London · Delayed Price · Currency is GBP · Price in GBX NCC Group Earnings Call Transcripts
Fiscal Year 2026
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Delivered strong H1 results with record gross margin, 4.1% revenue growth, and improved retention. Strategic transformation to a pure-play cyber business is complete, with significant capital returns planned and confidence in achieving mid-teens EBITDA by FY 2028.
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Revised summary: The business has transformed into a pure-play cybersecurity provider with scalable global operations and a diversified portfolio. The strategy focuses on managed services, consulting, deepening client relationships, leveraging AI, and improving margins. Management sees significant valuation upside as execution continues.
Fiscal Year 2025
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FY 2025 saw a challenging first half but a strong recovery in the second, with results meeting expectations. Escode delivered consistent growth, while Cyber returned to growth in Q4 and Q1 FY 2026. A share buyback of up to 10% is planned post-Escode review.
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Revenue declined 4.9% year-over-year, but profit before tax nearly doubled due to operational improvements and the crypto business disposal. Escrow delivered strong growth and margins, while cybersecurity is pivoting to higher-value, strategic projects with a robust pipeline for FY 2026.
Fiscal Year 2024
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Strong financial and operational progress with revenue and EBITDA growth, improved margins, and a more focused business. Strategic investments in new capabilities and global delivery underpin confidence in medium-term goals, despite lengthening sales cycles due to macro factors.
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Adjusted EBITDA rose to £42.1m despite a £10.7m revenue decline, driven by margin improvements and strong Managed Services growth. Net debt fell by £11.1m, and the group remains focused on expanding capabilities, sector reach, and geographic footprint.
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A global cyber resilience provider is leveraging a unified platform and proprietary technology to drive strong growth in managed services, with 88% recurring revenue and 36% YoY growth. Strategic partnerships, regional expansion, and a client-centric model underpin future opportunities and margin improvement.