AGM Trading Statement
Escode sale on track for April completion; Cyber business shows second consecutive quarter of revenue growth; FY26 revenue expected to grow marginally.
- Escode enterprise value £275.0m
- Escode gross consideration £309.1m
- FY26 revenue growth marginal growth expected
- Escode and Cyber growth low single-digit growth
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NCC Group plc (LSE: NCC, 'NCC Group' or 'the Group'), will hold its Annual General Meeting (AGM) today at 1.00pm at the Company's Head Office, XYZ Building, 2 Hardman Boulevard, Spinningfields, Manchester, M3 3AQ. The Board is pleased to note the following:
| · | The sale of NCC's Escode business to TDR Capital LLP for total enterprise value of £275.0m, and an aggregate gross consideration of £309.1m (payable in cash and subject to completion adjustments), announced on 21 January 2026 , remains on track with completion expected no earlier than 30 April 2026, at which point the Board will announce plans for an additional substantial capital return. |
| · | The sale of Escode will create a pure-play global Cyber security and resilience business. Momentum continued in the Cyber business in Q1 FY26, delivering a 2 nd consecutive quarter of underlying revenue growth. |
| · | The Board anticipates that FY26 revenue (including recent non-core disposals) for the year ending 30 September 2026 will grow marginally, with Escode and Cyber experiencing low single-digit growth as the pipeline continues to build |
| · | FY26 Group Adjusted EBITDA (after the adjustments for non-core disposals) is also expected to be in line with the Board's expectations and the Board remains confident in delivering the Group's medium-term financial goals as it continues to improve operational discipline and transform the Cyber business. |
| · | Reflecting the Board's continued confidence in the prospects of the Group and the strength of the balance sheet, the Group's Share Buyback Programme continues as we utilise the authorities granted at the 2025 AGM for the purchase of up to 31,473,997 shares. The Group is seeking renewal of this authority at today's AGM. |
Capital Markets Event
The Group will host a Capital Markets Event for institutional investors and sell-side analysts, focusing on its Cyber business strategy on Friday 13 March 2026 from 11:00 to 13:00 (UK time).
The Capital Market Event will be hosted in-person at NCC Group's Manchester office at 2 Hardman Boulevard, Spinningfields, Manchester M3 3AQ and live-streamed via a webcast. A recording of the webcast will be made available on NCC Group plc's website (www.nccgroupplc.com) as soon as possible following the presentation. To register in-person or online attendance email NCCGroup-maitland@h-advisors.global.
Appendix 1 - FY26 NCC Profit Forecast
FY26 NCC Profit Forecast
This announcement (the "Announcement") includes the following statement:
FY26 Group Adjusted EBITDA (after the adjustments for non-core disposals) is expected to be in line with the Board expectations and the Board remains confident in delivering the Group's medium-term financial goals as it continues to improve operational discipline and transform the cyber business (the "FY26 NCC Profit Forecast").
Directors' confirmation
The NCC Board of Directors confirm that, as at the date of the Announcement, the FY26 NCC Profit Forecast remains valid and that it has been properly compiled on the basis of the assumptions set out below and that the basis of accounting used is consistent with NCC's accounting policies which are in accordance with UK-adopted International Accounting Standards and those that NCC applied in preparing its financial statements for the 12 months ended 30 September 2025.
Basis of preparation and principal assumptions
The FY26 NCC Profit Forecast is based upon internal NCC forecasts. In confirming the FY26 NCC Profit Forecast, the NCC Board of Directors have made the following assumptions in respect of the forecast period to 30 September 2026:
Factors outside the influence or control of the NCC Board of Directors:
| 1. | No material change in the political, economic and/or market environment that would materially affect NCC; |
| 2. | No material changes in market conditions over the period to 30 September 2026 in relation to either customer demand or competitive environment; |
| 4. | No material adverse change to NCC's commercial relationships; |
Factors within the influence or control of the NCC Board of Directors:
| 2. | No material change in dividend or capital policies of NCC; |
| 3. | No material changes to the senior leadership team of NCC that are not already announced; No material change in NCC's strategy; and |
| 4. | NCC's accounting policies will be consistently applied in the period to 30 September 2026. |
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