11th Jun 2019 09:33
LONDON (Alliance News) - NCC Group PLC on Tuesday said it grew its headcount in its most recently ended financial year as well as significantly reduced its debt.
The cyber security company said it expects to deliver results for the year to the end of May in line with market expectations, as it progresses on its transformation programme.
NCC's revenue in the Assurance division continued to grow at similar rates as the first half of the year, it said, and global headcount in the technical teams is now at the levels needed to satisfy future demand.
Meanwhile, sales in the Escrow division have decreased slightly over the year in the UK.
"We have launched our new escrow-as-a-service product recently, aimed at the fast-growing cloud software market and have been encouraged by the initial customer response," NCC said in its statement Tuesday.
The company said its net debt at the year-end stood at GBP21 million, more than halved from the GBP45.1 million reported in first half, and down from GBP27.8 million reported at the end of May 2018.
NCC highlighted that it has further strengthened its financial position by renewing its existing revolving credit facility to GBP100 million with a new five-year term up to June 2024. The existing arrangements were due to expire in November 2020.
NCC shares were trading 4.5% higher on Tuesday morning at 167.20 pence each.
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