NCC Group announced the appointment of a new CEO, Mike Maddison, and provided a trading update, where the group expects revenue to be significantly better than H1 2022 and H2 2021, on Monday.
NCC Group, a global cyber security firm announced the appointment of Mike Maddison as CEO, following Adam Palser’s decision to step down after more than 4.5 years on the job.
Mike will begin serving on the Board on August 1, 2022. Adam will stay on as CEO until mid-June and will be available to help with the transition. Chris Stone, Non-Executive Chair, will take over as Executive Chair for the 6-week interim period.
Chris Stone, Chair, said, “Meanwhile I am delighted that someone with Mike’s knowledge of the cyber security markets and impressive track record has agreed to join us.”
“With his skills I am confident that NCC Group will be able to build on the momentum it is already seeing across its markets, providing clients with the support and peerless technical knowledge they need in these enormously uncertain times.”
NCC Trading Update
On a constant currency basis, the Board anticipates revenues in H2 of 2022 to be significantly greater than the prior-year period and H1 2022, due to the purchase of IPM and the acceleration of Assurance revenue growth.
NCC Group’s revenue and adjusted EBIT are expected to meet management’s estimates for FY22 and increased volumes and day rates are expected to keep the revenue momentum going into FY23, according to the Board.
The Assurance division is doing well, especially in North America and the United Kingdom and expects H2 revenue growth to be 15% compared to 8.8% in H1 FY22 due to higher volumes in its core business, progressive increases in day rates, and new growth offerings such as Sentinel and Remediation.
NCC paid £3m for Adelard and its assets in April 2022 as its services complement those of NCC since Adelard is a high-value critical system assurance expert.
In H2 FY22, NCC’s Software Resilience business, excluding IPM, is expected to generate revenue again.
In June 2021, NCC purchased IPM for $220m, and the first year’s results have been good and in line with management forecasts.
The company has just begun a complete operational evaluation of its integrated Software Resilience business, which is expected to identify possibilities to increase the NCC’s operating contribution by an estimated £5m through a series of management initiatives, with the entire impact expected in FY24.
NCC expects to release its audited preliminary results for FY22 on September 6, 2022.
NCC shares were trading down 0.11% to 184p in early morning trade on Monday.
