Last checked at 2 Nov 2022 07:00
2 November 2022
NCC Group plc
AGM Trading Statement
NCC Group plc, a leading independent global cyber security and resilience provider, will hold its Annual General Meeting today at 1.00pm at the Company's Head Office, XYZ Building, 2 Hardman Boulevard, Spinningfields, Manchester, M3 3AQ.
Ahead of this, the Board is publishing an update on current trading.
The Group continues to generate double digit constant currency revenue growth in its Global Assurance division, and this growth is accelerating as the year progresses. The Group is also a net beneficiary of the strong dollar given the scale of its activities in the USA. Software Resilience has experienced a low single digit constant currency decline due to a recent sales reorganisation, which has stabilised, and revenue is now improving. Taken together the Group expects its first six months adjusted operating profit to be slightly ahead of prior year, even after taking into account the cost and trading impact of hosting our in person global NCC Conferences in June 2022 for the first time since 2019, events, which are already demonstrating their value in terms of colleague retention and commercial momentum. Given our solid platform, our strong sales pipeline and the momentum in the business, management expectations for the full year are unchanged, although we remain vigilant of any potential impact from current global economic uncertainty.
The Group will report its half-year results for the six months to 30 November 2022 on 2 February 2023 together with an update from recently appointed CEO, Mike Maddison on the Group's future strategy.
Mike Maddison, CEO, commented:
"We have had an encouraging start to the new financial year, and I look forward to presenting my plans to evolve and accelerate the Group's strategy in early February 2023. It is evident from my first few months that the Group has great potential, and I am excited to lead the business in creating further value for all our stakeholders."
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About NCC Group plc
NCC Group exists to make the world safer and more secure.
Our vision is to be the leading cyber resilience provider globally, trusted to protect and secure our customers' critical assets and sought-after for our complete people-led, technology-enabled cyber resilience solutions that enable our customers to thrive.
Our four values are: We work together; we are brilliantly creative; we embrace difference, and we take responsibility.
As global experts in cyber security and risk mitigation, NCC Group is trusted by over 14,000 customers worldwide to protect their most critical assets from the ever-changing threat landscape. With the company's knowledge, experience, and global footprint, it is best placed to help organisations assess, develop, and manage their cyber resilience posture. To support its mission, NCC Group continually invests in research and innovation, and is passionate about developing the next generation of cyber scientists. With over 2,400 colleagues in 12 countries, NCC Group has a significant market presence in North America, Europe and the UK, and a growing footprint in Asia Pacific with offices in Australia, Japan, and Singapore.
Cautionary note regarding forward-looking statement
This announcement includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks, assumptions, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by the Listing Rules, Disclosure and Transparency Rules and applicable law, the Group undertakes no obligation to update, revise or change any forward-looking statements to reflect events or developments occurring on or after the date such statements are published.