REG - NCC Group PLC - AGM Trading Statement

NCCAnnouncement

30/11/2023 07:15

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RNS Number : 1291V  NCC Group PLC  30 November 2023

30 November 2023

 

NCC Group plc

AGM Trading Statement

 

NCC Group plc, a people-powered, tech enabled global cyber security and
software escrow business, will hold its Annual General Meeting today at
9.00am at the Company's Head Office, XYZ Building, 2 Hardman Boulevard,
Spinningfields, Manchester, M3 3AQ.

 

Ahead of this, the Board is publishing an update on current trading.

The Group is trading in line with management expectations in the first half
and management expectations for the full year remain unchanged.

Within our Cyber business, Managed Services revenue has continued to grow
strongly whilst revenue in Technical Assurance has remained stable since the
reductions seen in H2 FY23. As planned, utilisation has improved in the first
half which has contributed to an improvement in the gross margin percentage.

Escode - our software resilience (Escrow) business has delivered another two
consecutive quarters of underlying year on year revenue growth driven by
increased verification revenues and contract pricing increases.

Delivery of £5m Group cost efficiencies for FY24 highlighted in September are
being realised ahead of schedule and net debt (exc. IFRS 16) has remained in
line with management expectations at the half year.

Progress continues with our Next Chapter strategy. Notably, since September,
we announced the appointment of Carolyn Hieken, as Chief Commercial Officer,
based in the US. Carolyn brings over 20 years of technology and cyber security
sales leadership experience and completes the formation of our Executive
Committee. In addition, as part of our focus on strategic alliances, a new
partnership has been established with TransUnion to provide cyber protection
to insurance customers at scale globally. Our Manila office is now operational
with an official opening in January 2024.

The Group will now report its half-year results for the six months to 30
November 2023 on 25 January 2024 rather than 1 February 2024, which was
previously announced.

Mike Maddison, CEO, commented:

"I'm delighted to have completed the formation of the new Executive leadership
- a team which has deep experience operating within the cyber security
industry. We are continuing to make good progress on all aspects of our Next
Chapter strategy, and our trading and outlook are in line with the
expectations outlined in September 2023."

Enquiries:

 NCC Group (www.nccgroupplc.com (http://www.nccgroupplc.com) )  +44 (0)7824 412 405
 Yvonne Harley
 H/Advisors Maitland                                            +44 (0)20 7379 5151
 Sam Cartwright

 

About NCC Group plc:

 

NCC Group is a people-powered, tech-enabled global cyber security and
software escrow business.

 

Driven by a collective purpose to create a more secure digital future, c.2,200
colleagues across Europe, North America and Asia Pacific harness their
collective insight, intelligence, and innovation to deliver cyber resilience
for over 14,000 clients across the public and private sector globally.

 

With decades of experience and a rich heritage, NCC Group is committed to
developing sustainable solutions that continue to meet clients' current and
future cyber security challenges.

 

 

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