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NCC appoints new CFO; expects medium-term growth despite tough market

22nd Jun 2023 10:58

(Alliance News) - NCC Group PLC on Thursday said annual profit will land in line with its recently-lowered expectations, during a what was a mixed financial year for the Manchester-based cybersecurity company.

In addition, it said it has promoted Guy Ellis to chief financial officer.

NCC said that for the year ended May 31, revenue rose 5%. It had reported revenue of GBP314.8 million in financial 2022.

Assurance revenue alone rose 5% in the year just gone. NCC said assurance revenue jumped 18% year-on-year in the first-half, before falling 7% in the second, amid a reduction in spend from North American technology clients.

The firm added that software resilience revenue rose 6% for the full-year, helped by growth of 6.8% and 5% in the first and second halves, respectively.

NCC added that group full-year adjusted earnings before interest and tax are expected to amount GBP28.5 million, within the range of GBP28 million to GBP32 million announced in March. It would represent a 41% slide from GBP48.1 million a year earlier.

NCC in March had cut annual guidance amid a "further deterioration in the macro-economic and market environment". It warned buying decision delays and cancellations were being exacerbated by tech sector layoffs. Recent turmoil in the banking sector also has hit market confidence, resulting in a "reduced appetite" for spending on technology, NCC said.

In addition, NCC said it has promoted Ellis to CFO from his role as director of commercial finance, following the resignation of Tim Kowalski as group finance chief. Kowalski's resignation is effective from June 30, when Ellis will assume the position.

Chief Executive Mike Maddison said: "I am delighted that someone with Guy's commercial perspective, transformation experience and track record in organisations operating in fast-paced industries, has agreed to step up from within NCC Group and we are proud of this internal promotion."

Maddison said: "While the more challenging market conditions we announced in our March trading update have impacted the FY23 outturn, we are confident about the medium-term growth drivers for cyber and that progress on strategic actions will position the business to deliver greater growth and profitability in the current financial year and beyond."

NCC shares rose 3.5% to 90.00 pence each in London on Thursday morning.

By Harvey Dorset, Alliance News reporter

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