Profits soar by more than 50% at cyber security firm

A firm which specialises in cyber security saw its profits rise by more than 50% to £17.8m as a result of a number of high-profile cases and the growing demand for its services.

Manchester based NCC said revenue from continuing operations globally increased by 7.6% to £250.7m. The firm has published its preliminary results.

Operating profit from continuing operations increased by 44.4% to £19.5m and adjusted operating profit increased by 9.4% to £33.7m.

Profit before taxation increased by 52.1% to £17.8m and adjusted profit before taxation increased by 9.2% to £32m.

The firm said it is in a strong financial position with effective cash management reducing net debt below prior-year to £20.2m.

Regulatory pressure and high-profile breaches continue to increase the strategic importance and value of cyber security in our target markets.

The company said it is looking forward to a dynamic year and expect full year trading to be in line with expectations.

Adam Palser, chief executive, added: “This has been a pivotal year in NCC Group’s transformation as we lay the foundations to enable us to compete and win globally, delivering on our mission to make the world safer and more secure.

“We have grown and strengthened our teams at all levels of the organisation, improved our financial and operational management, and with the accelerated deployment of our new systems the next version of NCC Group is rapidly taking shape.

“We look forward with confidence to a dynamic year where we consolidate our global propositions, develop our new cloud-resilience Escrow-as-a-Service offering, and improved performance in all our core businesses and markets.”

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