The Kainos share price surged by over 15% in early trading on Monday as the IT service provider revealed a promising quarterly trading update for the period starting April 1st.
Trading has been strong for Kainos with it expecting revenue and profit to be ‘well ahead’ of forecasts for the full-year.
It has also benefited from a reduction in costs such as recruitment, training and travel costs for staff.
The promising performance was underlined by Kainos as it confirmed it will withdraw from the Job Retention Scheme and will be repaying all previously claimed support payments.
With no debt and £62m of cash at July 24th (compared to £40.8m in March) – the company has had a change of heart in respect to its dividend and will now pay a special dividend of 6.7p per share.
At 958p, the share price of Kainos is trading at an all-time high.