NCC Group (NCC) CMD 2026 summary

Strategic direction and business transformation

• Completed transformation to a pure-play cybersecurity business, moving from fragmented boutiques to a unified, tech-enabled global platform with scalable operations and aligned processes.

• Divested non-core activities and redeployed capital into high-growth areas, both organically and inorganically, to drive efficiency and growth.

• Emphasized deep technical expertise, proprietary IP, regulatory accreditations, and trusted client relationships as key differentiators.

• Positioned as a trusted, full-cycle cyber services partner, supporting clients from risk assessment to incident response with global 24/7 delivery.

• Strategy leverages a scalable go-to-market model and a 1/4-20 approach to deepen client engagement, drive predictable growth, and improve mix and margin.

Market opportunity and growth drivers

• Addressable market estimated at £5-6bn in the UK, €23-25bn in Europe, and $55-60bn in the US for 2025, with only half currently penetrated by service providers; total TAM in UK, US, and Europe estimated at £45-50bn.

• Market expected to grow 8-10% per annum through 2030, with consulting, implementation, and managed services outpacing technical assurance.

• Significant opportunity for cross-sell and wallet share expansion, especially in underpenetrated EU and North American markets.

• AI adoption and digital transformation are key structural tailwinds, enabling automation and reinforcing the need for human-led assurance.

• Anticipates market consolidation, leveraging scale and diversity of offerings to capture growth.

Financial performance and operational resilience

• FY25 revenue reported at £227.4m with a gross margin of 36.6%; managed services contributed 34% of revenue.

• Consulting & Implementation grew 16.6% in FY25; managed services revenue per client up 24% over three years.

• UK is the largest and most diversified market (56% of revenue), with North America and EU offering substantial growth potential.

• EBITDA targeted at mid-teens margin and peer levels, with gross margins aiming for 40%+ through efficiency, AI, and global delivery.

• New financial framework targets like-for-like growth in established markets, expansion in developing markets, and increased recurring revenue.