Kainos (LON: KNOS) shares plunged in early Wednesday trading following its year-end trading update, which was in line with expectations.
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The stock is down around 5% at the time of writing. In 2023 it has declined more than 14%, while in the last 12 months, it has fallen just over 1%.
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Wednesday’s update wasn’t, at first glance, terrible. The company said it expects to be in line with current consensus forecasts. However, given the company’s valuation, many were looking for KNOS to beat forecasts.
Kainos told investors that trading in the period has “continued to be very strong across all three divisions,” with new and existing clients maintaining high levels of investment in digital solutions.
The company said its digital services team, against a backdrop of sustained market demand, continues to deliver transformation programmes to new and existing clients across various sectors. In addition, its workday services division “continues to benefit from a well-established global presence and reputation.” Furthermore, Kainos has maintained our strong annual recurring revenue growth trajectory within its workday products division.
Looking ahead, Kainos said that while it is aware of the current global macroeconomic landscape, the firm’s “robust pipeline, strong balance sheet, and significant contracted backlog” underpin the confidence in its outlook.
“As a result, we believe that we are well-positioned for further growth and remain confident in our strategy,” the company said.
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