Highlights for the year ended 30 September 2025
IFRS measures 1
Revenue (£m) £305.4m
Profit/(loss) before taxation (£m) £20.6m
Basic EPS (p) 5.6p
305.4
20.6
5.6
25
25
25
429.5
(27.5)
(10.4)
24
24
24
335.1
(4.3)
(1.5)
23
23
23
Alternative Performance Measures
Net cash/(debt) excluding lease liabilities 3 (£m) £13.1m
Adjusted operating profit 3 (£m) £23.7m
Adjusted EPS 3 (p) 4.7p
23.7
4.7
13.1
25
25
25
(45.3)
22.3
3.4
24
24
24
(49.6)
16.6
2.8
23
23
23
Highlights • Group revenue on a constant currency basis 3 (excluding non-core disposals 2 ) has declined by 2.6% to £293.9m with Escode experiencing growth of 2.2% to £66.5m, offset by a Cyber Security decline of 4.0% to £227.4m. • Revenue performance in H2 2025 on a constant currency basis 1 (excluding non-core disposals 2 ) for both Escode and Cyber Security improved from the position in H1 2025, with Escode H2 2025 growth of 2.5% vs H2 2024 compared to H1 2025 growth of 1.8% vs H1 2024, and Cyber Security H2 2025 decline of 1.6% vs H2 2024 compared to H1 2025 6.3% decline vs H1 2024. Escode has now delivered 12 consecutive quarters of year-on-year revenue growth and Cyber Security has returned to growth in Q4 FY25 providing momentum into FY26. • Gross margins (excluding non-core disposals 2 ) year on year have improved to 44.5% from 43.9% as the Group maintained operational discipline, with Escode gross margin improving by 2.6% pts at 71.4% and Cyber Security declining slightly by 0.4% pts to 36.6%. • The Group reported Adjusted EBITDA 3 (excluding non-core disposals 2 ) of £40.6m, down from £42.1m in the 12 months to 30 September 2024, in line with Board’s expectations (down from £51.6m for the 16 month period ending 30 September 2024 (including non-core disposals 2 )). • Profit before taxation grew to £20.6m from a loss of £17.8m in the year ended 30 September 2024, as a result of a reduction in non-core disposals 2 trading (£4.7m), underlying reduction in Adjusted EBITDA trading performance (£1.5m), a one-off profit (£11.4m in H1 2025) from the sale of our Fox Crypto business for a total consideration of £65.6m completed in March 2025, a reduction in other Individually Significant Items (£29.5m), excluding the £11.4m profit on disposal of Fox Crypto, reduction in depreciation and amortisation (£2.2m) and finance costs (£1.3m).
• The disposal of Fox Crypto in March 2025 was part of the strategic plan to simplify our business and focus on creating a pure play cyber service proposition for clients. It has also helped us transform our Balance Sheet to eliminate Group borrowings, with net cash of £13.1m at 30 September 2025 compared to net debt of £45.3m on 30 September 2024. In conjunction with our successful refinancing in April 2025 to a new four year, £120m multi-currency revolving credit facility (RCF) and an uncommitted £50m accordion option, this supports strategic options for a recently announced share buy-back programme and value enhancing M&A opportunities. • As announced on 28 April 2025, the Group confirmed that it was investigating several options for its Escode business, including a potential sale (‘Escode review’). If a transaction were to be successfully concluded it would enable the Group to consider a significant return of capital to shareholders over and above the recently announced share buy-back programme. The Board will provide updates as and when appropriate. • Further to the announcement on 16 July 2025, the Board confirms the process to review all options for the Group’s Cyber Security business also continues and is independent from both the process and outcome of the Escode review. Our focus remains on operational excellence and continuing our transformation journey as we ensure the operating model is aligned to support our clients and the underlying Cyber Security strategy. • The Board is proposing an unchanged final dividend of 3.15p per ordinary share, marking 20 consecutive years of dividend payments for shareholders. • The Board anticipates that revenue (including recent non-core disposals 2 ) for the year ended 30 September 2026 is expected to grow marginally, with Escode and Cyber Security experiencing low single-digit growth as pipeline continues to build. FY26 Group Adjusted EBITDA 1 (after the adjustment for non-core disposals 2 ) is expected to be in line with Board expectations – growing faster than revenue and the Board remains confident in delivering the Group’s medium-term financial goals as it continues to improve operational discipline and transform our cyber security engine.
1 T he statutory results for the audited year (and the audited prior period of 16 Months to 30 September 2024) present the Group’s Escode business as discontinued operations. Therefore, the tables below show the Group’s continuing operations results, with Escode added back to ensure full comparability of the Group’s performance.
2 Non-core disposals refer to the disposals of Fox-IT Crypto and Fox DetACT. The disposal of Fox-IT Crypto and Fox DetACT completed on 28 March 2025 and 30 April 2024 respectively.
3 R evenue at constant currency, Adjusted EBITDA, Adjusted operating profit, Adjusted basic EPS, net cash/(debt) excluding lease liabilities and cash conversion are Alternative Performance Measures (APMs) and not IFRS measures. See unaudited Appendix 1 and this Financial Review for an explanation of APMs and adjusting items, including a reconciliation to statutory information.
NCC Group plc — Annual report and accounts for the year ended 30 September 2025 1
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