StockMarketWire.com - Digital services provider Kainos said it expected annual results in line with current market consensus forecasts amid 'positive' momentum.

'Trading in the period continued with positive momentum and the company expects results for the full year ending 31 March 2020 to be in line with current market consensus forecasts,' the company said.

A clear focus on execution throughout the year has resulted in an 'excellent' sales performance and a substantial backlog as the company entered 2021, it added.

On liquidity, Kainos said it had a robust balance sheet with no debt and a cash balance in excess of £40m, though added that it undertook measures to cut costs.

Across the Group, pay increases had been deferred until 2021 and bonus schemes had been curtailed.

Additionally, for a period of six months, effective 1 April 2020, the executive directors had elected to take no salary or bonus, the remaining members of the executive team have reduced their compensation by 50% and the non-executive board members reduced their fees by 20%.


At 8:35am: [LON:KNOS] Kainos Group PLC share price was +3.5p at 674.5p



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