NCC Group upgrades full-year expectations

Cyber security advisor NCC Group upgraded its full-year expectations on Thursday following better-than-expected trading towards the end of the year.

The company now expects revenue for FY21 to be slightly ahead of the prior year, while adjusted earnings before interest and tax are set to be towards the higher end of consensus expectations of between £33.7m and £36.2m.

For the current financial year, NCC expects higher revenue growth accompanied by increased global costs from inflationary pressures as well as a resumption in travel and office usage.

The group said it has maintained its cash management discipline, resulting in net cash of around £83m as at 31 May versus net debt of £4.2m at the same time a year ago. This figure includes the net placing proceeds of £70.7m to part fund the acquisition of IPM, which completed earlier this month.

Chief executive officer Adam Palser said: "We will continue to invest in organic and inorganic growth opportunities, building on the strong foundations that we have put in place over the last three years to seize the opportunities presented by the ascendance of cybersecurity as a top priority for businesses globally."