NCC Group Reports Fiscal Loss in 2023
By Christian Moess Laursen
NCC Group, a leading cybersecurity company based in the UK, has announced a pretax loss for the fiscal year 2023. This can be attributed to the challenging macroeconomic and market environment that has impacted its businesses.
In the year that ended on May 31, NCC Group reported a pretax loss of £4.3 million ($5.2 million), a significant decline from the £31.0 million profit it achieved in fiscal 2022. Despite this setback, the company experienced an increase in revenue, reaching £335.1 million compared to the previous year's £314.8 million. The growth in revenue can be largely attributed to the success of its assurance unit, which saw revenue rise from £258.5 million to £270.8 million.
However, NCC Group faced challenges in its cybersecurity business, resulting in a 40% decrease in adjusted operating profit. The gross profit and overall profitability of the cybersecurity segment declined, contributing to an adjusted operating profit of £28.8 million, down from £48.1 million in the previous fiscal year.
Looking ahead to fiscal 2024, the company aims for a modest improvement in adjusted operating profit. Additionally, NCC Group plans to achieve low single-digit revenue growth in both its assurance and software-resilience businesses.
Despite the ongoing difficult market conditions, Chief Executive Mike Maddison remains confident about the company's medium-term growth drivers for cyber security.
NCC Group has declared a stable final dividend of 3.15 pence per share.
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