NCC Group (NCC) CMD 2026 summary

Strategic direction and business transformation

• Transitioned to a pure-play cybersecurity business, completing a major reset and focusing on scalable, unified global operations with aligned tech stack and processes.

• Shifted from fragmented boutiques to a streamlined, tech-enabled, people-powered model, divesting non-core activities and redeploying capital into high-growth areas.

• Emphasized end-to-end client solutions, moving beyond transactional services to strategic, long-term partnerships, and disciplined client engagement.

• Positioned as a trusted partner for governments and leading organizations, leveraging deep technical expertise, regulatory accreditations, and proprietary IP.

• Scalable go-to-market model improves mix, margin, and predictability, with global 24/7 delivery.

Market opportunity and growth drivers

• 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, implementation, and managed services outpacing technical assurance.

• Strategy focuses on diversifying offerings, expanding into underpenetrated geographies and verticals, and leveraging AI for productivity and new service lines.

• Regulatory complexity, digital transformation, and talent shortages drive demand for trusted third-party providers.

• Every capability and region is expected to see growth, with expanding demand for managed services and AI-driven security expertise.

Financial performance and operational model

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

• UK is the largest market (56% of revenue), with North America and EU offering significant expansion potential.

• Technical assurance revenue declined in North America but stabilized or grew elsewhere; managed services and consulting are driving growth.

• 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.