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Trading Update and Notice of Final Results

11/06/2019
RNS Number : 7424B
NCC Group PLC
11 June 2019
 

11 June 2019

 

NCC Group plc

Trading Update and Notice of Final Results

 

NCC Group plc, (LSE: NCC, "NCC Group" or "the Group"), the leading independent global cyber security and risk mitigation expert, is pleased to provide the following update in advance of publishing its preliminary results for the year ending 31 May 2019.

 

Trading Update

 

The Board expects to deliver full year results in line with current market expectations. We are also pleased to report that the Group is making good progress on its transformation programme, 'Securing Growth Together'.

 

Revenue in the Assurance division continues to grow at similar rates to those delivered in the first half of the year and global headcount in the technical teams is now at the levels needed to satisfy future demand. While sales in the Escrow division have decreased slightly over the year in the UK, a focus on recruitment means that the UK sales team enters the new financial year at full strength. We have launched our new "Escrow-as-a-Service" product recently, aimed at the fast-growing Cloud software market and have been encouraged by the initial customer response.

 

A strong focus on cash management has resulted in net debt at the year-end falling to c.£21m. This means net debt has more than halved when compared to the £45.1m reported in our Half Year results and is well below the prior year closing figure of £27.8m.

 

We have further strengthened our financial position by renewing our existing revolving credit facility to £100m with a new five year term up to June 2024 on similar terms to our current arrangements. The existing arrangements were due to expire in November 2020.

 

Our comprehensive systems upgrade programme continues on time and within budget. Salesforce, our new CRM system has just been launched in the UK and Europe and 7 out of the 9 remaining new systems are now operational in the UK and other territories, with the remainder due to roll out progressively over the next financial year.

 

Notice of Final Results

 

The Group expects to report its preliminary results for the year to 31 May 2019, on 25 July 2019.

 

11 June 2019

 

Enquiries: 

NCC Group ( www.nccgroup.com )

+44 (0)161 209 5432

Adam Palser, CEO


Tim Kowalski, CFO




Maitland AMO


Neil Bennett / Al Loehnis

+44 (0)20 7379 5151

 


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