NCC Group revenue dips, EBITDA meets target

NCC Group revenue dips, EBITDA meets target

NCC Group reports annual revenue decline of 2.5% to £294m. The software escrow business grew, offsetting weaker cybersecurity performance. Gross margins improved slightly, with adjusted EBITDA meeting expectations, and the company plans a share buyback programme after December results….


NCC Group has reported an annual revenue of approximately £294 million for the year, marking a decline of about 2.5%. This decrease is attributed to growth in its software escrow business being counterbalanced by weaker performance in its cybersecurity segment.

The Escode division experienced a growth of around 2%, reaching £66.5 million, while revenue from cybersecurity fell by 4% to £227 million. The Manchester-based cybersecurity and software escrow company noted an improvement in performance during the second half of the year. During this period, Escode revenue increased by 2.5% compared to the first half, and the decline in cybersecurity narrowed to 1.5% from 6.3%.

Gross margins rose to 44.5%, an increase from 43.9% the previous year, as operational discipline and cost control measures helped mitigate the revenue decline. Escode achieved a margin of 71%, while cybersecurity recorded a margin of 36.5%.

The group expects adjusted EBITDA to be around £43.5 million, aligning with expectations, and concluded the year with net cash of approximately £13 million. The company, which was considering potential acquisitions earlier this year, stated that it is reviewing options for its Escode business, including a possible sale.

Regardless of the outcome, NCC Group intends to initiate a share buyback programme following the publication of its audited results on 11 December 2025. Despite the revenue drop, the company’s share price has risen by over 2% today to 147.6p. The business currently holds a market capitalisation of £464 million and employs around 2,200 staff globally.


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