Trading Update to 30 September 2024
Four-month revenue expected £104m, up 4% year-on-year, with adjusted operating profit of approximately £6m versus prior £1m loss.
vs expectations: ahead
- Revenue (four months) £104m (prior c.£100m (prior guidance))
- Revenue growth vs prior year c.4%
- Adjusted operating profit approximately £6m (prior c.£1m (loss) prior year)
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NCC Group plc (LSE: NCC, "NCC Group" or "the Group"), a people-powered, tech-enabled global cyber security and software escrow business, provides the following unaudited trading update for the four months ending 30 September 2024 (the "Period").
Our previous guidance for the Period outlined that we expected overall revenue to be in the region of c.£100m and adjusted operating profit of c.£3.5m (four months ending 30 September 2023: c.£1m adjusted operating loss).
Following our August close process, we are pleased to have experienced better-than-expected performance in our Cyber Security division during this historically quieter trading period of the calendar year. This has resulted in increased expectations for the Period, with overall revenue expected to be in the region of £104m, representing c.4% growth versus the equivalent period in 2023, and Group adjusted operating profit expected to be approximately £6m.
The Group will publish its audited Group results for the 16 months ending 30 September 2024 on 10 December 2024.
Mike Maddison CEO said:
"We have seen the benefit to gross margin from the actions we took over 12 months ago to align our global delivery and operational headcount. We continue to simplify our business, aligning ourselves to our client needs in a competitive marketplace, to generate profitable revenue growth and sustainable gross margins. Our transformation journey is ongoing, and we continue to build out our core Cyber Security capabilities and our separate Escode re-branded business, which both provide future growth opportunities to continue to enhance shareholder value."
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