Cyber security firm is on track for the rest of year

Cyber security and risk mitigation expert NCC said that it is trading is in line with market expectations.

The Manchester firm issued a trading update this morning.

The company said it expects to deliver full year results in line with current market expectations.

It added that the business is making good progress on its transformation programme, ‘Securing Growth Together’.

Revenue in the assurance division continues to grow at similar rates to those delivered in the first half of the year and headcount in the technical teams is at the levels needed to satisfy demand.

Sales in the Escrow division have decreased slightly over the year in the UK.

A statement from the firm said: “A strong focus on cash management has resulted in net debt at the year-end falling to £21m.

“This means net debt has more than halved when compared to the £45.1m reported in our half year results and is well below the prior year closing figure of £27.8m.

“We have further strengthened our financial position by renewing our existing revolving credit facility to £100m with a new five year term up to June 2024 on similar terms to our current arrangements. The existing arrangements were due to expire in November 2020.

“Our comprehensive systems upgrade programme continues on time and within budget. Salesforce, our new CRM system has just been launched in the UK and Europe and seven out of the nine remaining new systems are now operational in the UK and other territories, with the remainder due to roll out progressively over the next financial year.”

The group expects to report its preliminary results for the year to 31 May 2019, on 25 July 2019.