This approach continues to support comparability of the Group’s new year end performance (following the year end change in FY24) and, importantly, provides visibility on the current trajectory. Year ended 30 September 2025 compared to the 16 month period ended 30 September 2024 The following table summarises the Group’s performance for the year ended 30 September 2025, following the results for the 16 month period ended 30 September 2024, which reflected the Group’s change in financial year end to 30 September in the prior period. The results for the year (and the prior period) present the Group’s Escode business as discontinued operations. Therefore, the table below shows the Group’s continuing operations results, with Escode added back to ensure full comparability of the Group’s performance. During the year ended 30 September 2025, the Group explored a number of options for its Escode business, including a potential sale, eventually initiating an active programme to locate a potential buyer. As at 30 September 2025, the sale was considered highly probable, so the related assets and liabilities were reclassified as held for sale. Since Escode is a separate major line of business and classified as held for sale, it is presented also presented as a discontinued operation.
Year ended 30 September 2025
16 month period ended 30 September 2024
Central and head office £m
Continuing operations 3 : Sub-total £m
Discontinued operations 3 : Escode £m
Central and head office £m
Continuing operations 3 : Sub-total £m
Discontinued operations 3 : Escode £m
Cyber Security £m
Cyber Security £m
Group £m
Group £m
Revenue
238.9
— 238.9 — (150.5)
66.5 305.4 (19.0) (169.5)
342.1
— — — —
342.1
87.4 429.5
(150.5)
Cost of sales
(224.1)
(224.1)
(26.7)
(250.8)
Gross profit
88.4
— 88.4
47.5 135.9
118.0 34.5%
118.0
60.7
178.7
37.0% — 37.0% 71.4% 44.5%
Gross margin %
34.5% 69.5% 41.6%
(68.4)
(4.4) (2.6)
(72.8)
(16.4) (89.2)
Administrative expenses 3 Share-based payments
(97.3)
(3.4) (2.0)
(100.7)
(24.1) (0.2)
(124.8)
(0.2)
(2.8)
(0.2)
(3.0)
(0.1)
(2.1)
(2.3)
Adjusted EBITDA 1,2
19.8
(7.0)
12.8
30.9 43.7
20.6
(5.4)
15.2
36.4
51.6
Depreciation and amortisation
(7.8)
(3.1)
(10.9)
(1.0)
(11.9)
(10.9)
(5.3)
(16.2)
(0.6)
(16.8)
Amortisation of acquired intangibles Adjusted operating profit/(loss) 1,2 Individually Significant Items
(1.0)
(2.1)
(3.1)
(5.0)
(8.1)
(1.4)
(4.0)
(5.4)
(7.1)
(12.5)
11.0
(12.2)
(1.2)
24.9 23.7 — 1.9
8.3
(14.7)
(6.4)
28.7
22.3
(3.9)
5.8
1.9
(41.4)
—
(41.4)
(0.1)
(41.5)
Operating profit/(loss)
7.1
(6.4)
0.7
24.9 25.6
(33.1)
(14.7)
(47.8)
28.6
(19.2)
3.0% N/A 0.3% 37.4% 8.4%
Operating margin %
(9.7%)
N/A (14.0%)
32.7% (4.5%)
(5.0)
Finance costs
(8.3)
Profit/(loss) before taxation
20.6
(27.5)
(3.5)
Taxation
(5.0)
Profit/(loss) after taxation
17.1
(32.5)
EPS Basic EPS
5.6p 4.7p
(10.4p)
Adjusted basic EPS 1,2
3.4p
1 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. 2 T he Group reports only one adjusted item: Individually Significant Items (which includes the £11.4m profit on disposal of Fox Crypto and £9.5m of fundamental re-organisation, strategic review of Escode and strategic review of the Cyber business costs). For further details, please refer to unaudited Appendix 1 and this Financial Review, which include an explanation of APMs and adjusting items, along with a reconciliation to statutory information. 3 M anagement have allocated £6.8m of these costs to Escode which have been included within the administrative expenses above. To reconcile to Escode’s statutory operating profit, these costs are reallocated to central and head office administrative expenses in accordance with the requirements of IFRS 5 on discontinued operations. This is due to the fact that if an operation is disposed of, the relevant central overheads may not decrease in the short term.
continued shift in the service mix, as Managed Services accounts for a growing proportion of overall revenue at a higher margin. This has also been boosted by an improvement in Escode gross profit margin, increasing to 71.4% from 69.5% due to the continued benefits arising from previous investments within Escode. Administrative expenses (excluding share-based payments, depreciation and amortisation, and amortisation of acquired intangibles) have decreased from £124.8m in the 16 month period ended 30 September 2024 to £89.2m. This is predominantly driven by lower payroll related costs on the basis we are comparing a 12 month period to a 16 month period.
On the basis we are comparing a 12 month period to a 16 month period, revenue decreased by 28.0% on a constant currency basis (actual rates: 28.9%), with total Cyber Security revenue decreasing 29.3% on a constant currency basis (actual rates: 30.2%) and Escode decreasing by 22.8% on a constant currency basis (actual rates: 23.9%). Encouragingly, when you directly compare our overall gross margins, we have improved since the 16 month period ended 30 September 2024 with gross margin percentage increasing to 44.5% (2024: 41.6%). This +2.9% pts in gross margin is driven by improved utilisation and operational efficiencies within Cyber Security, together with a
NCC Group plc — Annual report and accounts for the year ended 30 September 2025 41
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