17th Apr 2014 10:28
LONDON (Alliance News) - NCC Group PLC Thursday expressed confidence for maintaining double digit organic growth and strong cash generation in 2014, as it saw revenues rise in the ten months to end-March 2014.
NCC said it remained on course to meet its expectations for the full-year. Revenues were up 12% in the period to GBP90.4 million compared to GBP80.4 million. Organic growth was 10%, compared with 7% in the previous year, NCC said.
NCC continued to reduce its net debt to GBP27.3 million from GBP31.0 million as March 2013.
In its Escrow division, organic revenue was up 6%, including 6% revenue growth in the UK. In Assurance revenue rose 15%, 12% of which was organic, said NCC.
The Assurance divisions overall combined order book and renewals base was GBP30.6 million, compared to GBP29.7 million in the previous year.
Newly-formed division NCC Group Domain Services acquired its first top level domain .trust. The company said that registry of domains using .trust will be available from the start of September for pioneers, early adopters and trademark claims, and will be made generally available during November.
NCC has invested GBP4.0 in its project to become a domain registrar during the year-to-date. It said this investment will cost an additional GBP700,000 in the current year. NCC expects this division to become profitable in the financial year 2015/2016.
NCC said it was committed to gaining the rights to .secure, although the auction for this domain name will not take place until January 2015 at the earliest, it said.
Shares in NCC were trading up 4.1% at 178.00 pence Thursday morning. NCC will announce its full-year results July 3.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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