Kainos: Belfast IT firm to make 190 staff redundant
Kainos, the Belfast-based IT firm, is making 190 of its staff redundant.It currently employs about 3,000 people, mostly in Northern Ireland.In December, the company replaced its recently-installed chief executive after warning shareholders that full year sales would be below market expectations.The warning said the business was experiencing a tougher trading environment as clients delayed decisions on projects.
'Difficult decision'
In a statement on Tuesday, the firm said it had made the "difficult decision" to reduce its workforce in response to the "current market environment".This is affecting approximately 7% of its global team, it added."This decision was made with careful consideration and a focus on the long-term growth opportunities of our business."While our business fundamentals remain strong, this step allows us to manage costs responsibly while continuing to support our customers."We recognise that this means saying goodbye to talented colleagues who have made valuable contributions to Kainos. They leave with our deep gratitude, and we are committed to supporting them in their transition to new opportunities."
The company's share price has struggled over the last year falling from around 1200p in May to around 700p on Tuesday.It has been undertaking a share buyback scheme in an attempt to boost the share price.Kainos is one of Northern Ireland's most successful companies and has grown rapidly in recent years.It specialises in helping organisations digitise their operations and counts UK government departments among its major clients.Those services were in high demand during the pandemic and the company hired hundreds of staff as it grew.It is currently building a new headquarters at a site on the Dublin Road in Belfast city centre.
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