NCC Group Profit Tops Market Expectations, With Revenue of £280 Million and Ellis Appointment
Key Facts
NCC Group appointed Guy Ellis chief executive effective 27 October, succeeding Mike Maddison, as it expects adjusted EBITDA for the financial year ended 30 September 2026 to exceed market expectations. The group said full-year revenue would be in line with forecasts, putting the improvement in profit at the forefront of its financial update. It estimated group revenue at about £280.0 million and adjusted profit at about £36.0 million. It said its audited FY2026 results will be released on 10 December 2026. The announcement thus combines a leadership transition with a financial performance update, as the company continues to separate its former operations from its cybersecurity business.
In the cybersecurity division, NCC expects revenue of about £235 million, compared with £227.4 million in FY2025. It said this represents growth of 3.7% on a constant-currency basis, excluding non-core disposals from the comparison. The division’s gross margin is also expected to reach 38.4%, a record level and an increase of 1.8 percentage points. It estimated the division’s adjusted EBITDA at £16.3 million, equivalent to about 6.9% of its revenue. These figures relate to the cybersecurity division; the adjusted profit forecast for the group as a whole is £36.0 million.
The group expects net cash of about £53 million at 30 September 2026. It said it had completed 35% of its £15 million share buyback programme during the period. The programme follows a £170 million shareholder tender offer in August 2026, which was followed by an initial £40 million share buyback programme in April 2026. The company said the additional £15 million is being returned to shareholders through the current programme. It also said its cost-reduction and efficiency programme was progressing as planned, without providing an additional figure for its expected financial impact in the update.
The focus on cybersecurity follows the completion of the sale of Escode in May 2026, as NCC transforms into a cybersecurity specialist. But the operational separation had not been completed when the appointment was announced, with the transitional services agreement with the buyer scheduled to continue until 28 May 2027. In the eight months ended May 2026, Escode was expected to generate revenue of about £44 million and adjusted EBITDA of £19.7 million. These figures show the size of the business sold during the transition period, while the services arrangement continues until its specified end date. The completion of the strategic transformation is therefore coinciding with the ongoing separation arrangements related to Escode.
Ellis said his priorities include deepening customer relationships, expanding managed services capabilities and developing the company’s cybersecurity expertise. He added that his plan aims to drive profit by continuing to expand margins and reaching EBITDA margins in the mid-teens range. Andy Beaver, currently the group’s chief financial officer, is serving as interim CFO following Ellis’s move to the chief executive role. This arrangement gives Beaver temporary responsibility for financial affairs while Ellis transitions to leading the company. Meanwhile, the group said its financial outlook for the year ending 30 September 2027 remained unchanged.
In morning trading on 27 October, NCC shares fell 1.3% to 172.2 pence at 8:53 a.m. That was a price recorded during early trading, not a closing price. Market data showed the shares had risen in the previous two sessions, putting the morning move in its time context. The group is scheduled to announce its audited FY2026 results on 10 December 2026. It said it will provide a more detailed update on its growth strategy and upcoming opportunities alongside the results.