.
The digitisation pressures and opportunities within the
commercial sector are similar, and therefore the growth prospects
for us are substantial. Our progress in this most recent trading
period provides confidence that we will deliver significant growth
in the years ahead.
We are similarly optimistic about the international opportunity.
Our initial focus is primarily on commercial customers in Canada,
Germany and Switzerland, where we already have established delivery
teams, sales expertise and a Workday Practice client base.
Workday Practice outlook
Our strong performance provides further evidence of the strength
of the Workday market. With Workday's main competitors, Oracle and
SAP, soon to mark 50 years in the ERP market, we believe that
Workday's more innovative product suite can continue to gain
significant market share for many years to come. This is reflected
in Workday Inc's bold goal of achieving $10 billion revenue by
2026, up from c.$4 billion today.
In addition, we believe that we can outpace this rapid market
growth by continuing our international expansion and by replacing
other Workday partners in engagements where they are under-serving
their customers.
For Smart Test and Audit, and other products that we develop,
our growth will be powered by the increase in Workday clients and
by higher penetration of our products into the Workday client
base.
Financial review
We achieved revenue of GBP142.3 million (H1 21: GBP107.2
million), representing an increase of 33%. Digital Services revenue
grew 32% to GBP94.2 million (H1 21: GBP71.4 million) reflective of
customers continuing to prioritise digital transformation
programmes across the healthcare, public and commercial sectors.
Workday Practice revenue grew by 34% to GBP48.1 million (H1 21:
GBP35.8 million) which was driven by 41% growth in Workday Services
to GBP33.6 million (H1 21: GBP23.9 million) and 22% growth in Smart
product to GBP14.4 million (H1 21: GBP11.8 million). The Workday
Practice continues to grow internationally and secure new
consulting contracts across our operating regions.
Overall gross margin was 47.4 % (H1 21: 52.1%). Digital Services
margins decreased to 39.8% (H1 21: 46.4%). H1 22 margin reduced due
to an increased use of contract staff and salary inflation, along
with a reversal of H1 21 cost savings that were non-recurring in
nature. Workday Practice margins decreased to 62.3% (H1 21: 63.6%),
also driven by salary inflation and a reversal of H1 21
non-recurring cost savings.
Operating expenses
Operating expenses for the period increased by 31% to GBP42.2
million (H1 21: GBP32.1 million). The growth in operating expenses
is in line with business growth and reflects the reintroduction of
spending in areas such as training, recruitment and facilities
which were suppressed during the pandemic lockdown period.
Investment in product development increased to GBP2.8 million
(H1 21: GBP2.0 million). All product development costs were
expensed in the period. Research and Development Expenditure Credit
(RDEC) grants recognised in the period totalled GBP0.9 million (H1
21: GBP0.6 million). The net value of RDEC income recognised in the
statement of financial position as at 30 September is GBP3.8
million (H1 21 GBP2.6 million).
The share-based payment expense incurred in the period was
GBP2.7 million (H1 21: GBP1.8 million). This increase results
mainly from share price movements and additional share awards.
Amortisation of acquired intangibles of GBP0.2 million was incurred
in the period (H1 21: GBP0.2 million). Adjusted pre-tax profit
increased by 12% to GBP29.2 million (H1 21: GBP26.1 million).
Profit before tax increased by 3% to GBP24.8 million (H1 21:
GBP24.0 million).
Alternative performance measures
The business is managed and measured on a day-to-day basis using
underlying results. The Directors believe that the 'adjusted profit
before tax' and the 'adjusted diluted and basic earnings per share'
measures presented are more representative of the underlying
performance of the Group and enable comparability between
periods.
To arrive at adjusted results, share-based payment expense and
related costs plus acquisition related expenses including
amortisation of acquired intangible assets and post-combination
remuneration expense (relating to contingent deferred consideration
subject to future service conditions), are added back to profit
before tax.
The adjusted profit measures can be reconciled to the reported
numbers
as follows:
6 months to 6 months 12 months
30 Sep 2021 to 30 Sep to 31 Mar
unaudited 2020 2021
(GBP000s) unaudited audited
(GBP000s) (GBP000s)
==================================================== =========== ===========
Profit before tax 24,841 24,018 50,341
============================================ ======= =========== ===========
Share-based payment expense and related
costs 2,671 1,842 4,513
============================================ ======= =========== ===========
Acquisition-related expenses including
amortisation of acquired intangible
assets and post-combination remuneration
expense 1,693 195 2,219
============================================ ======= =========== ===========
Adjusted profit before tax 29,205 26,055 57,073
============================================ ======= =========== ===========
6 months to 6 months 12 months
30 Sep 2021 to 30 Sep to 31 Mar
unaudited 2020 2021
(GBP000s) unaudited audited
(GBP000s) (GBP000s)
==================================================== =========== ===========
Profit after tax 19,987 19,379 39,601
============================================ ======= =========== ===========
Share-based payment expense and related
costs (net of associated taxes) 2,164 1,492 3,656
============================================ ======= =========== ===========
Acquisition-related expenses including
amortisation of acquired intangible
assets and post-combination remuneration
expense (net of associated taxes) 1,650 195 2,143
============================================ ======= =========== ===========
Adjusted profit after tax 23,801 21,066 45,400
============================================ ======= =========== ===========
Corporation tax charge
The effective tax rate for H1 22 was 20% (H1 21: 19%) and is
broadly in line with the UK corporation tax rate as expected.
Financial position
We continue to have a strong financial position with GBP80.4
million of cash and treasury deposits (H1 21: GBP62.5 million), no
debt and net assets of GBP95.9 million (H1 21: GBP72.3 million).
The combined underlying net trade receivables and accrued income
totalled GBP67.0 million (H1 21: GBP39.9 million).
Property, plant and equipment increased to GBP12.4 million at
period end (H1 21 GBP9.8 million). Spending during the period
related to premises refurbishment costs and office equipment
purchases.
The acquisitions of Cloudator and Une Consulting completed
during the period increased the carrying value of goodwill to
GBP13.9 million at 30 September 2021 (H1 21 GBP3.2 million).
Further information relating to these acquisitions is detailed in
note 13.
The final dividend for FY21 of GBP18.6 million has been included
as a current liability in these financial statements. This dividend
was approved by shareholders at the Annual General Meeting on 23
September 2021 and paid to shareholders on 29 October 2021. There
was no final dividend declared and paid for FY20.
Cash flow and cash conversion
Cash conversion, calculated by taking cash generated by
operations over adjusted EBITDA, reduced in the period to 38% (H1
21: 123%). H1 21 cash conversion was exceptionally high due to
strong working capital management and HMRC VAT payment deferrals
permitted during the COVID-19 pandemic. H1 22 was also lower due to
the payment of FY 21 bonus.
Interim dividend
An interim dividend of 7.1 pence per share has been declared for
H1 22 (H1 21: 6.4 pence). This will be paid on 24 December 2021 to
shareholders on the register at the close of business on 26
November 2021, with an ex-dividend date of 25 November 2021.
Related party transactions
There have been no material changes in related party
transactions from those described in the last annual report.
Risks & Uncertainties
There are several potential risks and uncertainties which could
have a material impact on the Group's performance over the
remaining six months of the financial year and could cause actual
results to differ materially from forecast and historic results.
These principal risks and uncertainties remain consistent with the
detailed description provided in pages 30 -37 of the Annual Report
associated with the Group's Annual Results published on 30 July
2021 (available on the Group's website www.kainos.com ).
The continuing impact of the Covid-19 pandemic has placed
significant focus on risks associated with the pandemic. The
Group's effective response to the evolving risks associated with
the pandemic has been crucial in maintaining performance.
The long -term effects of the pandemic on economies and the
markets in which the Group operates remains uncertain. While the
health impact to Kainos colleagues and customer staff has not been
significant, Kainos continues to operate on a largely remote basis
and looking to the future Kainos will continue to operate a blended
way of working incorporating remote working with office and
customer-based work. Kainos offices are open for our people across
all our locations with appropriate safety measures and limitations
in place. In the event of a winter resurgence of the pandemic we
will review our measures, continuing to treat the safety of our
people as a top priority.
The impact of the pandemic on our financial performance has been
limited but this continues to be monitored, particularly regarding
sales pipeline.
The Group's mitigation strategies largely remain unchanged from
those described in the Annual Report but also include:
1. Monitoring for signs of increased activity in our markets,
particularly with regard to accelerated digital transformation
trends resulting from revised operating models within our customer
base.
2. Establishment of a Modern Workplace Programme to consider the
impact of the move to remote working on Kainos colleagues and
customers with a view to determining and implementing current and
potential future improvements to Kainos ways of working.
Going concern
As stated in note 2 to the condensed consolidated financial
statements, the Directors are satisfied that the Group has
sufficient resources to continue in operation for the foreseeable
future, a period of not less than 12 months from the date of this
report. Accordingly, they continue to adopt the going concern basis
in preparing the condensed consolidated financial statements.
Condensed consolidated income statement for the six months ended
30 September 2021
Continuing operations Note 6 months 6 months 12 months
to to 30 Sep to
30 Sep 2021 2020 31 Mar 2021
unaudited unaudited audited
(GBP000s) (GBP000s) (GBP000s)
================================== ==== ============ ================ ============
Revenue 5 142,253 107,161 234,694
================================== ==== ============ ================ ============
Cost of sales 5 (74,860) (51,290) (116,396)
================================== ==== ============ ================ ============
Gross profit 67,393 55,871 118,298
================================== ================== ================ ============
Operating expenses (42,228) (32,114) (68,232)
================================== ==== ============ ================ ============
Impairment (losses)/reversals on
trade receivables (292) 271 269
================================== ==== ============ ================ ============
Operating profit 24,873 24,028 50,335
================================== ==== ============ ================ ============
Finance income 2 40 84
================================== ==== ============ ================ ============
Finance expense (34) (50) (78)
================================== ==== ============ ================ ============
Profit before tax 24,841 24,018 50,341
================================== ==== ============ ================ ============
Income tax expense 6 (4,854) (4,639) (10,740)
================================== ==== ============ ================ ============
Profit for the period 19,987 19,379 39,601
================================== ==== ============ ================ ============
Consolidated statement of comprehensive income for the six
months ended
30 September 2021
6 months to 6 months 12 months
30 Sep 2021 to to 31 Mar
unaudited 30 Sep 2020 2021
(GBP000s) unaudited audited
(GBP000s) (GBP000s)
====================================== ============ ============ ==========
Profit for the period 19,987 19,379 39,601
====================================== ============ ============ ==========
Items that may be reclassified
subsequently to profit or loss:
------------ ------------ ----------
Foreign operations - foreign currency
translation differences 580 (113) (1,132)
====================================== ============ ============ ==========
Total comprehensive income for
the period 20,567 19,266 38,469
====================================== ============ ============ ==========
Earnings per share
------------ ------------------------
Basic 8 16.3p 16.1p 32.5p
------------ ------------ ----------
Diluted 8 16.0p 15.7p 32.1p
------------ ------------ ----------
Condensed consolidated statement of financial position as at 30
September 2021
Note 30 Sep 2021 30 Sep 2020 31 Mar 2021
(unaudited) (unaudited) (audited)
(GBP000s) (GBP000s) (GBP000s)
================================== ==== ============ ============ ===========
Non-current assets
================================== ==== ============ ============ ===========
Goodwill 14 13,868 3,183 3,121
Other intangible assets 3,158 3,670 3,288
Property, plant and equipment 12,444 9,808 10,287
Right-of-use assets 3,468 3,580 3,857
Investments in equity instruments 1,379 1,225 1,225
Deferred tax asset 5,585 2,313 4,020
================================== ==== ============ ============ ===========
39,902 23,779 25,798
================================== ==== ============ ============ ===========
Current assets
================================== ==== ============ ============ ===========
Trade and other receivables 9 43,186 19,763 36,609
Prepayments 2,654 2,250 2,777
Accrued income 28,093 21,797 18,354
Treasury deposits 18,028 - 18,028
Cash and cash equivalents 62,413 62,497 62,896
================================== ==== ============ ============ ===========
154,374 106,307 138,664
================================== ==== ============ ============ ===========
Total assets 194,276 130,086 164,462
================================== ==== ============ ============ ===========
Current liabilities
================================== ==== ============ ============ ===========
Trade payables and accruals (38,170) (22,953) (35,976)
Dividend payable (18,645) - -
Deferred income (21,616) (13,658) (21,985)
Corporation tax (5,140) (3,456) (2,863)
Lease liabilities (1,280) (1,379) (1,249)
Other tax and social security (9,425) (11,777) (10,652)
================================== ==== ============ ============ ===========
(94,276) (53,223) (72,725)
================================== ==== ============ ============ ===========
Non-current liabilities
---- ------------ ------------ -----------
Other provisions (2,196) (2,687) (1,735)
Lease liabilities (1,944) (1,838) (2,394)
================================== ==== ============ ============ ===========
(4,140) (4,525) (4,129)
================================== ==== ============ ============ ===========
Total liabilities (98,416) (57,748) (76,854)
================================== ==== ============ ============ ===========
Net assets 95,860 72,338 87,608
================================== ==== ============ ============ ===========
Equity
================================== ==== ============ ============ ===========
Share capital 12 617 612 614
Share premium account 6,036 5,628 5,737
Capital reserve 2,261 664 662
Shares to be issued reserve 12 1,286 - -
Share-based payment reserve 10,754 6,800 9,083
Translation reserve 103 542 (477)
Retained earnings 74,803 58,092 71,989
================================== ==== ============ ============ ===========
Total equity 95,860 72,338 87,608
================================== ==== ============ ============ ===========
Condensed consolidated statement of changes in equity for the
six months ended 30 September 2021
Share Share Capital Shares Share-based Translation Retained Total
capital premium reserve to be payment reserve earnings equity
issued reserve
reserve (GBP000s)
(GBP000s) (GBP000s) (GBP000s) (GBP000s) (GBP000s) (GBP000s) (GBP000s)
=========================== ========== ========== ============ =========== =========== ========== ==========
Balance at 31 March
2020
(audited) 610 5,446 664 - 5,610 655 46,169 59,154
======================= === ========== ========== ============ =========== =========== ========== ==========
Profit for the period - - - - - - 19,379 19,379
======================= === ========== ========== ============ =========== =========== ========== ==========
Other comprehensive
income - - - - - (113) - (113)
======================= === ========== ========== ============ =========== =========== ========== ==========
Total comprehensive
income
for the period - - - - - (113) 19,379 19,266
======================= === ========== ========== ============ =========== =========== ========== ==========
Equity settled
share-based
payment - - - - 1,190 - - 1,190
======================= === ========== ========== ============ =========== =========== ========== ==========
Current tax for
equity-settled
share-based payments - - - - - - 181 181
======================= === ========== ========== ============ =========== =========== ========== ==========
Deferred tax for
equity-settled
share-based payments - - - - - - 558 558
======================= === ========== ========== ============ =========== =========== ========== ==========
Issue of share capital 2 182 - - - - - 184
======================= === ========== ========== ============ =========== =========== ========== ==========
Dividends - - - - - - (8,195) (8,195)
======================= === ========== ========== ============ =========== =========== ========== ==========
Balance at 30 September
2020
(unaudited) 612 5,628 664 - 6,800 542 58,092 72,338
======================= === ========== ========== ============ =========== =========== ========== ==========
Profit for the period - - - - - - 20,222 20,222
======================= === ========== ========== ============ =========== =========== ========== ==========
Other comprehensive
income - - - - - (1,019) - (1,019)
======================= === ========== ========== ============ =========== =========== ========== ==========
Total comprehensive
income
for the period - - - - - (1,019) 20,222 19,203
======================= === ========== ========== ============ =========== =========== ========== ==========
Equity settled
share-based
payment - - - - 2,283 - - 2,283
======================= === ========== ========== ============ =========== =========== ========== ==========
Current tax for
equity-settled
share-based payments - - - - - - 260 260
======================= === ========== ========== ============ =========== =========== ========== ==========
Deferred tax for
equity-settled
share-based payments - - - - - - 1,246 1,246
======================= === ========== ========== ============ =========== =========== ========== ==========
Issue of share capital 2 109 (2) - - - - 109
======================= === ========== ========== ============ =========== =========== ========== ==========
Dividends - - - - - - (7,831) (7,831)
======================= === ========== ========== ============ =========== =========== ========== ==========
Balance at 31 March
2021
(audited) 614 5,737 662 - 9,083 (477) 71,989 87,608
======================= === ========== ========== ============ =========== =========== ========== ==========
Profit for the period - - - - - - 19,987 19,987
======================= === ========== ========== ============ =========== =========== ========== ==========
Other comprehensive
income - - - - - 580 - 580
======================= === ========== ========== ============ =========== =========== ========== ==========
Total comprehensive
income
for the period - - - - - 580 19,987 20,567
======================= === ========== ========== ============ =========== =========== ========== ==========
Equity settled
share-based
payment - - - - 1,671 - - 1,671
======================= === ========== ========== ============ =========== =========== ========== ==========
Current tax for
equity-settled
share-based payments - - - - - - 358 358
======================= === ========== ========== ============ =========== =========== ========== ==========
Deferred tax for
equity-settled
share-based payments - - - - - - 1,114 1,114
======================= === ========== ========== ============ =========== =========== ========== ==========
Issue of share capital
-
share options
exercised 3 1,898 - - - - - 1,901
======================= === ========== ========== ============ =========== =========== ========== ==========
Issue of shares as
purchase
consideration - - - 1,286 - - - 1,286
======================= === ========== ========== ============ =========== =========== ========== ==========
Reclassification
between
reserves( [5] ) - (1,599) 1,599 - - - - -
======================= === ========== ========== ============ =========== =========== ========== ==========
Dividends - - - - - - (18,645) (18,645)
======================= === ========== ========== ============ =========== =========== ========== ==========
Balance at 30 September
2021
(unaudited) 617 6,036 2,261 1,286 10,754 103 74,803 95,860
======================= === ========== ========== ============ =========== =========== ========== ==========
5 Premium on shares issued as consideration in FY20 reclassified
from share premium account to capital reserve, in accordance with
the requirements of the Companies Act 2006, S612.
Consolidated statement of cash flows for the six months ended 30
September 2021
6 months to 6 months 12 months
to to
30 Sep 2021 30 Sep 2020 31 Mar 2021
(unaudited) (unaudited) (audited)
(GBP000s) (GBP000s) (GBP000s)
======================= ======================= ============== =============
Cash flows from operating activities
================================================= ============= ============= =============
Profit for the period 19,987 19,379 39,601
================================================= ============= ============= ===============
Adjustments for:
================================================= ============= ============= ===============
Finance income (2) (40) (84)
================================================= ============= ============= ===============
Finance expense 34 50 78
================================================= ============= ============= ===============
Tax expense 4,854 4,639 10,740
================================================= ============= ============= ===============
Share-based payment expense 2,671 1,842 4,513
================================================= ============= ============= ===============
Depreciation of property, plant and
equipment 584 452 921
================================================= ============= ============= ===============
Depreciation of right-of-use assets 707 987 1,786
================================================= ============= ============= ===============
Amortisation of intangible assets 186 195 383
================================================= ============= ============= ===============
Gain on disposal of property, plant
and equipment 5 - 114
================================================= ============= ============= ===============
Deferred consideration settled by shares - - 760
================================================= ============= ============= ===============
Operating cash flows before movements
in working capital 29,026 27,504 58,812
================================================= ============= ============= ===============
(Increase)/decrease in trade and other
receivables (14,777) 4,650 (9,262)
================================================= ============= ============= ===============
(Decrease)/increase in trade and other
payables (2,958) 1,447 18,397
================================================= ============= ============= ===============
Increase/(decrease) in provisions 460 158 (793)
================================================= ============= ============= ===============
Cash generated from operating activities 11,751 33,759 67,154
================================================= ============= ============= ===============
Income taxes paid (2,646) (2,190) (7,213)
================================================= ============= ============= ===============
Net cash from operating activities 9,105 31,569 59,941
================================================= ============= ============= ===============
Cash flows from investing activities
================================================= ============= ============= ===============
Interest received 2 40 84
================================================= ============= ============= =============
Purchases of property, plant and equipment (2,464) (406) (1,468)
================================================= ============= ============= =============
Acquisition of other investments (74) (200) (200)
================================================= ============= ============= =============
Amounts placed on treasury deposit - - (18,028)
================================================= ============= ============= ===============
Acquisition of subsidiaries net of
cash acquired (8,186) - -
================================================= ============= ============= =============
Net cash used in investing activities (10,722) (566) (19,612)
================================================= ============= ============= =============
Cash flows from financing activities
================================================= ============= ============= =============
Dividends paid - (8,195) (16,026)
================================================= ============= ============= =============
Interest paid (4) (50) (78)
================================================= ============= ============= =============
Repayment of lease liabilities (852) (1,255) (1,763)
================================================= ============= ============= =============
Proceeds on issue of shares 1,901 184 293
================================================= ============= ============= =============
Net cash from/(used) in financing activities 1,045 (9,316) (17,574)
================================================= ============= ============= =============
Net (decrease)/increase in cash and
cash equivalents (572) 21,687 22,755
================================================= ============= ============= =============
Cash and cash equivalents at start
of period 62,896 40,785 40,785
================================================= ============= ============= =============
Effect of exchange rate fluctuations
on cash held 89 25 (644)
================================================= ============= ============= =============
Cash and cash equivalents at end of
period 62,413 62,497 62,896
================================================= ============= ============= =============
Notes to the condensed consolidated financial statements
1. Corporate information
Kainos Group plc ("Company") is a public company limited by
shares incorporated and domiciled in the UK (Company registration
number 09579188), having its registered office at 21 Farringdon
Road, 2nd Floor, London, EC1M 3HA. The Company is listed on the
London Stock Exchange.
These condensed consolidated financial statements for the six
months ended 30 September 2021 comprise the Company and its
subsidiaries (together the "Group"). The nature of the Group's
operations and its principal activities are set out in the Business
Review. The Group is headquartered in Belfast.
These statements have not been audited but have been reviewed by
the Group's auditor pursuant to International Standard on Review
Engagements (UK and Ireland) 2410 "Review of Interim Financial
Information Performed by the Independent Auditor of the Entity"
issued by the Financial Reporting Council.
These condensed consolidated financial statements were approved
for issue on 12 November 2021.
2. Basis of preparation
The condensed consolidated financial statements for the six
months ended 30 September 2021 have been prepared in accordance
with the Disclosure and Transparency Rules of the Financial Conduct
Authority and with UK-adopted IAS 34 "Interim Financial Reporting"
and should be read in conjunction with the Group's last annual
consolidated financial statements as at and for the year ended 31
March 2021 ('last annual financial statements'). They do not
include all of the information required for a complete set of
financial statements prepared in accordance with UK-adopted
International Accounting Standards and in conformity with the
requirements of the Companies Act 2006. However, selected
explanatory notes are included to explain events and transactions
that are significant to an understanding of the changes in the
Group's financial position and performance since the last annual
financial statements.
These condensed consolidated financial statements do not
constitute statutory accounts of the Group within the meaning of
Section 434 of the Companies Act 2006. The statutory accounts for
the year ended 31 March 2021 have been filed with the registrar of
companies and can be found on the Group's website. The auditor's
report on those accounts was unqualified, did not contain an
emphasis of matter paragraph and did not contain any statement
under Section 498(2) or Section 498(3) of the Companies Act
2006.
The annual statements of Kainos Group plc are prepared in
accordance with IFRSs as adopted by the European Union. On 31
December 2020, IFRS as adopted by the European Union at that date
was brought into UK law and became UK-adopted International
Accounting Standards, with future changes being subject to
endorsement by the UK Endorsement Board. The Group transitioned to
UK-adopted International Accounting Standards in its consolidated
financial statements on 1 April 2021. This change constitutes a
change in accounting framework however, there is no impact on
recognition, measurement or disclosure.
These condensed consolidated financial statements are presented
in pounds sterling and rounded to the nearest thousand.
Going concern
The financial performance and balance sheet position at 30
September 2021 along with a range of scenario plans to 31 March
2024 has been considered, applying different sensitivities to the
Group's budgets and forecasts. Across these scenarios, including at
the lower end of the range, there remains significant headroom, and
therefore the Directors have satisfied themselves that the Group
has adequate funds in place to continue to meet its obligations as
they fall due for the foreseeable future, a period of which is at
least 12 months from the date of signing these interim financial
statements. Thus, they continue to adopt the going concern basis of
accounting in preparing the financial statements.
3. Significant accounting policies
The accounting policies, presentation and methods of computation
applied by the Group in these condensed consolidated financial
statements are the same as those applied in the Group's latest
audited annual consolidated financial statements for the year ended
31 March 2021. No newly introduced standard or amendments to
standards had a material impact on the condensed financial
statements. The Group has not early adopted any other standard,
interpretation or amendment that has been issued but is not yet
effective.
4. Critical accounting judgements and key sources of estimation uncertainty
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
In preparing these condensed consolidated financial statements,
the significant judgements made by management in applying the
Group's accounting policies and key sources of estimation
uncertainty were the same as those applied to the statutory
accounts for the year ended 31 March 20 21.
5. Segment reporting
All the Group's revenue during the period to 30 September 2021
was derived from continuing operations. Kainos is structured into
two operating divisions: Digital Services and the Workday
Practice.
The following is an analysis of the Group's revenue and results
by reportable segment:
2021 Digital Workday
Services Practice Consolidated
6 months to 30 September (unaudited) (GBP000s) (GBP000s) (GBP000s)
====================================== ========== ========== ============
Revenue 94,189 48,064 142,253
====================================== ========== ========== ============
Cost of sales (56,725) (18,135) (74,860)
====================================== ========== ========== ============
Gross profit 37,464 29,929 67,393
====================================== ========== ========== ============
Direct expenses (6) (10,653) (17,316) (27,969)
====================================== ========== ========== ============
Contribution 26,811 12,613 39,424
====================================== ========== ========== ============
Central overheads (6) (10,187)
====================================== ========== ========== ============
Net finance expense (32)
====================================== ========== ========== ============
Adjusted pre-tax profit 29,205
====================================== ========== ========== ============
2020 Digital Workday
Services Practice Consolidated
6 months to 30 September (unaudited) (GBP000s) (GBP000s) (GBP000s)
====================================== ========== ========== ============
Revenue 71,384 35,777 107,161
====================================== ========== ========== ============
Cost of sales (38,277) (13,013) (51,290)
====================================== ========== ========== ============
Gross profit 33,107 22,764 55,871
====================================== ========== ========== ============
Direct expenses (6) (6,554) (12,809) (19,363)
====================================== ========== ========== ============
Contribution 26,553 9,955 36,508
====================================== ========== ========== ============
Central overheads (6) (10,443)
====================================== ========== ========== ============
Net finance expense (10)
====================================== ========== ========== ============
Adjusted pre-tax profit 26,055
====================================== ========== ========== ============
2021 Digital
12 months to 31 March (audited) Services Workday Practice Consolidated
(GBP000s) (GBP000s) (GBP000s)
================================= ========== ================ ============
Revenue 161,572 73,122 234,694
================================= ========== ================ ============
Cost of sales (89,578) (26,818) (116,396)
================================= ========== ================ ============
Gross profit 71,994 46,304 118,298
================================= ========== ================ ============
Direct expenses ( [6]) (16,419) (27,366) (43,785)
================================= ========== ================ ============
Contribution 55,575 18,938 74,513
================================= ========== ================ ============
Central overheads (6) - - (17,446)
================================= ========== ================ ============
Net finance income - - 6
================================= ========== ================ ============
Adjusted pre-tax profit - - 57,073
================================= ========== ================ ============
6 Direct expenses plus central overheads less share-based
payment expense and acquisition related expenses equals the sum of
operating expenses plus impairment losses and reversals on trade
receivables. Direct expenses are expenses that are directly
attributable to each division.
The Group's revenue from external customers by geographic
location is detailed below:
6 months to 6 months 12 months
to to
30 Sep 2021 30 Sep 2020 31 Mar 2021
(unaudited) (unaudited) (audited)
(GBP000s) (GBP000s) (GBP000s)
========================= ============ ================= ============
United Kingdom & Ireland 102,402 79,602 175,710
========================= ============ ================= ============
North America 26,521 17,811 38,099
========================= ============ ================= ============
Central Europe 12,623 9,286 19,631
========================= ============ ================= ============
Rest of world 707 462 1,254
========================= ============ ================= ============
142,253 107,161 234,694
========================= ============ ================= ============
Disaggregation of the Group's revenue is presented in the
following tables:
Digital Digital Workday Workday
Services Services Practice Practice Total Total
2021 2020 2021 2020 2021 2020
6 months to
30 Sep (unaudited) (GBP000s) (GBP000s) (GBP000s) (GBP000s) (GBP000s) (GBP000s)
==================== =========== =========== =========== =========== =========== ===========
Type of revenue
==================================================================================================
Services 88,235 66,651 29,943 22,977 118,178 89,628
==================== =========== =========== =========== =========== =========== ===========
SaaS and related 2,934 2,687 18,117 12,790 21,051 15,477
==================== =========== =========== =========== =========== =========== ===========
Third party 3,020 2,046 4 10 3,024 2, 056
==================== =========== =========== =========== =========== =========== ===========
94,189 71,384 48,064 35,777 142,253 107,161
==================== =========== =========== =========== =========== =========== ===========
Revenue recognition
==================================================================================================
At a point in
time 3,020 2,046 4 10 3,024 2,056
==================== =========== =========== =========== =========== =========== ===========
Over time 91,169 69,338 48,060 35,767 139,229 105,105
==================== =========== =========== =========== =========== =========== ===========
94,189 71,384 48,064 35,777 142,253 107,161
==================== =========== =========== =========== =========== =========== ===========
Digital Workday
Services Practice Total
12 months to 2021 2021 2021
31 Mar (audited) (GBP000s) (GBP000s) (GBP000s)
==================== ========= ========= =========
Type of revenue
==================== ========= ========= =========
Services 151,163 46,920 198,083
==================== ========= ========= =========
SaaS and related 5,385 26,159 31,544
==================== ========= ========= =========
Third party 5,024 43 5,067
==================== ========= ========= =========
161,572 73,122 234,694
==================== ========= ========= =========
Revenue recognition
==================== ========= ========= =========
At a point in time 5,024 43 5,067
==================== ========= ========= =========
Over time 156,548 73,079 229,627
==================== ========= ========= =========
161,572 73,122 234,694
==================== ========= ========= =========
6 months to 6 months to 12 months to
30 Sep 2021 30 Sep 2020 31 Mar 2021
(audited)
(unaudited) (unaudited) GBP(000s)
GBP(000s) GBP(000s)
================= ============ ============ ============
Digital Services
================= ============ ============ ============
Public 51,678 47,522 102,180
================= ============ ============ ============
Commercial 12,391 6,869 15,653
================= ============ ============ ============
Healthcare 30,120 16,993 43,739
================= ============ ============ ============
94,189 71,384 161,572
================= ============ ============ ============
Workday Practice
================= ============ ============ ============
Public 651 1,661 3,314
================= ============ ============ ============
Commercial 46,950 32,309 65,428
================= ============ ============ ============
Healthcare 463 1,807 4,380
================= ============ ============ ============
48,064 35,777 73,122
================= ============ ============ ============
Total 142,253 107,161 234,694
================= ============ ============ ============
Revenue for the Workday Practice can also be analysed as
follows:
6 months to 6 months to 12 months
to 31 Mar
2021
30 Sep 2021 30 Sep 2020 (audited)
(unaudited) (unaudited) (GBP000s)
(GBP000s) (GBP000s)
========= ========= ============= ============= ===========
Workday Practice
==================== ============= ============= ===========
Workday Services 33,646 23,942 48,972
==================== ============= ============= ===========
Smart 14,418 11,835 24,150
==================== ============= ============= ===========
48,064 35,777 73,122
==================== ============= ============= ===========
The business is managed and measured on a day-to-day basis using
underlying results. The Directors believe that the 'adjusted profit
before tax' and the 'adjusted diluted and basic earnings per share'
measures presented are more representative of the underlying
performance of the Group and enable comparability between
periods.
The adjusted profit measures can be reconciled to the reported
numbers as follows:
6 months 6 months 12 months
to 30 Sep to 30 Sep to 31 Mar
2021 2020 2021
(unaudited) (unaudited) (audited)
(GBP000s) (GBP000s) (GBP000s)
============= ============= ===========
Profit
before
tax 24,841 24,018 50,341
=========================================== ============= ============= ===============
Share-based payment expense and related
costs 2,671 1,842 4,513
=========================================== ============= ============= ===============
Acquisition-related expenses including
amortisation of acquired intangible
assets and post-combination remuneration
expense 1,693 195 2,219
=========================================== ============= ============= ===============
Adjusted profit before tax 29,205 26,055 57,073
=========================================== ============= ============= ===============
6. Income tax expense
The estimate of the provision of income taxes which is
determined in the interim financial statements uses the estimated
average annual effective income tax rate applied to the profit
before tax of the interim period. As such, the effective tax rate
in the interim financial statements may differ from management's
estimate of the effective tax rate for the annual financial
statements.
The total tax charge for the six months ended 30 September 2021
is GBP4.9 million (six months ended 30 September 2020: GBP4.6
million). This tax charge equates to an effective tax rate of 20%
(30 September 2020: 19%). The expected annual tax rate for the year
to 31 March 2022 is 20% (31 March 2021: 21%).
7. Dividends
The dividends declared and paid in the periods covered by these
condensed consolidated financial statements are detailed below:
6 months 6 months 12 months
to to 30 Sep to
2020
30 Sep 2021 (unaudited) 31 Mar 2021
(unaudited) (GBP000s) (audited)
(GBP000s) (GBP000s)
==================================== ============ ============ ============
Amounts recognised as distributions
to equity holders in the period:
==================================== ============ ============ ============
Final dividend for 2021 of 15.1p
per share 18,645
==================================== ============ ============ ============
Special dividend (Sep 2020) of
6.7p per share - 8,195 8,195
==================================== ============ ============ ============
Interim dividend for 2021 of 6.4p
per share - - 7,831
==================================== ============ ============ ============
18,645 8,195 16,026
==================================== ============ ============ ============
A final dividend of 15.1 pence per share for the year ending 31
March 2021 was paid on 29 October 2021 to shareholders on the
register at the close of business on 1 October 2021, with an
ex-dividend date of 30 September 2021. This dividend was declared
following approval by the shareholders of the Company by ordinary
resolution at the Company's Annual General Meeting on 23 September
2021 and a liability for payment of the dividend of GBP18.6 million
has therefore been recognised in these condensed consolidated
financial statements.
An interim dividend of 7.1 pence per share has been declared for
the six months to 30 September 2021 which amounts to GBP8.8
million. This will be paid on 24 December 2021 to shareholders on
the register at the close of business on 26 November 2021, with an
ex-dividend date of 25 November 2021. These condensed consolidated
financial statements do not reflect the interim dividend
payable.
8. Earnings per share
Basic earnings per share is calculated by dividing the profit
attributable to ordinary shareholders of the parent company by the
weighted average number of ordinary shares in issue during the
period.
6 months 6 months to 12 months
to 30 Sep 30 Sep 2020 to 31 Mar
2021 2021
(unaudited) (unaudited) (audited)
(GBP000s) (GBP000s) (GBP000s)
===================== ================== =============
Profit for the period 19,987 19,379 39,601
========================================== ============ ============ ==========
Thousands Thousands Thousands
========================================== ============ ============ ==========
Weighted average number of ordinary
shares for the purposes of basic
earnings per share 122,360 120,741 121,898
========================================== ============ ============ ==========
Effect of dilutive potential ordinary
shares from share options on issue 2,238 3,060 1,528
========================================== ============ ============ ==========
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 124,598 123,801 123,426
========================================== ============ ============ ==========
Basic earnings per share 16.3p 16.1p 32.5p
========================================== ============ ============ ==========
Diluted earnings per share 16.0p 15.7p 32.1p
========================================== ============ ============ ==========
Adjusted basic earnings per share is calculated by dividing the
profit attributable
to ordinary equity holders of the parent company, excluding
share-based payment expense (net of associated taxes) and
acquisition-related expenses including amortisation of acquired
intangible assets and post-combination remuneration expense
(relating to contingent deferred consideration subject to future
service conditions) by the weighted average number of ordinary
shares in issue during the period.
6 months to 6 months 12 months
to to
30 Sep 2021 30 Sep 2020 31 Mar 2021
(unaudited) (unaudited) (audited)
(GBP000s) (GBP000s) (GBP000s)
==================== ==================== ============
Profit for the period 19,987 19,379 39,601
========================================== ============ ============ ============
Share-based payment expense (
net of associated taxes) 2,164 1,492 3,656
========================================== ============ ============ ============
Acquisition-related expenses including
amortisation of acquired intangibles
and post-combination remuneration
expense (net of associated taxes) 1,650 195 2,143
========================================== ============ ============ ============
Adjusted profit for the period 23,801 21,066 45,400
========================================== ============ ============ ============
Thousands Thousands Thousands
========================================== ============ ============ ============
Weighted average number of ordinary
shares for the purposes of basic
earnings per share 122,360 120,741 121,898
========================================== ============ ============ ============
Effect of dilutive potential ordinary
shares from share options in issue 2,238 3,060 1,528
========================================== ============ ============ ============
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 124,598 123,801 123,426
========================================== ============ ============ ============
Adjusted basic earnings per share 19.5p 17.4p 37.2p
========================================== ============ ============ ============
Adjusted diluted earnings per
share 19.1p 17.0p 36.8p
========================================== ============ ============ ============
9. Trade and other receivables
30 Sep 2021 30 Sep 2020 31 Mar 2021
(unaudited) (unaudited) (audited)
(GBP000s) (GBP000s) (GBP000s)
========== ========= ============ ============ ===========
Trade receivables 40,781 19,708 35,290
===================== ============ ============ ===========
Loss allowance (1,852) (1,571) (1,551)
===================== ============ ============ ===========
38,929 18,137 33,739
===================== ============ ============ ===========
Other receivables 4,257 1,626 2,870
===================== ============ ============ ===========
43,186 19,763 36,609
===================== ============ ============ ===========
10. Financial Instruments
The Directors consider that the carrying amount for all
financial instruments and liabilities is a reasonable approximation
of their fair value.
11. Related party transactions
There have been no related party transactions during the six
months to 30 September 2021 that have materially affected the
financial position or performance of the Group.
During the period, one Director exercised 35,036 share options
with a gain arising on the exercise of GBP0.6 million (H1 21: no
exercises by Directors).
All related party transactions are materially consistent with
those disclosed by the Group in its financial statements for the
year ended 31 March 2021.
12. Issue of ordinary shares
During the six months ended 30 September 2021, the Group issued
716,539 ordinary shares due to the exercise of vested options. The
exercise price of options exercised in the period ranged from
GBP0.005 per share to GBP4.03 per share.
64,767 ordinary shares were also agreed to be issued as purchase
consideration on the acquisition of Une Consulting SRL which
occurred on 1 September 2021 (note 13). These ordinary shares were
not issued and allotted until subsequent to the period end, on 6
October 2021. The fair value of the shares has been determined
based on the acquisition date (GBP1.3 million) and recognised in
equity in the 'shares to be issued' reserve.
All ordinary shares were issued with a nominal value of GBP0.005
each.
13. Acquisitions
Cloudator
On 1 June 2021, Kainos acquired the entire share capital of
Cloudator OY and it's five subsidiaries. Founded in 2011 in
Helsinki, Finland, Cloudator offers services for the full suite of
Workday enterprise cloud applications, including Workday Financial
Management , Workday Human Capital Management and Workday Adaptive
Planning .
Cloudator is one of the most experienced Workday Services
Partners in the Nordics with projects spanning the globe. The
acquisition of Cloudator's Workday division will further increase
Kainos' Workday presence in Europe.
From 1 June 2021, Cloudator has contributed revenue of GBP1.2
million and a loss of GBP0.2 million. If the acquisition had
incurred on 1 April 2021, management estimates that revenue for the
six months ended 30 September 2021 would have been GBP2.1 million
and no profit or loss would have been recognised for this
period.
The following table summarises the recognised amounts of assets
and liabilities assumed at the acquisition date. Financial
statements as at the acquisition date have been received from the
vendor. The Group has performed an initial review of these
financial statements and are in the process of finalising the
assessment of fair value of the assets acquired and liabilities
assumed at the acquisition date. The finalisation of fair value of
identifiable intangible assets and any associated deferred tax has
not been completed at the reporting date. Accordingly, the amounts
in the table below have been determined on a provisional basis and
amounts including goodwill are subject to change following
completion of the fair value assessment.
Provisional
Fair value
(unaudited)
(GBP000s)
=========================================== ==== ==== ============
Property, plant and equipment 9
================================================= ==== ============
Trade and other receivables 996
================================================= ==== ============
Cash and cash equivalents 1,551
================================================= ==== ============
Trade and other payables (2,580)
================================================= ==== ============
Deferred revenue (192)
================================================= ==== ============
Fair value of identifiable net liabilities (216)
================================================= ==== ============
Goodwill 8,998
================================================= ==== ============
Total consideration 8,782
================================================= ==== ============
Satisfied by: (unaudited)
(GBP000s)
============================================ ==== === ============
Cash 8,782
================================================== === ============
Total consideration 8,782
================================================== === ============
(unaudited)
(GBP000s)
============== ============= ==== ===========
Cash consideration 8,782
============================= ==== ===========
Less cash and equivalents
acquired (1,551)
============================== === ===========
Net cash outflow 7,231
============================= ==== ===========
Goodwill
Goodwill has arisen on the acquisition and reflects the future
economic benefits arising from assets that are not capable of being
identified individually and recognised as separate assets and is
pending finalisation of the fair value of the assets acquired and
liabilities assumed at the acquisition date. The goodwill reflects
the skilled and assembled workforce of the acquired entity and the
anticipated profitability and synergistic benefits arising from the
combination. None of the goodwill recognised is expected to be
deductible for tax purposes.
Acquisition related costs
The Group incurred acquisition related costs of GBP0.4 million
on legal and due diligence costs. These costs have been included in
operating expenses.
Une Consulting
On 1 September 2021, the Group acquired 100% of the share
capital of Argentina based Une Consulting SRL and the trade and
assets of Une Consulting LLC ("Une"). Une has an experienced team
of consultants who are working across multiple international
projects in the Americas, as well as Europe and Asia. The
acquisition adds to Kainos' growing presence in North and South
America, whilst enhancing the Group's ability to bring value to its
customers.
From 1 September 2021, Une has contributed revenue of GBP0.1
million and nil profit or loss for the period. If the acquisition
had incurred on 1 April 2021, management estimates that revenue for
the six months ended 30 September 2021 would have been GBP0.7
million and profit for that period would have been GBP0.1
million.
The following table summarises the recognised amounts of assets
and liabilities assumed at the acquisition date. Due to the close
proximity of the acquisition date and the reporting date, the
finalisation of the fair value of the assets acquired and
liabilities assumed at the acquisition date, including fair value
of intangible assets and any associated deferred tax, has not been
finalised at the reporting date. Accordingly, the amounts in the
table below have been determined on a provisional basis and amounts
including goodwill are subject to change following completion of
the fair value assessment.
Provisional
Fair value
(unaudited)
(GBP000s)
====================================== ==== ============
Property, plant and equipment 273
============================================ ============
Cash and cash equivalents 76
======================================= === ================
Trade and other receivables 212
======================================= === ================
Trade and other payables (63)
======================================= === ================
Fair value of net identifiable
assets 498
======================================= === ================
Goodwill 1,819
======================================= === ================
Total consideration 2,317
======================================= === ================
(unaudited)
Satisfied by: (GBP000s)
======================================= === ============
Cash 1,031
============================================ ============
Deferred consideration: Issue of 64,767
ordinary shares 1,286
============================================ ============
Total consideration 2,317
============================================ ============
(unaudited)
( GBP000s)
================== ================== === ============
Cash consideration 1,031
====================================== === ============
Less cash and equivalents acquired (76)
====================================== === ============
Net cash outflow 955
====================================== === ============
Under the terms of the acquisition, the Group has agreed to
issue a fixed number of ordinary shares (64,767 ordinary shares) as
purchase consideration. As detailed in note 12, these ordinary
shares were not issued and allotted until subsequent to the period
end, on 6 October 2021. The instrument has been classified as
equity at it represents an obligation to deliver a fixed number of
shares to settle the purchase consideration and has been recognised
in equity in the 'shares to be issued' reserve.
The fair value of the ordinary shares to be issued was
determined based on the listed share price of the Company on 1
September 2021 (GBP19.86 per share), the effective date of control.
Following initial recognition, the value of the ordinary shares to
be issued is not remeasured and its subsequent settlement is
accounted for within equity.
Goodwill
Goodwill has arisen on the acquisition and reflects the future
economic benefits arising from assets that are not capable of being
identified individually and recognised as separate assets and is
pending finalisation of the fair value of the assets acquired and
liabilities assumed at the acquisition date. The goodwill reflects
the skilled and assembled workforce of the acquired entity and the
anticipated profitability and synergistic benefits arising from the
combination. None of the goodwill recognised is expected to be
deductible for tax purposes.
Acquisition related costs
The Group incurred acquisition related costs of GBP0.1 million
on legal and due diligence costs. These costs have been included in
operating expenses.
Post combination remuneration
In respect of both current and prior period acquisitions of the
Group, additional contingent consideration of up to GBP6.0 million
will be payable in future periods to March 2024, subject to future
service conditions and will be recognised as remuneration for
post-combination services. Amounts relating to post-combination
services are recognised as an expense over the service period.
During the current period, a charge of GBP1.0m has been recognised
for post-combination remuneration in operating expenses.
14. Goodwill
30 Sep 2021 30 Sep 2020 31 Mar 2021
Cost (unaudited) (unaudited) (audited)
(GBP000s) (GBP000s) (GBP000s)
================================================= ============ ============ ===========
At 1 April 3,121 3,220 3,220
============================================= ============ ============ ===========
Acquisitions through business combinations
- provisional 10,817 - -
============================================= ============ ============ ===========
Effect of movement in exchange
rates (70) (37) (99)
============================================= ============ ============ ===========
At end of period 13,868 3,183 3,121
============================================= ============ ============ ===========
Accumulated impairment losses
============================================ === ============ ============ ===========
At beginning and end of period - - -
============================================ === ============ ============ ===========
Carrying amount
============================================ === ============ ============ ===========
At end of period 13,868 3,183 3,121
============================================ === ============ ============ ===========
At beginning of period 3,121 3,220 3,220
============================================ === ============ ============ ===========
15. Subsequent events
Subsequent to 30 September 2021, the Company paid the final
dividend declared at the Annual General Meeting on 23 September
2021 to shareholders of GBP18.6 million on 29 October 2021, as
detailed in note 7.
Additionally, as explained in note 12, the Company issued 64,767
ordinary shares in connection with purchase consideration payable
on the acquisition of Une Consulting SRL.
Statement of Directors responsibilities
The Directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure Guidance and
Transparency Rules ("the DTR") of the UK's Financial Conduct
Authority ("the UK FCA").
In preparing the condensed set of financial statements included
within the half-yearly financial report, the Directors are required
to:
-- prepare and present the condensed set of financial statements
in accordance with IAS 34 Interim Financial Reporting as adopted in
the UK and the DTR of the UK FCA;
-- ensure the condensed set of financial statements has adequate disclosures;
-- select and apply appropriate accounting policies; and
-- make accounting estimates that are reasonable in the circumstances.
The Directors are responsible for designing, implementing and
maintaining such internal controls as they determine is necessary
to enable the preparation of the condensed set of financial
statements that is free from material misstatement whether due to
fraud or error.
We confirm that to the best of our knowledge:
(1) the condensed set of consolidated financial statements
included within the half-yearly financial report of Kainos Group
plc for the six months ended 30 September 2021 ("the interim
financial information") which comprises the condensed consolidated
income statement, the consolidated statement of comprehensive
income, the condensed consolidated statement of financial position,
the condensed consolidated statement of changes in equity, the
consolidated statement of cash flows and the related explanatory
notes, have been presented and prepared in accordance with IAS 34,
Interim Financial Reporting, as adopted for use in the UK, and the
DTR of the UK FCA.
(2) The interim financial information presented, as required by
the DTR of the UK FCA, includes:
a. an indication of important events that have occurred during
the first six months of the financial year, and their impact on the
condensed set of financial statements;
b. a description of the principal risks and uncertainties for
the remaining six months of the financial year;
c. related parties' transactions that have taken place in the
first six months of the current financial year and that have
materially affected the financial position or the performance of
the enterprise during that period; and
d. any changes in the related parties' transactions described in
the last annual report that could have a material effect on the
financial position or performance of the enterprise in the first
six months of the current financial year.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the Entity's
website. Legislation in the UK governing the preparation and
dissemination of financial statements may differ from legislation
in other jurisdictions.
On behalf of the Board
Richard McCann
Chief Financial Officer/Chief Operating Officer
12 November 2021
Independent Review Report to Kainos Group plc.
Introduction
We have been engaged by the Entity to review the condensed set
of consolidated financial statements in the half-yearly financial
report for the six months ended 30 September 2021 which comprises
the condensed consolidated income statement, the consolidated
statement of comprehensive income, the condensed consolidated
statement of financial position, the condensed consolidated
statement of changes in equity, the consolidated statement of cash
flows and the related explanatory notes. Our review was conducted
in accordance with the Financial Reporting Council's International
Standard on Review Engagements (UK and Ireland) 2410, 'Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity'.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of consolidated
financial statements in the half-yearly financial report for the
six months ended 30 September 2021 is not prepared, in all material
respects in accordance with IAS 34 Interim Financial Reporting as
adopted for use in the UK and the Disclosure Guidance and
Transparency Rules ("the DTR") of the UK's Financial Conduct
Authority ("the UK FCA").
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the Directors. The Directors are responsible
for preparing the half-yearly financial report in accordance with
the DTR of the UK FCA. As disclosed in note 2 the annual financial
statements of the Group for the year ended 31 March 2021 were
prepared in accordance with International Financial Reporting
Standards as adopted pursuant to Regulation (EC) No 1606/2002 as it
applies in the European Union and in accordance with international
accounting standards in conformity with the requirements of the
Companies Act 2006 and the next annual financial statements will be
prepared in accordance with UK-adopted international accounting
standards. The Directors are responsible for ensuring that the
condensed set of consolidated financial statements included in this
half-yearly financial report has been prepared in accordance with
IAS 34 Interim Financial Reporting as adopted for use in the
UK.
Our responsibility
Our responsibility is to express to the Entity a conclusion on
the condensed set of consolidated financial statements in the
half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with the Financial
Reporting Council's International Standard on Review Engagements
(UK and Ireland) 2410 Review of Interim Financial Information
Performed by the Independent Auditor of the Entity. A review of
interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures.
Scope of review (continued)
A review is substantially less in scope than an audit conducted
in accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
We read the other information contained in the half-yearly
financial report to identify material inconsistencies with the
information in the condensed set of consolidated financial
statements and to identify any information that is apparently
materially incorrect based on, or materially inconsistent with, the
knowledge acquired by us in the course of performing the review. If
we become aware of any apparent material misstatements or
inconsistencies, we consider the implications for our report.
The purpose of our review work and to whom we owe our
responsibilities
This report is made solely to the Entity in accordance with the
terms of our engagement to assist the Entity in meeting the
requirements of the DTR of the UK FCA . Our review has been
undertaken so that we might state to the Entity those matters we
are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the Entity for our
review work, for this report, or for the conclusions we have
reached.
KPMG 12 November 2021
Chartered Accountants
The Soloist Building
1 Lanyon Place
Belfast
BT1 3LP
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END
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