Shares of Manchester-based cyber security company NCC Group rose more than 4% on Tuesday after it said in a trading update it expects to deliver full year results in line with current market expectations.
“Revenue in the Assurance division continues to grow at similar rates to those delivered in the first half of the year and global headcount in the technical teams is now at the levels needed to satisfy future demand,” said NCC.
“While sales in the Escrow division have decreased slightly over the year in the UK, a focus on recruitment means that the UK sales team enters the new financial year at full strength.
“We have launched our new ‘Escrow-as-a-Service’ product recently, aimed at the fast-growing Cloud software market and have been encouraged by the initial customer response.
“A strong focus on cash management has resulted in net debt at the year-end falling to c.£21m.
“This means net debt has more than halved when compared to the £45.1m reported in our half year results and is well below the prior year closing figure of £27.8m.
“We have further strengthened our financial position by renewing our existing revolving credit facility to £100m with a new five year term up to June 2024 on similar terms to our current arrangements.
“The existing arrangements were due to expire in November 2020 …”