NCC names new CEO and predicts earnings ahead of expectations

NCC Group PLC on Tuesday appointed Guy Ellis as chief executive with immediate effect, succeeding Mike Maddison, and the firm forecast annual earnings ahead of market expectations.

The Manchester, England-based cyber security company said Maddison is stepping down after delivering its planned transformation.

Ellis first joined NCC as director of commercial finance in 2021, and became chief finance officer in 2023.

Andy Beaver, who was the group financial director, will replace Ellis as chief executive officer.

For the year ended September 30, NCC expects to report group revenue of about £280.0 million, down 8.3% from £305.4 million a year earlier. The figure includes revenue from Escode, its software escrow business, which was sold in May.

Escode generated about £44 million in revenue and £19.7 million in adjusted earnings before interest, tax, depreciation and amortisation during the eight months to May, NCC said.

Group adjusted Ebitda is expected to be £36.0 million, down 18% from £43.7 million a year earlier, but ahead of market expectations. The market forecast is £35.5 million, according to company-compiled consensus.

NCC expects revenue from its cyber division of about £235 million, up 3.7% from £227.4 million a year earlier on a constant currency basis and excluding non-core disposals.

Cyber gross margin is expected to reach a record 38.4%, up 1.8 percentage points, while adjusted earnings before interest, tax, depreciation and amortisation are expected to be £16.3 million, equivalent to about 6.9% of cyber revenue.

Net cash is expected to be about £53 million at September 30, before arrangement fees and excluding lease liabilities. It completed 35% of its £15 million share buyback programme during the period.

Chair Chris Stone said: "Today's trading update demonstrates the progress that has been made, with revenue growth, significantly improved profitability and a business that is increasingly focused on delivering sustainable shareholder value."

He added: "As the group moves forward, the board concluded, following an internal and external process, that Guy is the right person to lead NCC through this next chapter."

NCC said its planned cost and efficiency programme remained on track and its outlook for financial 2027 was unchanged.

NCC expects to publish its audited financial 2026 results on December 10.

Shares in NCC were down 1.0% at 172.60 pence on Tuesday afternoon in London.

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