Last checked at 17 Jun 2021 07:00
17 June 2021
NCC Group plcTrading update and Notice of Final Results
NCC Group plc, (LSE: NCC, "NCC Group" or "the Group"), the leading independent global cyber security and resilience advisor, is pleased to provide the following update in advance of publishing its preliminary results for the year ended 31 May 2021 (FY21).
The Board expects revenue for FY21 to be slightly ahead of the prior year and for Adjusted EBIT (subject to audit) to be towards the higher end of consensus expectations 1, owing to better than expected trading towards the end of the year.
For the current financial year (FY22), the Board expects higher revenue growth accompanied by increased global costs from inflationary pressures as well as a resumption in travel and office usage.
The Group has maintained its cash management discipline which has resulted in Net Cash 2 as at 31 May 2021 of c.£83m (May 2020: Net Debt £4.2m, November 2020: Net Cash £3.0m). This figure includes the net placing proceeds of £70.7m to part fund the acquisition of IPM 3 for $220m which completed on 7 June 2021.
Following the recent acquisition of the IPM business, the Group will now report constant currency performance metrics to enable a greater understanding of the Group's segmental performance.
The Group expects to report its preliminary results for the year ended 31 May 2021, on 5 August 2021. Management will host a presentation and Q&A session, details of which will be circulated ahead of the event.
Adam Palser, Chief Executive Officer, commented:
"The skill and determination of my colleagues in NCC Group have resulted in an excellent trading performance given the background of a global pandemic. I would like to thank them all for their contribution.
It is a pleasure to welcome our new team from the recent acquisition of Iron Mountain's IPM division. Joining forces transforms our Software Resilience business, making it a market leader, and we look forward with confidence to the future.
We will continue to invest in organic and inorganic growth opportunities, building on the strong foundations that we have put in place over the last three years to seize the opportunities presented by the ascendance of cybersecurity as a top priority for businesses globally."
Notes:
1 As outlined within the Consensus Forecasts 2021/22 as of 10 June 2021 that is available at www.nccgroupplc.com/investor-relations/results-media/. Adjusted EBIT consensus range amounts to £33.7m to £36.2m 2.
2 On a Pre-IFRS 16 basis.
3 To partially fund the acquisition of the Intellectual Property Management business (the "IPM Business") of Iron Mountain Inc. ("Iron Mountain"), comprising substantially all of the assets of Iron Mountain Intellectual Property Management, Inc. together with certain other assets of affiliates of Iron Mountain exclusively related to the IPM Business.
Enquiries
NCC Group +44 (0)161 2095432
Adam Palser, CEO
Tim Kowalski, CFO
Maitland AMO +44 (0)207 3795151
Neil Bennett
Sam Cartwright
About NCC Group
NCC Group exists to make the world safer and more secure.
As the leading independent global cyber security and resilience advisor, NCC Group is trusted by over 15,000 clients 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 businesses identify, assess, mitigate and respond to the evolving cyber risks they face.
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 2,000 colleagues in 12 countries, NCC Group has a significant market presence in North America, continental Europe and the UK, and a rapidly growing footprint in Asia Pacific with offices in Australia, Japan and Singapore.
www.nccgroup.com