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Here’s Why Kainos Share Price Erupted 30% Today

Practice Stock Trading
Updated: 14 October 2020

Shares of Kainos Group PLC (LON: KNOS) soared 30% today to record highs after the software company said it is now expecting full-year results to be “significantly ahead” of previous estimates.

The new guidance is based on strong customer demand in the year-to-date period. Moreover, the company benefited from “several one-off efficiencies”, such as increased utilisation and reductions in recruitment, training and travel expenditure.

“Looking forward, we remain confident in our outlook for the financial year, which is underpinned by a robust pipeline and a significant contracted backlog. Notwithstanding we are mindful of the potential medium-term impacts of further lockdown measures and the broader economic disruption caused by Covid-19,” said Kainos in a statement.

Kainos stock price exploded 30% to all-time highs on strong demand October 2020

Kainos share price logged 1286p, which is the fresh all-time high for the KNOS. The next target for the buyers is 1356p.