NCC revenue rises in H1 driven by UK cyber demand
The group completed the sale of Escode and confirmed it will remain an independent listed company
NCC Group has reported rising figures for the six months ending 31 March, as cybersecurity and managed services demand fuelled momentum.
Group turnover, excluding Fox Crypto, increased five per cent to £151.3m in the six months ending 31 March.
The Fox Crypto disposal was completed in March 2025, ahead of the organisation’s full pivot to cybersecurity.
The Manchester-HQ firm generated cybersecurity revenue of £118.4m, up 5.9 per cent on a constant currency basis, driven by a 12.5 per cent growth in the UK and APAC.
Adjusted EBITDA leapt 27.7 per cent to £23.5m, while cybersecurity adjusted EBITDA jumped 130.6 per cent to £8.3m.
"This has been a solid first half, with very clear progress made against our strategy and a trading performance in line with the board's expectations.
"I'm pleased that we're seeing a clear shift in the quality of our growth, with more predictable revenues and increasing traction in larger, higher-value engagements.
“This is reflected in strong performance in the UK, our largest and most diversified market, where we are seeing good momentum in higher-value work.”
NCC performance by geography and division
Cybersecurity earnings increased 5.9 per cent to £118.4m, accounting for 78.3 per cent of group revenue.
Its managed services top line spiked 4.7 per cent to £40m, while consulting and managed services combined represented 55.8 per cent of cyber revenue, up from 37.5 per cent in 2023.
According to NCC, this reflects a shift towards larger, multi-capability engagements and longer-term customer relationships across regulated industries and complex environments.
Within the unit, the strongest performance came from NCC’s UK and APAC operations, where cybersecurity earnings rose 12.5 per cent to £73.9m.
The company said the upward trend was primarily driven by its UK technical assurance services and consulting and integration capabilities.
European cybersecurity turnover grew 3.2 per cent to £19.5m on a constant currency basis.
On the other hand, North America’s cybersecurity revenue dipped 8.1 per cent to £25m, which NCC attributed to lower technical assurance services revenue from large technology clients.
Escode’s turnover increased 1.9 per cent on a constant currency basis to £32.9m prior to its disposal.
Divestment, sales and transformation
The announcement comes as NCC formally concluded a strategic review of its cyber business, which included exploring a potential sale of the company, and confirmed it will remain listed, with no ongoing discussions with potential buyers.
It also follows the completion of the sale of Escode to TDR Capital LLP in May for net cash proceeds of £262.8m.
The company said the move sharpens its focus on higher-margin cybersecurity services, while freeing up capital and simplifying its operating model.
Robert Robie announced yesterday on LinkedIn that he was taking the helm of the software escrow business.
“The steps we have taken to simplify and refocus the group are now translating into improved operational execution and financial performance,” explained Maddison.
"We've had many people across the business involved in the successful sale of Escode to its new owners, while maintaining high-quality delivery for our clients”
Outlook
Moving forward, NCC expects low to mid-single-digit cybersecurity revenue growth for FY26, with EBITDA growth forecast to outpace revenue as it continues to prioritise margin improvement and higher-value work.
The company also unveiled medium-term targets including mid-single-digit cybersecurity revenue growth in FY27 and FY28 and adjusted EBITDA margins in the mid-teens by FY28.
"The second half has also started well and we remain confident in the structural growth drivers of the cybersecurity market and in our positioning as a focused, scalable business,” added the CEO.