Update on office development & partial site sale
Source: RNS
18 October 2022
Kainos Group plc
(ÒKainosÓ or the Òthe CompanyÓ)
Bankmore Square, Belfast
Update on office development and partial sale of site
Kainos Group plc (KNOS), a leading IT provider, operating across two specialist business areas, Digital Services and its Workday Practice, is pleased to announce a further update on plans for its Belfast site, Bankmore Square, which it purchased in 2019.
In line with its previously announced strategy, the Company plans to develop a new headquarters building to accommodate existing staff in a single, environmentally sustainable, purpose-built office. The new 80,000 sq ft building will be able to support the CompanyÕs significant future growth plans and has the capacity to accommodate up to 3,000 people.
The revised design for the building will only require 50% of the existing site and, following a sale process, it is the CompanyÕs intention to dispose of the remainder of the land to QueenÕs University Belfast, who will use it to develop high quality student accommodation.
A further announcement will be made on the completion of the sale process.
The announcement of this update will allow Kainos to proceed with the selection of a contractor for the construction of the new office building. It remains the CompanyÕs intention to fund the construction using cash on the balance sheet and, subject to final design, costs and board approval, will represent a capital investment of between £27million and £30million in the new office complex.
Brendan Mooney, Chief Executive Officer of Kainos, said:
"The announcement today is another step towards the development of our new office in Belfast. Our new Bankmore Square development will provide us with a larger, more sustainable office that will bring all our colleagues together in a single location and, at the same time, provide significant capacity for our future growth.
ENDS
For further information, please contact:
Kainos via FTI Consulting LLP
Brendan Mooney, Chief Executive Officer
Richard McCann, Chief Financial Officer
Investec Bank plc +44 20 7597 5970
Patrick Robb / Ben Griffiths
Canaccord Genuity +44 20 7523 4606
Simon Bridges / Emma Gabriel
FTI Consulting LLP +44 20 3727 1000
Dwight Burden / Kwaku Aning
About Kainos
Kainos Group plc is a UK-headquartered IT provider, across two specialist business areas, Digital Services and the Workday Practice.
Our Digital Services division develops and supports custom digital service platforms for public sector, commercial and healthcare customers. Our solutions transform the delivery of these services, ensuring they are secure, accessible and cost-effective, and that they provide better outcomes for users.
Our Workday Practice is focused on the deployment of Workday Inc's Finance, HR and Planning software to leading organisations across the public, commercial and healthcare sectors. We are one of Workday's most respected partners, experienced in complex deployment and integrations and trusted by our customers to launch, test, expand and safeguard their Workday systems. We are also the leader in automated testing of customers' unique Workday configurations.
Our people are central to our success. We employ more than 2,600 people across 20 offices in Europe and the Americas.
We are listed on the London Stock Exchange (LSE: KNOS) and you can discover more about what we do and who we are at www.kainos.com.
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