Belfast IT firm Kainos reaches £1bn valuation

Kainos, the Belfast-based IT firm, has reached a stock market valuation of more than £1bn.

The valuation represents the number of company shares multiplied by the current price of those shares.

The company's share price has risen sharply in recent months from about £5 in November to more than £8 today.

Kainos specialises in helping organisations to digitise their operations.

It is a major supplier to UK government departments and other public bodies.

Strong results

In November, the company posted a strong set of results for the first half of the financial year.

Kainos employs 1,550 people across 12 offices in Europe and North America

Turnover was up 29% to £87m and adjusted pre-tax profit rose by 27% to £13m.

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The company said it was showing good progress in growing its non-UK business with international turnover up 86% to £18m.

Kainos employs 1,550 people across 12 offices in Europe and North America.

It is planning to develop a new headquarters building in Belfast over the next two years.