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Monday 09 May 2022

NCC announce new CEO and strong H2

NCCManchester based Cyber security and risk mitigation specialist NCC Group has announced the appointment of Mike Maddison as Chief Executive Officer following Adam Palser's decision to step down after more than four and a half years in the role. Maddison is currently head of EY's cyber security, privacy, and trusted technology practice for EMEA, a role he has held since 2017. Maddison will join the Board on 1 August 2022.

NCC also provided a trading update for FY22 (to year end 31 May 2022), revenues in H2 are expected to be substantially higher than both the prior year period and H1 on a constant currency basis, driven by the acquisition of IPM for c.$220m in June 2021 - See NCC Group boosts flagging escrow business with IPM buy, as well as accelerating Assurance revenue growth. Full year Revenue and adjusted EBIT are anticipated to be in line with management expectations.

The Assurance division is performing strongly, particularly in North America and the UK. H2 revenue growth is expected to be c.15% compared to 8.8% in H1 FY22 leading to an expected double-digit growth in revenues for the full year. Increased volumes in its core business, progressive increases in day rates and new growth offerings all contributed to growth. NCC’s Software Resilience business (exc. IPM) is expected to return to revenue growth in H2 FY22, whilst the integration of NCC Group's existing Resilience operations with IPM is significantly advanced with many customers already successfully migrated.

With Assurance still the main contributor for growth, new CEO Maddison will likely be now looking at how to leverage IPM and his experience at EY to further accelerate growth in its Software resilience business, and take advantage of the growing demand around cloud resilience such as through its Escrow-as-a-Service solution.

Posted by: Simon Baxter at 09:25

Tags: cybersecurity  

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