NCC Group PLC - Trading update and Notice of Final Results
Trading update and Notice of Final Results
In line with our trading update on 23 March, the Group has experienced delays, cancellations, and disruption to our business operations since Q3 FY20, which have broadly followed the same pattern as the spread of Covid-19 across the regions in which we operate.
Our primary concern during this time has been the wellbeing of our colleagues and customers. We switched quickly to remote working - facilitated by the investments we have made in systems and infrastructure through our Securing Growth Together transformation programme - which has enabled us to continue to deliver robustly for our clients throughout this period of disruption.
The Board expects Revenue and Adjusted EBIT 1 (subject to audit) to be comfortably ahead of latest FY20 analysts' consensus expectations of
We believe that Covid-19 will continue to have an uncertain impact on demand through FY21 and for this reason we are not yet in a position to reintroduce guidance to the market on our future financial performance. However, our recurring and long-term revenues, particularly in our Software Resilience (Escrow) and Managed Services businesses, provide us with some protection.
We remain confident in the long-term growth potential of the cyber market. Therefore, consistent with our March trading update, our two key priorities are to maintain a strong balance sheet and to preserve our specialist capability and capacity in order to meet the strong demand we expect in future years.
Strong balance sheet
The Group continues to have a strong balance sheet with access to a committed multi-currency revolving credit facility of
During the year, our cash management discipline and short-term discretionary cost saving actions have resulted in net debt as at
The Group has benefited from certain government tax deferral programmes, however the Group has not drawn down any government loan support. The total cash timing benefit from tax deferral in FY20 amounted to c.
Preserve our specialist capability
In keeping with our objective to preserve our capability and capacity, we have not made any Covid-19 related redundancies or furloughed any colleagues. Our long-term objective is to be the global hub for cyber talent and we are pleased that technical staff attrition improved year-on-year.
Notice of Final Results
The Company expects to report its preliminary results for the year ended
Management will host a remote presentation and Q&A session, details of which will be circulated ahead of the event.
"Thanks to the inspirational response of my
I am very pleased with our performance and we stand ready to take advantage of opportunities as the global pandemic subsides."
1 Adjusted Earnings before interest and taxation (EBIT) is Pre-IFRS 16.
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