NCC Group

NCC · Main Market · Technology · mcap £225m · 151.6p

NCC Group sells cyber security services such as testing, consulting and managed services to businesses and governments. Until May 2026 it also ran Escode, a software escrow business that holds code in trust for customers.

Target	Promise	Said	Status
2024
31 May 2024	Low single digit Escode revenue growth in second half of FY24	25 Jan 2024	◐ Partly kept
	“We are confident in delivering low single digit revenue growth in Escode in the second half” Result Escode grew 6.2% in H1 and recorded consecutive quarters of growth later, but no explicit H2 FY24 figure is in the cards. “Escode has now delivered thirteen consecutive quarters of revenue growth on a constant currency basis”21 Jan 2026 · Sale of Escode Business
FY24	Deliver £5m Group cost efficiencies in FY24	30 Nov 2023	✓ Kept
	“Delivery of £5m Group cost efficiencies for FY24 highlighted in September are being realised ahead of schedule” Result Gross margin improved and FY24 profit beat consensus; no later shortfall is reported, but the £5m is not confirmed explicitly. 20 Jun 2024 · FY24 Trading Update and Notice of Final Results
31 Oct 2024	Maintain 12-month dividend at 3.15p payable October 2024	20 Jun 2024	✓ Kept
	“To maintain a 12-month dividend of 3.15p payable in October 2024” Result The 12 months to May 2024 dividend was 3.15p; a 1.50p final dividend followed for the 16-month period. “We are also maintaining a 12-month dividend of 3.15p per ordinary share.”1 Aug 2024 · Unaudited results for the 12 months to 31 May 2024 “Maintaining dividend - 12-month dividend maintained at 3.15p and final dividend for the four-month period proposed of 1.5p which is in line with the historic six-month interim period dividends previously paid.”10 Dec 2024 · Preliminary audited results -16 months to 30/9/24
2025
31 Mar 2025	Fox Crypto net proceeds to clear Group net debt	1 Aug 2024	✓ Kept
	“The expected net proceeds of c.€74m (c.£62m) will clear Group net debt and facilitate organic and inorganic growth in the Group's Cyber Security business.” Result Sale completed March 2025; the group reported net cash of £0.3m. “Group net debt following this disposal as at 31 March 2025 is expected to be in the range of NIL - £3.0m.”28 Mar 2025 · Completion of non-core Fox Crypto business “This disposal has helped to eliminate Group borrowings, with net cash of £0.3m at 31 March 2025 compared to net debt of £53.5m at 31 March 2024.”19 Jun 2025 · Unaudited interim results for 6-months to 31/3/25
30 Sep 2025	Profitable growth with flat to low single digit revenue growth in FY25	10 Dec 2024	✗ Missed · target changed
	“management expects to deliver profitable growth across both businesses in the current financial year to 30 September 2025, with flat to low single digit revenue growth” Result June 2025 guidance was lowered to a marginal revenue decline, with Cyber down c.5%. FY25 revenue fell 2.6%. 11 Dec 2025 · Preliminary audited results for the year 30/09/25
2026
3 Mar 2026	Seek renewal of share purchase authority at AGM by 3 March 2026	21 Jan 2026	✓ Kept
	“the Company expects to seek renewal of the authority” Result All resolutions passed at the 3 March 2026 AGM. “At the Annual General Meeting ("AGM") of NCC Group plc (the "Company") held at 1.00 pm at the offices of NCC Group plc, XYZ Building, 2 Hardman Boulevard, Spinningfields, Manchester M3 3AQ, on 3 March 2026, shareholders duly passed all of the resolutions proposed.”3 Mar 2026 · Result of AGM “To authorise the purchase of own shares pursuant to s.701 of the Companies Act 2006 \| 232,945,564 \| 99.98%”3 Mar 2026 · Result of AGM
31 May 2026	Complete Escode sale after 30 April 2026 and announce a capital return	3 Mar 2026	✓ Kept
	“completion expected no earlier than 30 April 2026, at which point the Board will announce plans for an additional substantial capital return” Also stated 30 Apr 2026 Result Sale completed 29 May 2026 with a £185m return announced. “That it has completed the sale of NCC's Escode business to TDR Capital LLP ('TDR') for total enterprise value of £275.0m, and an aggregate gross consideration of £309.1m.”29 May 2026 · Completion of the sale of Escode “That the Company intends to return £185m to shareholders.”29 May 2026 · Completion of the sale of Escode
30 Sep 2026	Return Cyber Security to revenue growth in FY26	19 Jun 2025	… In progress
	“Current Cyber Security pipeline is building and we expect to return to revenue growth in FY26.” Result Not yet due.
30 Sep 2026	FY26: marginal revenue growth, Cyber growth mid to low single digits, EBITDA growing faster than revenue	11 Dec 2025	… In progress
	“The Board anticipates mid to low single-digit Cyber Security revenue growth for the full year ending 30 September 2026” Also stated 11 Jun 2026 Result Not yet due.
30 Sep 2026	Commence £15m share buyback programme shortly after the tender offer	2 Sep 2026	✓ Kept
	“the new share £15m share buyback programme is expected to commence shortly” Result The buyback was launched on 7 September 2026, running to 23 October 2027. “The Share Buyback Programme will be effective from the date of this announcement, and purchases of Ordinary Shares are expected to commence in the next few days.”7 Sep 2026 · Share Buyback Programme
Today · 10 Oct 2026
31 Dec 2026	Return £185m of Escode proceeds via £170m tender offer and £15m buyback	19 Jun 2025	◐ Partly on track
	“return £185 million to Shareholders by way of a £170 million Tender Offer and a new £15 million general share buyback programme” Also stated 21 Jan 2026 · 29 May 2026 · 7 Jul 2026 Status so far The £170m tender offer completed on 2 September 2026. The £15m buyback began in September 2026 and runs to October 2027. 7 Sep 2026 · Share Buyback Programme
2027
31 Jan 2027	£70m share buyback programme, expiring 31 January 2027	21 Jan 2026	… In progress
	“The purpose of the Share Buyback Programme is to reduce the Company's share capital and return capital to shareholders” Status so far Not yet due.
2028
30 Sep 2028	Cyber revenue growth of mid-single digit in FY27 and FY28	11 Jun 2026	… In progress
	“Cyber Security revenue growth of mid-single digit in FY27 and FY28” Status so far Not yet due.
30 Sep 2028	Mid-teens Cyber Adjusted EBITDA margin by end of FY28	11 Jun 2026	… In progress
	“Generating, mid-teens Adjusted EBITDA margins for Cyber (including Central and Head Office costs) by the end of FY28” Status so far Not yet due.
30 Sep 2028	Cut costs by c.£25m versus FY25 by FY28, with £7m in FY26	11 Jun 2026	… In progress
	“Reducing costs in gross margin and overheads to generate savings compared to FY25 of c.£25m in FY28” Status so far Not yet due.