NCC Group (NCC) CMD 2026 summary

Strategic direction and business transformation

• Completed transformation to a pure-play cybersecurity business, unifying global operations and divesting non-core activities to focus on scalable, consistent execution and sustainable growth.

• Shifted from fragmented boutiques to a unified global platform with an aligned tech stack and processes, emphasizing a scalable go-to-market model and a clear vision to be a leading global cyber services provider.

• Redeployed capital into high-growth areas, both organically and inorganically, to drive efficiency and growth.

• Positioned as a trusted, full-cycle cyber services partner with deep technical expertise, regulatory accreditations, and global 24/7 delivery.

• Positioned to capitalize on a large, durable, and growing market with strong demand tailwinds.

Market opportunity and growth strategy

• Addressable market in 2025 estimated at £5-6bn in the UK, €23-25bn in Europe, and $55-60bn in the US, with only half currently penetrated by service providers; total TAM in UK, US, and Europe estimated at £45-50bn.

• Market forecasted to grow 8-10% per annum through 2030, with consulting and implementation services outpacing technical assurance.

• Strategy focuses on expanding capability diversity, especially in consulting and managed services, to de-risk reliance on single propositions and support cross-selling.

• AI seen as an opportunity to enhance productivity, automate delivery, and create new service lines, while human expertise remains critical.

• Significant opportunity for market consolidation and cross-selling, particularly in the EU and North America.

Financial performance and operational resilience

• FY25 revenue reported at £227.4m with a gross margin of 36.6%; managed services contributed 34% of revenue, and consulting & implementation grew 16.6%.

• Revenue mix shifting towards managed services and consulting, improving financial resilience and recurring revenue.

• New financial framework targets like-for-like growth in established markets, expansion in developing markets, and increased recurring revenue.

• Aims for mid-teens EBITDA margin, strong cash conversion, and disciplined capital allocation, including bolt-on M&A.

• Top 100 clients average 10-year tenure and use 2.74 capabilities; increasing cross-sell could add £79m from existing clients.