NCC Group said it was trading in line with expectations, despite a fall in profit and revenue for the first half of the year.
The Manchester-based cybersecurity and software group saw its adjusted operating profit drop to £4.8m (H1 2023: £12.9m), with its adjusted EBITDA down 35.5% to £15.6m. Group revenue fell 9.9% to £159.2m.
“The Group delivered a first-half financial performance in line with expectations while continuing to transform the business at pace,” stated Mike Maddison, Chief Executive Officer.
“We are emerging as a stronger, more resilient organisation, driven by our new executive team and colleagues.”
Within the business, it stated that its cyber security division had “stabilised”, while there was continued growth for its managed services – up 15.4%.
Digital Forensics and Incident Response (DFIR) saw growth of 32.8% – due to the growth of Ransomeware.
Escode, its software escrow business, delivered another two consecutive quarters of year-on-year, with constant year-on-year growth of +6.2%.
“I’m delighted to see Escode go from strength to strength and in Cyber I’m confident we’ve turned a corner with the Technical Assurance Services market stabilising,” continued Maddison.
“Importantly we continue to see predicted demand increasing in other areas which are central to our strategy, particularly Managed Services. Looking ahead, we are well placed for sustainable long-term growth as we deliver on our purpose to create a more secure digital future.”
The company said it “remained confident” in its ability to achieve its medium-term financial goals.
