IT firm Kainos Group PLC re-appointed Brendan Mooney as its chief executive officer on Wednesday, just over a year after he stepped down from the position.

Mooney replaces Russell Sloan in the post, who leaves the Workday partner with ‘immediate effect’.

Mooney has worked for Kainos since 1989 and was CEO for more than two decades before he left the position in September of last year. Mooney led the provider of IT services to public sector, commercial and healthcare customers during its float in 2015.

Chair Rosaleen Blair said: ‘We are delighted to welcome Brendan back to the role of CEO. Having overseen a hugely successful period of growth for Kainos, he needs very little introduction to anyone connected with the group. Brendan’s knowledge of the group, its challenges and opportunities is unsurpassed and we look forward to a clear focus on a return to growth. I would also like to thank Russell for the enormous contribution that he has made to Kainos in his 25 years with the group. He played a key role in the development of Kainos. In his time with the business, it went from a small private company to an international business operating in over 20 countries. He leaves with our gratitude and respect and we wish him every success in the future.’

Kainos shares were up 6.2% at 853.00 pence each in London on Wednesday morning. The stock is down almost 25% since the end of last year, however.

The company, which helps customers deploy Workday software, had cut guidance twice in quick succession ahead of its half-year results.

Kainos said in September it expected only a small increase in revenue in the financial year to March 31, 2025, below market expectations at the time.

The firm had the market consensus for revenue at £415.5 million. In financial 2024, the firm posted revenue of £382.4 million.

Then in late-October, it said it expected annual revenue ‘moderately below current market consensus’, which at that point it put between £375.5 million and £392.0 million.

In its half-year results last month, it said pretax profit for the six months that ended September 30 was £34.2 million, up 11% from £30.9 million the year before. Revenue, however, fell 5.2% to £183.1 million from £193.2 million.

‘Our services businesses faced a tougher environment in the first half of the year in a generally soft market, and we remain cautious about our prospects for the remainder of the year. However, we continue to generate robust levels of profitability and looking to the medium term and beyond, we continue to see substantial growth opportunities across all our core markets,’ Sloan said in the half-year results.

Kainos left its outlook unchanged on Wednesday.

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