UK cyber security group NCC has slumped to a full-year loss after it warned on profits and launched a strategic review earlier this year.
The Manchester group’s pre-tax losses amounted to £55.3m in the year ending in May, down from a profit of £9.4m in 2016. NCC’s revenues were up on the year to 244.5m from 209.1m – a rise of 17 per cent, while adjusted earnings before interest and tax fell 30 per cent to £27.5m.
NCC provides cyber security products and services such as real-time threat monitoring to customers including large corporates such as financial services companies, governments and intelligence agencies.
Chris Stone, NCC’s executive chairman, said the group needed to “change how we organise ourselves and improve our internal business processes”.
“The last financial year was very challenging, with the business performance falling well short of original expectations, as well as outgrowing some of our business processes and controls”, said Mr Stone.
Shares in NCC are down six per cent this year and slumped as much as 19 per cent in February when it warned on profits.
The group said its outlook for 2018 remained unchanged and it expected to report “low single digit revenue growth”.