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NCC Group (NCC) investor relations material
NCC Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary11 Dec, 2025
Executive summary
FY 2025 saw a challenging first half and a stronger second half, with results in line with board expectations and strategic progress in both Cyber and Escode businesses.
Two strategic reviews are ongoing: one for Escode and one for the cybersecurity business, with the latter independent of the Escode review.
The group is debt free, with a higher mix of recurring revenues and a flexible balance sheet.
The group operates globally, serving enterprise and SME clients across all sectors, focusing on operational resilience and compliance.
Financial highlights
Group revenue declined by 7.2% year-over-year to £305.4 million; Escode grew and Cyber improved in H2.
Gross margin improved by 1.1 percentage points to 44.5%, though absolute gross margin cash declined by £3.1 million due to lower revenue.
Adjusted EBITDA decreased by 12.1% to £43.7 million, mitigated by £1.6 million in-year cost savings and £4 million annualized savings from operational efficiencies.
Operating profit increased by £41.8 million year-over-year to £22.8 million, mainly due to a £40.9 million reduction in Individually Significant Items (ISI) charges.
Net cash position at year-end was £13.1 million, a significant improvement from net debt of £52.4 million three years ago.
Outlook and guidance
Confident in medium-term growth prospects for both businesses; Cyber expected to return to revenue growth in FY 2026, Escode to deliver low single-digit growth.
Adjusted EBITDA, excluding non-core disposals, expected to be in line with board expectations.
Dividend maintained for FY 2025; initial share buyback of up to 10% of share capital to commence after Escode review concludes.
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Frequently asked questions
NCC Group plc engages in cyber and software resilience business. The company operates through two segments: Assurance and Software Resilience. Its services include penetration testing, vulnerability assessments, ethical hacking, and managed security testing. NCC Group plc was founded in 1999 and is headquartered in Manchester, the United Kingdom.
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