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NCC Group (NCC) investor relations material
NCC Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Interim unaudited results to 31 March 2025 show a 4.9% revenue decline, but profit before tax nearly doubled, driven by cost control and a one-off £11.3m gain from the Fox Crypto disposal, resulting in a debt-free balance sheet.
Escode (S Code) achieved ten consecutive quarters of revenue growth and improved gross margin; options for its sale are being explored, potentially enabling a return of capital to shareholders and further investment in cybersecurity.
The group is pivoting from low-value, transactional work to larger, strategic projects, with a focus on recurring revenues and deeper client relationships.
Cyber Security business faces pressure from challenging client investment environments but shows growth in managed services and strategic investment areas.
Market tailwinds include escalating cyber threats, increased regulation, and a global talent shortage, positioning the group well for future growth.
Financial highlights
Group revenue declined 4.9% year-over-year at constant currency to £156.8m; Cyber Security revenue down 6.6%, Escode up 1.8%.
Gross margin improved by 0.4 percentage points year-over-year to 43.2%.
Adjusted EBITDA was £21.5m, down 15.7% year-over-year; adjusted EBITDA margin declined by 1.6 percentage points.
Profit before tax increased by 97.6% to £16.6m, driven by cost management and the Fox Crypto disposal.
Net debt eliminated, with net cash of £0.3m at period end, compared to net debt of £53.5m a year earlier.
Outlook and guidance
FY25 adjusted EBITDA expected to remain in line with previous guidance, with gross margins maintained.
Group revenues (excluding non-core disposals) expected to decline marginally, with single-digit growth for Escode and Cyber Security to decline ~5%.
Cyber Security pipeline is building, with revenue growth expected to return in FY26.
Ongoing discussions regarding potential Escode divestment, which could enable significant capital return to shareholders.
Next NCC Group earnings date

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