Financial review continued
Divisional performance continued Escode (discontinued operations) continued
Constant currency 1 6 month period ended 31 March 2025 £m
6 month period ended 30 September 2025 £m
6 month period ended 31 March 2025 £m
6 month period ended 30 September 2025 £m
% change at constant currency 1
% change at actual rates
21.0 12.2
22.0 11.3
Escrow contracts Verification services
(4.5%)
21.0 12.2
21.4 11.1
(1.9%)
8.0%
9.9%
Total Escode revenue
33.2
33.3
(0.3%)
33.2
32.5
2.2%
1 R evenue at constant currency is an unaudited Alternative Performance Measures (APMs) and not an IFRS measure. See unaudited Appendix 1 for an explanation of APMs and adjusting items, including a reconciliation to statutory information. Escode gross margin, by originating region, is analysed as follows:
16 month period ended 30 September 2024 £m
16 month period ended 30 September 2024 % margin
Year ended 30 September 2025 £m
Year ended 30 September 2025 % margin
% pts change
20.6 23.9
70.1% 72.6% 71.4%
UK
24.8 32.6
67.9% 2.2% 71.6% 1.0% 61.1% 10.3%
North America
3.0
Europe
3.3
Escode gross profit and % margin
47.5
71.4%
60.7
69.5% 1.9%
Escode gross margin, analysed year on year by originating region, is as follows:
12 month period ended 30 September 2024 £m
12 month period ended 30 September 2024 % margin
Year ended 30 September 2025 £m
Year ended 30 September 2025 % margin
% pts change
20.6 23.9
70.1% 72.6% 71.4%
UK
19.0 24.1
67.9% 2.2% 71.1% 1.5% 56.1% 15.3%
North America
3.0
Europe
2.3
Escode gross profit and % margin
47.5
71.4%
45.4
68.8% 2.6%
Escode gross margin has increased by +2.6% pts, with UK and North America increasing by +2.2% pts and +1.5% pts respectively and Europe increasing by +15.3%. This is due to the continued benefits arising from previous investments enabling Escode to achieve sustainable revenue growth and gross margin improvements. The improvement in gross margin was driven primarily by favourable price increases and operating efficiencies. Comparing the two halves of the year against their respective prior period comparatives, Escode gross profit by originating region is analysed as follows:
6 month period ended 31 March 2025 £m
6 month period ended 31 March 2025 % margin
6 month period ended 31 March 2024 £m
6 month period ended 31 March 2024 % margin
% pts change
10.2 11.7
68.5% 71.3% 70.0%
UK
9.5
67.9% 0.6%
North America
11.7
69.6%
1.7%
1.4
Europe
1.2
57.1% 12.9%
Escode gross profit and % margin
23.3
70.0%
22.4
68.1% 1.9%
6 month period ended 30 September 2025 £m
6 month period ended 30 September 2025 % margin
6 month period ended 30 September 2024 £m
6 month period ended 30 September 2024 % margin
% pts change
10.4 12.2
71.7% 73.9% 72.7%
UK
9.5
67.9% 3.8%
North America
12.4
72.5%
1.4%
1.6
Europe
1.1
55.0% 17.7%
Escode gross profit and % margin
24.2
72.9%
23.0
69.5% 3.4%
NCC Group plc — Annual report and accounts for the year ended 30 September 2025 52
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