Financial review continued
Overview of financial performance continued Year ended 30 September 2025 compared to the 16 month period ended 30 September 2024 continued A profit before taxation of £20.6m (inclusive of Escode) for the year was recognised after incurring £1.9m (credit) of Individually Significant Items (including the profit on disposal of Fox Crypto, fundamental re-organisation costs and the strategic review of both the Escode and Cyber businesses). This profit before taxation was driven in part by the £11.4m gain on disposal of Fox Crypto, following completion during the year. This gave rise to a basic EPS of 5.6p and diluted EPS of 5.5p (2024: basic and diluted (10.4p)). Adjusted basic EPS 1 amounted to 4.7p and 4.6p (2024: basic and diluted 3.4p).
Net cash excluding lease liabilities 1 amounts to £13.1m (2024: net debt excluding lease liabilities 1 of £45.3m), reflecting the repayment of the Group’s borrowings following the successful completion of the Fox Crypto disposal. The Group’s Balance Sheet remains strong following the successful refinancing completed in April 2025. At that time, the Group entered into a new four year, £120m multi-currency revolving credit facility (RCF) with a syndicate of four banks and including an uncommitted £50m accordion option. This new unsecured facility replaces the previous £162.5m RCF due to expire in December 2026.
Year ended 30 September 2025 compared to pro forma 12 months to 30 September 2024 The following table summarises the results for the year ended 30 September 2025 compared to the unaudited 12 month pro forma period ended 30 September 2024.
Year ended 30 September 2025
12 month pro forma period ended 30 September 2024
Central and head office £m
Central and head office £m
Crypto and DetACT £m
Discontinued operations 3 : Escode £m
Crypto and DetACT £m
Discontinued operations: Escode £m
Cyber Security £m
Sub- total £m
Sub- total £m
Cyber Security £m
Sub- total £m
Sub- total £m
Group £m
Group £m
Revenue
227.4 — 227.4 11.5 238.9
66.5 305.4 (19.0) (169.5)
239.2
— 239.2 24.0 263.2 — (150.7) (15.0) (165.7)
66.0 329.2 (20.6) (186.3)
(144.1)
— (144.1) (6.4) (150.5)
Cost of sales
(150.7)
Gross profit
83.3 — 83.3 5.1 88.4
47.5 135.9
88.5
—
88.5 9.0 97.5
45.4 142.9
Gross margin % 36.6% — 36.6% 44.3% 37.0% 71.4% 44.5%
37.0%
— 37.0% 37.5% 37.0% 68.8% 43.4%
Administrative expenses 3 Share-based payments
(66.4) (4.4) (70.8) (2.0) (72.8)
(16.4) (89.2)
(69.9) (3.2) (73.1)
(1.4) (74.5)
(16.9) (91.4)
(0.2) (2.6) (2.8)
— (2.8)
(0.2)
(3.0)
(0.1)
(1.6)
(1.7)
—
(1.7)
(0.1)
(1.8)
Adjusted EBITDA 1,2
16.7 (7.0)
9.7 3.1 12.8
30.9 43.7
18.5 (4.8) 13.7 7.6 21.3
28.4 49.7
Depreciation and amortisation Amortisation of acquired intangibles Adjusted operating profit/(loss) 1,2 Individually Significant Items
(7.6) (3.1) (10.7) (0.2) (10.9)
(1.0) (11.9)
(8.5) (3.7) (12.2)
(0.1) (12.3)
(0.5) (12.8)
(0.9) (2.1) (3.0) (0.1) (3.1)
(5.0)
(8.1)
(1.1) (3.0)
(4.1)
—
(4.1)
(5.3)
(9.4)
8.2 (12.2) (4.0)
2.8 (1.2)
24.9 23.7
8.9 (11.5) (2.6)
7.5 4.9
22.6 27.5
(3.9)
5.8 1.9 — 1.9
— 1.9
(38.9)
—
(38.9)
—
(38.9)
(0.1) (39.0)
Operating profit/(loss)
4.3 (6.4) (2.1)
2.8 0.7
24.9 25.6
(30.0) (11.5) (41.5)
7.5 (34.0)
22.5 (11.5)
Operating margin %
1.9% N/A (0.9%) 24.3% 0.3% 37.4% 8.4%
(12.5%)
N/A (17.3%) 31.3% (12.9%)
34.1% (3.5%)
(5.0)
Finance costs
(6.3)
Profit/(loss) before taxation
20.6
(17.8)
(3.5)
Taxation
(7.3)
Profit/(loss) after taxation
17.1
(25.1)
EPS Basic EPS
5.6p
(8.1p)
Adjusted basic EPS 1,2
4.7p
5.2p
NCC Group plc — Annual report and accounts for the year ended 30 September 2025 42
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