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
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
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	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