Full Year 2024 NCC Group PLC Earnings Call Transcript
Key Points
- NCC Group PLC (FRA:NZB) achieved a 2 percentage point increase in gross margin, reaching 41.4% year-on-year.
- Adjusted EBITDA increased by 13%, demonstrating improved profitability.
- The company successfully launched a sector-based go-to-market approach in North America, expanding its footprint beyond the US tech market.
- Managed services and digital forensics areas showed substantial growth, with managed services revenue becoming more resilient due to long-term contracts.
- The company received recognition as the Global Partner of the Year for Splunk, highlighting its strong alliances and service delivery.
- Revenue in FY24 declined by GBP10.7 million compared to FY23, primarily due to a decrease in the cybersecurity segment.
- North America saw a significant decline in cybersecurity revenue, down by 26.8% in the first half and 19% in the second half.
- Gross margin in the Escode business declined by 1.6 percentage points due to targeted investments.
- Technical assurance services in North America faced challenges, impacting overall performance.
- The company is still working on addressing market dynamics and expanding its footprint outside of historically concentrated sectors.
Good day ladies and gentlemen, and welcome to NCC's unaudited results for the 12 months to May 31, 2024. (Operator Instructions) I would like to remind all participants that this call is being recorded. Questions will follow after the presentation.
I will now hand over to Mike Maddison to start the presentation.
Good morning. Thank you very much for joining us for our 12-month results, which, just again to recap, are on order to May 31. As I say, thank you. It has been quite a year. I would like to start to say we committed to do a lot this year, and we have done a considerable amount. And with that, I would like to emphasize my thanks to all of our colleagues in all of our operating markets for their focus, for their efforts and resilience through a considerable period of change. But we've achieved a lot this year.
And what I'd like to do initially is just recap some of those headlines. We committed to creating two businesses and focus on those. Our Escode business,
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