Financial review continued
Alternative Performance Measures (APMs) continued Adjusted EBITDA and Adjusted operating profit 1 Adjusted EBITDA 1 and Adjusted operating profit 1,2 are reconciled to statutory measures below:
16 month period ended 30 September 2024 £m
Year ended 30 September 2025 £m
0.7
Operating profit/(loss) from continuing operations 3 Operating profit from discontinuing operations 3
(47.8)
24.9
28.6
25.6 11.9
Operating profit/(loss)
(19.2)
Depreciation and amortisation Amortisation of acquired intangibles
16.8 12.5 41.5
8.1
(1.9)
Individually Significant Items
Adjusted EBITDA 1,2
43.7
51.6
(20.0)
Depreciation, amortisation and amortisation charge on acquired intangibles
(29.3)
Adjusted operating profit 1,2
23.7
22.3
12 month period ended 30 September 2024 £m
Year ended 30 September 2025 £m
% change
16.7
Cyber Security (excluding Crypto and DetACT)
18.5
(9.7%)
(7.0)
Central and head office
(4.8)
(45.8%)
30.9
Escode (discontinued operations)
28.4
8.8%
Total Adjusted EBITDA 1,2 (excluding Crypto and DetACT)
40.6
42.1
(3.6%)
3.1
Crypto and DetACT
7.6
(59.2%)
Total Adjusted EBITDA 1,2
43.7
49.7
(12.1%)
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 (includes the £11.4m profit on disposal of Fox Crypto and £9.5m of re-organisation, strategic review of Escode costs and strategic review of the Cyber business costs). For further details, please refer to unaudited Appendix 1 and the Financial Review, which includes an explanation of APMs and adjusting items, along with a reconciliation to statutory information. 3 D uring the year, Escode incurred £6.8m (2024: £9.6m) of allocated head office overheads, which have been included within Escode’s administrative expenses. 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. Revenue summary Comparing the year ended 30 September 2025 with the prior 16 month period ended 30 September 2024, overall revenue is analysed as follows:
Constant currency 1 16 month
16 month period ended 30 September 2024 £m
Year ended 30 September 2025 £m
Year ended 30 September 2025 £m
period ended 30 September 2024 £m
% change at constant currency 1
% change at actual rates
238.9
238.9
Cyber Security revenue
342.1
(30.2%) (23.9%)
338.0
(29.3%) (22.8%)
66.5
66.5
Escode (discontinued operations)
87.4
86.1
Total revenue
305.4
305.4
429.5
(28.9%)
424.1
(28.0%)
Comparing year on year, overall revenue is analysed as follows:
Constant currency 1 12 month
Year ended 30 September 2025 £m
Year ended 30 September 2025 £m
Year ended 30 September 2024 £m
period ended 30 September 2024 £m
% change at constant currency 1
% change at actual rates
227.4
227.4
Cyber Security revenue (excluding Crypto and DetACT)
239.2
(4.9%) (52.1%)
236.8
(4.0%) (51.5%)
11.5
11.5
Crypto and DetACT
24.0
23.7
Total Cyber Security revenue Escode (discontinued operations)
238.9
238.9
263.2
(9.2%)
260.5
(8.3%)
66.5
66.5
66.0
0.8%
65.1
2.2%
Total revenue
305.4
305.4
329.2
(7.2%)
325.6
(6.2%)
NCC Group plc — Annual report and accounts for the year ended 30 September 2025 44
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