Security services firm NCC Group has reported a 6.4% increase in sales for the 12 months ended 31 May, 2023. Sales went from £314.8m to £335.1m.
But the firm’s operating profit declined by 94.5% to only £1.9m, due to a reduced trading performance in NCC’s assurance business and significant items, including reduced goodwill in the North American unit.
There was a loss before taxation of £4.3m, after increased finance costs of £2.5m due to an increase in borrowing following the IPM acquisition, and an increase in base interest rates.
There was a final dividend of 3.15p maintained for FY23.
FY24 current trading is “in line with expectations”, said NCC. The board expects FY24 to be a period of “considerable change”, and is targeting a “modest improvement in group adjusted operating profit”.
