NCC Group 'weathering the storm' despite 'delays, cancellations and disruption'

CEO says firm is "successfully weathering the COVID-19 storm"

NCC Group says its revenue and EBIT is "comfortably ahead" of analyst expectations despite disruption caused by the COVID-19 pandemic.

The cybersecurity provider said that COVID-19 will "continue to have an uncertain impact on demand throughout FY21", but added its managed services businesses "provide protection".

Analyst consensus is that revenue and EBIT will be £243m and £22.3m respectively.

Adam Palser, CEO at NCC said: "Thanks to the inspirational response of my NCC Group colleagues, coupled with the investments we have made in systems and processes as part of our Securing Growth Together transformation programme, NCC is successfully weathering the Covid-19 storm.

"During this period of uncertainty we have focused on the wellbeing of our people, continued to deliver high impact work to protect our customers from cyber threat and strengthened our balance sheet.

"I am very pleased with our performance and we stand ready to take advantage of opportunities as the global pandemic subsides."

NCC revealed that it has not made any "COVID-19 related" redundancies or furloughed any colleagues, while it has not used any government loan support.

The firm's net debt as of 31 May 2020 fell to less than £5m, compared to over £20m at the end of the previous fiscal year, as a result of the full draw down of a revolving credit facility.

NCC will publish its results for the year ending 31 May 2020 on 3 September.