Dividend We are recommending an unchanged final dividend of 3.15p (2020: 3.15p) per ordinary share, making a total for the year of 4.65p (2020: 4.65p), with our dividend policy continuing to remain under review. The final dividend will be paid on 12 November 2021, subject to approval at the AGM on 4 November 2021, to shareholders on the register at the close of business on 15 October 2021. The ex‑dividend date is 14 October 2021.
customers, an investor survey and shareholder engagement throughout the recent acquisition, and physical and mental wellbeing programmes for all our colleagues.
Further details on stakeholder engagement are provided on pages 49 to 52
Colleagues We will always be a people-centric business and our technical colleagues are at the core of our customer offer, supported by agile sales and back-office functions. Our colleagues have continued to show their commitment and resilience throughout the pandemic in delivering excellent service to our customers and pursuing our mission, vision and objectives relentlessly. We seek to provide meaningful and rewarding career paths for all our colleagues. Following our colleague engagement survey, we will continue to create a great place to work and focus on becoming the employer of choice in our markets. We are also embracing more flexible ways of working and intend to continue with that flexibility as we anticipate returning to a hybrid office/remote way of working. In addition, through our colleague resource groups that create conversations inherent to an inclusive culture, we continue making NCC Group an organisation where everybody feels safe to be their authentic selves.
Board composition There have been no changes to the Board during the year.
Further details on our Board composition are provided on pages 78 to 86
Board governance and effectiveness As Chair, I am responsible for providing leadership to ensure that the Board operates effectively in all aspects of its performance. We have an established and experienced Board, which actively oversees the Group’s strategic development, monitors the delivery of its business objectives and considers risks and mitigating actions. Our performance and decisions made during this global pandemic are testament to the Board’s effectiveness.
Further information on risk management and the key risk identification procedures is set out on pages 40 to 48
Further details on this are provided on page 50
During the year, we have been further embedding the requirements of the UK Corporate Governance Code 2018 (the ‘Code’), particularly the renewed focus on identifying and engaging with all our stakeholders in a remote world. During the year we complied with all other aspects of the Code with the exceptions that our CEO and CFO pensions were not in alignment with our general colleague population, we do not have post-employment shareholding guidelines and we did not engage with the workforce to explain how executive remuneration aligns with the wider Company pay policy. The first of these three areas of non- compliance will be resolved following our 2021 AGM and subject to shareholder approval of our new Directors’ Remuneration Policy. We recognise that we still have much progress to make in terms of improving the diversity of the Board and our Executive Team (and indeed our workforce as a whole). With that in mind, during the year we have made the commitment that by 2024, we will have at least 33% female representation on our Board and at least one person of colour. Although this is best practice for FTSE 350 companies, we will commit to this target regardless of which share index we are in. Please see the Corporate Governance Statement starting on page 70 for further information Executive management composition It has been a delight to welcome Inge Bryan as Managing Director for NCC Group’s European Assurance operations, who joined us after a remarkable career in cyber and security. Inge previously held roles with the Dutch National Police and the General Intelligence and Security Service of the Netherlands and served as Home Affairs Counsellor in the Royal Netherlands Embassy in Paris. Before she joined NCC Group Inge was part of the cyber security leadership team with Deloitte Risk Advisory, securing the critical infrastructure of the Netherlands, including central government. In 2019 she was listed in the top 100 most influential women in the Netherlands and one of the 50 most inspiring women in tech.
On behalf of the Board, I therefore offer our sincere thanks and appreciation to all of the Group’s colleagues for their continued resilience and professionalism in delivering this performance. As a Board, we also welcome our new colleagues from the IPM business as we look to the future with enduring confidence. Sustainability NCC Group recognises the importance of an environment, social and governance (ESG) framework that underpins our operations as a key indicator of the Group’s sustainability and ethical impact. The Group has developed an ESG framework which continues to evolve. Examples of progress to date include the ongoing review of key policies and maintaining our corporate governance and decision-making structures through the “move to remote” during the pandemic. In addition, we continue to foster partnerships that support the development of future diverse cyber talent and we encourage engagement from colleagues and our external stakeholders around our four focus areas of gender, LGBTQIA+, race and ethnicity and neurodiversity.
Further details on sustainability are provided on pages 53 to 68
Outlook • For the current financial year (FY22), the Board expects higher revenue growth partially offset by increased global costs from inflationary pressures as well as a resumption in travel and office usage • Our medium-term objectives continue to be double-digit revenue growth in Assurance and sustainable revenue growth in Software Resilience • We are recommending an unchanged final dividend of 3.15p (2020: 3.15p) per ordinary share
Chris Stone Non-Executive Chair 14 September 2021
Further details on our executive management composition are provided on pages 76 and 77 Stakeholder engagement
2 S ee Note 3 for an explanation of Alternative Performance Measures (APMs) and adjusting items. Further information is also contained within the Chief Financial Officer’s Review and the Glossary of terms on pages 187 and 188. 3 S ee Note 34 for an explanation of the prior year restatement recognised in relation to the adoption of the IFRIC agenda decision on cloud configuration and customisation costs in April 2021.
Successful stakeholder engagement is a key area of focus for NCC Group, especially during these remote and challenging times. During the year, we have engaged with our customers, our colleagues, our network and our shareholders. Certain highlights include the CyberUp Campaign, our “working together” approach with our
NCC Group plc — Annual report and accounts for the year ended 31 May 2021
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