Strong first quarter revenue growth at NCC Group
IT security firm NCC Group has seen strong demand for its services drive first quarter sales by 20%.
In the first four months of the financial year, group revenues grew by 20% to £35.6m, up from £29.6m. Organic growth accounted for 16%.
The Manchester firm’s escrow division provides software insurance services, allowing companies to protect against the collapse of a software developer by holding vital information, such as the software source codes.
It also operates an assurance business which protects IT systems from hackers.
In an interim management statement covering June to September the company said its “cornerstone” business, Escrow UK, saw revenue grow by 6%, ahead of 4% last September.
Elsewhere in the world there was also strong demand and organic revenue grew by 8%. This was particularly the case in the US where income grew by 14%. In the assurance division sales were up by 26%.
Chief executive Rob Cotton said: “We have performed well in our traditionally quietest quarter and are on course to deliver good levels of growth and profitability. It’s still early in the year but we remain on course to meet our expectations for the financial year to May 31, 2014.”
The group’s net debt has reduced to £28.8m from £31.7m. NCC is listed on the London Stock Exchange and employs 860 staff. It has a market value of around £325m.
