When comparing H2 2025 performance to H1 2025, the following table summarises the gross margin trajectory:
6 month period ended 30 September 2025 £m
6 month period ended 30 September 2025 % margin
6 month period ended 31 March 2025 £m
6 month period ended 31 March 2025 % margin
% pts change
10.4 12.2
71.7% 73.9% 72.7%
UK
10.2 11.7
68.5% 3.2% 71.3% 2.6% 70.0% 2.7%
North America
1.6
Europe
1.4
Escode gross profit and % margin
24.2
72.9%
23.3
70.0% 2.9%
Overall Escode gross margin has increased by 2.9% in H2 2025 compared to H1 2025. This is predominantly driven by an improvement in UK and North America Escode which have increased by 3.2% and 2.6% respectively. These improvements continue to reflect an increased shift towards a more global operating model for Escode, following the change in sales team structure during the year.
Individually Significant Items During the year, the Group has incurred a £1.9m credit in Individually Significant Items (ISIs) (2024: £41.5m) as follows:
Finance costs The Group’s finance costs (including discontinued operations of £0.1m) for the year ended 30 September 2025 were £5.0m (2024: £8.3m). This annualised reduction in finance costs resulted from the Group’s repayment of external borrowings part way through the year, following the receipt of gross cash proceeds of £65.6m from the completion of the Fox Crypto disposal in March 2025. Finance costs include lease financing costs of £1.1m (2024: £1.7m), with a reduction due to the Group’s property rationalisation. FY26 finance costs are expected to amount to c£1.8m, following the Group’s expected net cash position. Taxation The Group’s effective statutory tax rate is 17.0% (2024: 18.2%), with the Group’s adjusted tax rate is 22.5% (2024: 24.3%).
2025 £m
2024 £m
3.9
Fundamental re-organisation costs Costs associated with strategic review of Escode business Costs associated with strategic review of Cyber business
9.4
3.8
0.1
1.8
—
—
Profit on disposal of DetACT/DDI North America Cyber Security goodwill impairment Transaction costs of Fox Crypto
(1.5)
— —
31.9
1.6
Total ISIs (excluding profit on disposal of Fox Crypto)
9.5
41.5
Earnings/(loss) per share (EPS)
(11.4)
Profit on disposal of Fox Crypto
—
16 month period ended 30 September 2024
Year ended 30 September 2025
Total ISIs
(1.9)
41.5
The £11.4m gain on disposal of Fox Crypto recognised in the year ended 30 September 2025 is calculated as cash consideration of £65.6m, less net assets disposed of £52.3m, and less £2.0m of transaction costs incurred during the year. The difference between the £11.4m gain recorded in the year and the £9.8m overall gain (see Note 31) reflects £1.5m of transaction costs incurred in the 16 month period ended 30 September 2024, which are not included in the current year. In addition, £0.1m of TSA income has been accrued during the year. As this represents a material gain on disposal, it has been separately disclosed on the face of the Groups statutory consolidated Income Statement. ISIs also include £3.9m (2024: £9.4m) of fundamental re-organisation costs as we continue to reshape the Group in line with its strategy, with the current intention to complete the final phase by December 2025. However, this will continue to be monitored as the transformation strategy progresses as we ensure the operating model is market aligned, and delivery is focused to support the underlying Cyber Security business strategy. £3.8m (2024: £0.1m) of professional fees in relation to the ongoing strategic review of Escode have also been incurred during the year. Regarding the strategic review of Cyber (the “Cyber Review”), professional fees of £1.8m (2024: £nil) have been incurred during the year.
Statutory Statutory profit/(loss) for the year/period from continuing operations Basic earnings/(loss) per share Diluted earnings/(loss) per share Adjusted 1 Adjusted profit for the year/period
17.1 5.6p 5.5p 14.5 4.7p 4.6p
(32.5) (10.4p) (10.4p)
10.6 3.4p 3.4p
Basic EPS Diluted EPS
Weighted average number of shares (million) Basic
307.1 312.3
311.7 313.2
Diluted
1 S ee Note 3 of the Consolidated Financial Statements for the composition of how the Group’s statutory profit/(loss) for the year/period is comprised between continuing operations and discontinued operations.
NCC Group plc — Annual report and accounts for the year ended 30 September 2025 53
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