Worst results19 Jan 2018 09:51
These are the worst ever numbers from NCC Group since they joined the market which the market has spotted.
The Group always produced 15-20% organic growth year in, year out. Revenue growth was pathetically low in Escrow and not even double digit in Assurance where the market is the strongest it has ever been.
They have failed to sell 2 business one of which had been trailed as being for sale to investors before Stone arrived and with an expanded cost base delivering “strategic” change, which according to people close to the company, was already in play long before the change of management, this is a dismal performance especially after the year end numbers were “kitchen sinked” and forecasts already included the office move.
It is clear the company is not being run well and is full of ego and in fighting. The market nor the employees like Stone or Tenner (apparently the entire finance team has left) as neither have the suitable people skills to run the Group. This has manifested in recruiting a awkward sounding ex Quinetiq middle manager as CEO.
The best hope is PE or another IT services company take them over quickly.