Resultados intermedios no auditados - período finalizado el 30/11/23
25 de enero de 2024
grupo ncc plc
Resultados intermedios no auditados del período finalizado el 30 de noviembre de 2023
First half numbers in line with expectations and strategy transforming the business at pace
NCC Group plc (LSE): NCC, "NCC Group" or "the Group"), a people-powered, tech-enabled global cyber security and software escrow business, reports its interim results for the six months to 30 November 2023 ("el medio año", "HY", "H1 2024", "el período").
Destacados
Overall performance in line
· H1 2024 traded in line with management's revenue, gross margin and profitability expectations
· Beneficio operativo ajustado 1 amounted to £4.8m (H1 2023 restated 3: £12.9m) under new adjusted operating profit 1 measure. Based on previous measure this would equate to £10.2m (H1 2023: £20.5m), as expected
Cyber Security stabilised, Managed Services continued growth and gross margin trajectory
· Technical Assurance Services (TAS) has stabilised as demonstrated by H1 2024 revenue only declining by -4.7% as compared to the revenue generated in H2 2023. As expected, TAS Revenue YoY on a constant currency basis 1 has declined by -28.6% (-31.7% actual rates) following the annualisation effect of challenges experienced in Q3 FY23
· Managed Services (MS) revenue has continued to grow strongly as expected on a constant currency basis 1 by +17.3% (actual rates +15.4%)
· Consulting and Implementation (C&I) remains in line with the prior period and an experienced leader has now been recruited for this capability
· Digital Forensics and Incident Response (DFIR) experienced constant currency growth of +32.8% (actual rates +32.8%), reflecting the number of incident responses of Ransomware
· Following actions taken in Q1 2024 to address gross margin, TAS utilisation has improved in Q2 2024 to c.76% as compared to c.60% Q1 FY24 and Q4 FY23, contributing to an improvement in H1 2024 Cyber Security gross margin percentage of +0.7% pts as compared to H2 2023
Escode revenue and profit continuing to grow
· Escode - the Group's software escrow business, delivered another two consecutive quarters of year-on-year, with constant currency revenue YoY growth 1 of +6.2% driven by increased verification revenues and contracted price increases; this acceleration was aided by Q1 2023 comparator
· Client retention rate remains stable YoY at c.93% and consistent with long term trends
Strategic progress and cost efficiencies realised
· The Group continues to attract top talent across the Group, including in our new Manila office where we currently have 60 revenue generating colleagues
· Delivery of £5m Group cost efficiencies within gross margin and overheads for FY24 highlighted in September 2023
Confident outlook and current trading remains in line with expectations
· Whilst TAS, the largest part of our Cyber business, has less forward visibility than other parts of our business due to the nature of the service, our Q2 2024 revenue exit rate gives us confidence in H2 2024. This will be supported by continued strong revenue growth in our Managed Services capability
· We are confident in delivering low single digit revenue growth in Escode in the second half as we continue to benefit from verification and pricing opportunities and the Board has decided not to restart the strategic review of Escode at this juncture
· The strategic actions including cost base efficiencies within gross margin and overheads have been successfully implemented and the performance in H1 2024 mean we are well placed to deliver on our full year expectations
· The Group remains confident in our ability to achieve our medium-term financial goals
mike madison, Director Ejecutivo, comentó:
"The Group delivered a first-half financial performance in line with expectations while continuing to transform the business at pace. We are emerging as a stronger, more resilient organisation, driven by our new executive team and colleagues. I'm delighted to see Escode go from strength to strength and in Cyber I'm confident we've turned a corner with the Technical Assurance Services market stabilising. Importantly we continue to see predicted demand increasing in other areas which are central to our strategy, particularly Managed Services. Looking ahead, we are well placed for sustainable long-term growth as we deliver on our purpose to create a more secure digital future."
The following table summarises the Group's financial highlights after considering the disclosure changes to adjusted items and measures 3.
Aspectos financieros más destacados |
|
H1 2023 (replanteado) 3 |
| Cambio en real tasas de interés | Cambio a moneda constante 1 |
Ingresos (millones de libras esterlinas) 1 | 159.2 | 176.6 |
| (9.9%) | (6.7%) |
Cyber Security - continuing (£m) | 124.2 | 143.1 | (13.2%) | (10.2%) | |
Cyber Security - discontinued (£m) 2 | 2.6 | 1.9 | 36.8% | 36.8% | |
Escode (£m) | 32.4 | 31.6 | 2.5% | 6.2% | |
Margen bruto (%) | 37.9% | 40.5% |
| (2.6% ptos) | |
EBITDA ajustado (millones de libras esterlinas) 1, 3 | 15.6 | 24.2 |
| (35.5%) | |
Adjusted Operating profit (£m) 1, 3 | 4.8 | 12.9 |
| (62.8%) | |
BPA básica ajustada 1, 3 (peniques) | 0.5p | 2.5p |
| (80.0%) | |
Net debt excluding lease liabilities (£m) 1 | (48.3) | (54.8) |
| 6.5 | |
Conversión de efectivo 1, 3 (%) | 89.1% | 100.4% |
| (11.3% ptos) | |
Dividendo a cuenta (peniques) | 1.50 | 1.50 |
| - |
Notas a pie de página:
1: Revenue at constant currency, Adjusted EBITDA, Adjusted Operating profit, Adjusted basic EPS, Deuda neta excluyendo los pasivos por arrendamiento y la conversión de efectivo son Medidas Alternativas de Desempeño (MAP) y no medidas NIIF. Consulte la Nota 3 para obtener una explicación de las APM y las partidas de ajuste, incluida una conciliación con la información legal.
2: Discontinued activities represent the non-core disposal of DetACT in December 2023 that was classified as an asset held for sale at 30 November 2023.
3: After reconsidering FRC best practice guidance around the disclosure of adjusting items and APM's, the Group have reduced the number of adjusted measures and items. The Group now only has one adjusted item 'Individual Significant Items'. Previous adjusted items of Amortisation of acquisition intangibles and Share based payments are no longer disclosed as an adjusted item. Accordingly, comparative numbers have been restated. For further detail, please refer to the Financial Review and Note 3 for an explanation of APMs and adjusting items, including a reconciliation to statutory information.
Información de contacto
Consultas de inversores:
yvonne harley Director de Relaciones con Inversores y Sostenibilidad | Tel: + 44 (0) 7824 412405 Email: GME@dhr-rgv.com |
Preguntas de los medios:
H/Asesores Maitland Sam Cartwright/Genevieve Ryan | Tel: + 44 (0) 20 379 5151 Email: NGME@dhr-rgv.com |
Presentación de resultados: webcast de audio y detalles de la conferencia telefónica:
Un briefing para investors and analysts will be held today at 09:00 GMT at the offices of H/Advisors Maitland, 3 Pancras Square, London, N1C 4AG. To register for the in-person event email GME@dhr-rgv.com
Webcast registration: https://www.lsegissuerservices.com/spark/NCCGroup/events/ed403766-51d2-4ab3-9b6e-dcffebfc7714. Audio only where verbal questions can be asked: https://registrations.events/direct/LON53918
The slides for this presentation can be downloaded from NCC Group's website: www.nccgoupplc.com and a recording of the presentation will be uploaded later today.
Acerca de NCC Group plc
NCC Group es una empresa global de custodia de software y seguridad cibernética impulsada por personas y basada en tecnología.
Driven by a collective purpose to create a more secure digital future, c, 2,200 colleagues across Europe, North America, and Asia Pacific harness their collective insight, intelligence, and innovation to deliver cyber resilience solutions for both public and private sector clients globally.
With decades of experience and a rich heritage, NCC Group is committed to developing sustainable solutions that continue to meet client's current and future cyber security challenges.
Nota de advertencia con respecto a la declaración prospectiva
This announcement includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks, assumptions, uncertainties, and other factors, which may cause the actual results, performance, or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as required by the Listing Rules, Disclosure and Transparency Rules and applicable law, the Group undertakes no obligation to update, revise or change any forward-looking statements to reflect events or developments occurring on or after the date such statements are published.
Chief Executive Officer's business review
Nuestra transformación
We have delivered a first-half financial performance in line with expectations. A lot has changed in these six months, and positively our business has been transforming at pace.
This transformation is being driven by a new executive team executing our Siguiente capítulo strategy. I am immensely proud to have brought in cyber leaders from across the globe with deep industry expertise, energy and new perspectives - like our Chief Technology Officer Sian John MBE, Chief Commercial Officer Carolyn Heiken and Chief Operating Officer Kevin Brown.
Our ability to attract individuals of this calibre is one of many indicators in H1 2024 that fills me with optimism as we move into the second half of the year and look to the future. We've been through significant change, but we are emerging as a stronger, more resilient organisation that can truly deliver on its purpose to create a more secure digital future.
I'd like to thank every single NCC Group colleague for their commitment and focus during this period. We are now seeing the impact of that collective effort.
Clients searching for strategic value
In the first half of the year, we saw existing market trends remain broadly unchanged. Clients are continuing to professionalise their buying habits in relation to cyber services, with greater scrutiny and oversight during procurement. Cyber is no longer a discretionary spend and clients are prioritising strategic investments - which aligns with the end-to-end capabilities we are building.
The demand for Technical Assurance Services - which sees us test infrastructure and applications - has stabilised after a significant fall in H2 2023 driven by the North American tech sector. We don't expect this to rebound to previous levels, but demand is increasing considerably in other areas that are central to our strategy. One area of opportunity is Managed Services, where we monitor and manage a client's security infrastructure round the clock. Now more than ever this is seen as a strategic requirement for organisations, and we have a fantastic proposition that couples cutting-edge technology with our insight, innovation, and intelligence.
This was driven by focusing on what our clients need - and in turn will increase our annual recurring revenue line, making us a more resilient and sustainable business. It's a prime example of our Siguiente capítulo estrategia en acción.
Strengthening our service portfolio
We've continued to build out our end-to-end capabilities, allowing us to support clients across the whole of the cyber lifecycle.
In Consulting & Implementation we have made several important senior hires. This is a key service line that embeds us deep within our clients' businesses and uncovers further opportunities for us to create value. We've spent time identifying and securing the right individuals and I'm confident we'll see the benefits of this patience in H2 2024 and beyond.
en digital Forensics and Incident Response (DFIR) we appointed a new senior leader and are seeing strong demand reflecting the number of Ransomware incidents. This is supported by insights our global threat intelligence team identify through constant monitoring of the latest attacks and threats from nation states, organised crime, and others.
We also executed in December 2023 a successful disposal of our standalone fraud offering DetACT in the Netherlands for total gross consideration of ?9.0m (subject to working capital adjustment), with completion expected in February 2024 following novation of contracts. The Group will continue to look for opportunities for strategic M&A that accelerates our strategy.
Becoming a truly global business
Nuestra Siguiente capítulo strategy sees us move from a business operating internationally to becoming a truly global organisation. In H1 2024 we made significant progress in this area with the opening of our new office in Manila, the Philippines, in Q2 2024.
This was not just the opening of an office in a fast-growing emerging market with some of the best cyber talent globally, it was part of a significant cultural shift within our business. From international to global; from silos to complete integration. The opening of Manila - where we currently have 60 experts working at capacity and with plans to grow headcount for a further 20 by 31 May 2024 - happened alongside the creation of further universal processes and technology platforms.
We are already seeing the benefits of this shift - with global resourcing allowing us to put the right people on the right projects, regardless of location. It means we deliver a better service to clients, as well as improving margin through more effective utilisation and pricing.
H1 2024, saw us go through a lot of change in North America as we responded to changing client demands. Colleagues showed incredible resilience to continue delivering outstanding work for some of the most significant companies in the world. With our newly appointed Chief Commercial Officer Carolyn Hieken, located in the United States and showing great leadership, our offer to clients will strengthen further.
Investing in our brand
The opportunity remains for us to better communicate our story - and ensure all stakeholders understand why we are trusted by the most significant organisations and governments globally to secure their environments.
We made great progress in H1 2024, with the rebrand of our software escrow business to Escode, to be launched on 4 March 2024. The Escode team has performed brilliantly, delivering five consecutive quarters of year-on-year revenue growth - and the new brand identity has energised colleagues even further. There will be plenty of marketing activity following the hard launch of the Escode brand to customers in Q1 of this calendar year.
On the Cyber side of the business, we have significantly increased our market profile with investment in large scale Cyber events such as Black Hat US, Gartner's EMEA Risk and Security Summit and CyberCon in APAC, running aligned C-Suite roundtable events to engage buyers. We've also increased investment in relationship marketing aligned to verticals targeting C-Suite and senior decision makers, along with events with partners such as Splunk and Tanium. All while making progress on visibility of our 'people powered, tech-enabled cyber security' value proposition. We will have more to say on this later in the calendar year.
Grupo NCC y sostenibilidad
Following completion of our first double-materiality assessment in FY23, we published our inaugural Sustainability strategy, and new framework in H1 2024. We have set realistic KPIs to continue to improve data, with a significant focus on full Scope 1, 2 and 3 emissions as part of our ongoing commitment to achieving Net Zero before 2050, working in partnership with Planet Mark.
An example of this commitment is the setting of a new standard for all future NCC locations, with greater landlord engagement on their transition plans as a requirement. This is evidenced by our new office in Manila. The office is situated in the Seven/NEO building, which is a pilot project for the International Finance Corporation's Building Resilience Index (BRI) programme. The BRI aims to promote resilient and sustainable infrastructure development in emerging markets and is currently being piloted in the Philippines.
Composición de la junta
As previously announced, Chris Batterham, one of our independent non-executive Directors stepped down from the Board after eight and a half years of service on 30 November 2023. On behalf of the Board, I would like to thank Chris for his commitment and work over this time.
Year-end change
The Board has changed the year end of the Group from 31 May to 30 September, this is to drive greater efficiency in our corporate reporting and audit process. As a result, the Group will announce H2 2024 results and the 12 months trading to 31 May 2024 on 1 August 2024. In addition, the 16 months trading to 30 September 2024 will be announced in mid-December 2024. In due course, the Group will provide appropriate pro forma information to aid analyst modelling.
Confident outlook and current trading remains in line with expectations
· Whilst TAS, the largest part of our Cyber business, has less forward visibility than other parts of our business due to the nature of the service, our Q2 2024 revenue exit rate gives us confidence in H2 2024. This will be supported by continued strong revenue growth in our Managed Services capability
· We are confident in delivering low single digit revenue growth in Escode in the second half as we continue to benefit from verification and pricing opportunities and the Board has decided not to restart the strategic review of Escode at this juncture
· The strategic actions including cost base efficiencies within gross margin and overheads have been successfully implemented and the performance in H1 2024 mean we are well placed to deliver on our full year expectations
· The Group remains confident in our ability to achieve our medium-term financial goals
Dividendo a cuenta
· Unchanged interim dividend of 1.50p (H1 2023: 1.50p) per ordinary share declared, as the Board prioritises investment in the new strategy
Revisión financiera
Highlights - FY24 financial framework
As we measure ourselves against our FY24 financial framework outlined in September 2023, the key puntos a note are as follows:
· Sustainable revenue growth
o Returning Cyber Security to growth in H2 2024 - H1 2024 revenue ahead of H2 2023 on both constant currency 1 (growth of 2.1%) and at actual rates +0.6%
o Crecimiento acelerado in our recurring Servicios Gestionados - H1 2024 revenue increased by +17.3% at constant currency (15.4% at actual rates)
o Maintaining momentum of quarterly growth in Escode - now experienced five consecutive quarters of revenue growth
· Margen bruto mejorado
o Improved utilisation - Q2 FY24 TAS average utilisation of c.76%, significantly higher than c.60% in Q1 FY24 and Q4 FY23
o Globalised technical resource footprint - we currently have 60 operational technical consultants in our new office in Manila, with further investment occurring in H2 2024
· Efficient cost base
o Delivering c.£5m efficiencies in FY24 within gross margin and overheads in Cyber Security (annualised c.£10m from FY25) - reduction in cost of sales by 6.0% (£6.3m) and administrative expenses (exc. Share based payments, Depreciation and Amortisation and ISIs) decreased YoY by 1.8% (£0.8m) and 3.9% (£1.8m) compared to H2 2023
o Annualising Software Resilience efficiencies delivered in FY23 - improvement in Adjusted EBITDA 1 during H1 FY24 to £14.7m, with further investment required in H2 FY24 to unlock further efficiencies
· Resiliencia del balance
o Fuerte conversión de efectivo - historic cash conversion consistently greater than 85% target, with H1 2024 amounting to 89.1%
o Reducir la deuda - net debt effectively managed at H1 2024 to £48.3m, with non-core disposal of DeTACT expected to generate c.?9m gross consideration in Q3 2024
o Maintaining dividend - interim dividend maintained at 1.50p, ya que la Junta da prioridad a la inversión en la nueva estrategia
Resumen del desempeño financiero
Ingresos
Group revenues decreased by -6.7% on a constant currency basis 1 and at -9.9% at actual rates, following challenges experienced within our Cyber Security business in Q3 FY23.
In our Cyber Security business overall revenue declined by -9.6% on a constant currency basis 1 and at -12.6% at actual rates. Our North American and UK and APAC businesses declined on a constant currency basis 1 by -31.9% and -0.5% respectively (-36.5% and -1.3% at actual rates). Sin embargo, our EU region increased +18.8% on a constant currency basis 1 (+17.4% at actual rates) due to an increase in Managed Services, Digital Forensics and Incident Response and other services.
As indicated in September 2023, we now manage our Cyber Security business based on specific Cyber Security capabilities as well by geography. Namely, these capabilities are:
o 'Technical Assurance Services' (TAS) which includes all types of penetration testing
o 'Consulting and Implementation' (C&I) which includes consultancy services across all industrial verticals
o 'Managed Services' (MS) which includes XDR
o Digital Forensics and Incident Response (DFIR) - these services are dependent on the timing of incident responses
o 'Other services' that include our Fox-IT Crypto business and Global Cyber Security Research.
DetACT has become discontinued during the period, following its disposal in December 2023, as it was considered a non-core activity of the Group.
The following table summarises the performance of Cyber Security capabilities:
|
H1 2024 £ m |
H1 2023 £ m | % el cambio |
H1 2024 £ m | Moneda constante 1 H1 2023 £ m | % cambio a moneda constante 1 |
Technical Assurance Services (TAS) | 56.6 | 82.9 | (31.7%) | 56.6 | 79.3 | (28.6%) |
Consulting and Implementation (C&I) | 22.0 | 22.4 | (1.8%) | 22.0 | 21.8 | 0.9% |
Servicios gestionados (MS) | 27.8 | 24.1 | 15.4% | 27.8 | 23.7 | 17.3% |
Digital Forensics and Incident Response (DFIR) | 8.5 | 6.4 | 32.8% | 8.5 | 6.4 | 32.8% |
Otros servicios | 9.3 | 7.3 | 27.4% | 9.3 | 7.1 | 31.0% |
Total Cyber Security revenue - continuing | 124.2 | 143.1 | (13.2%) | 124.2 | 138.3 | (10.2%) |
Discontinuado | 2.6 | 1.9 | 36.8% | 2.6 | 1.9 | 36.8% |
Ingresos totales de ciberseguridad | 126.8 | 145.0 | (12.6%) | 126.8 | 140.2 | (9.6%) |
TAS declined by -28.6% (-31.7% at actual rates) due to challenges we experienced in Q3 FY23, albeit revenue is now stabilising as demonstrated by H1 2024 revenue only declining by -4.7% as compared to the revenue generated in H2 2023 (-5.7% at actual rates). C&I increased slightly by +0.9% (-1.8% at actual rates) with an experienced leader now recruited for this capability. As expected, MS revenue increased by +17.3% (+15.4% at actual rates) with Sales orders for the forthcoming years increased 91.3% from £32.3m to £61.8m. DFIR increased by +32.8% reflecting the number of incident responses of Ransomware.
In our Escode division, revenue increased by +6.2% at constant currency 1 (+2.5% actual rates) with both contract and verification revenues providing growth of c.6% at constant currency.
The following table summarises the Group's overall performance:
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1S 2023 (reexpresado) 3 | |||||||||||||||||||||||||||||
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| cibernético £ m | Escode £ m | Oficina central y central £ m | Total de operaciones continuas £ m |
| Grupo procesos £ m |
| cibernético £ m | Escode £ m | Oficina central y central £ m | Total de operaciones continuas £ m |
Discontinuado 2 £ m | Grupo procesos £ m | ||||||||||||||||||
Ingresos | 124.2 | 32.4 | - | 156.6 | 2.6 | 159.2 |
| 143.1 | 31.6 | - | 174.7 | 1.9 | 176.6 | ||||||||||||||||||
El costo de ventas | (87.1) | (10.0) | - | (97.1) | (1.7) | (98.8) |
| (94.5) | (9.3) | - | (103.8) | (1.3) | (105.1) | ||||||||||||||||||
Beneficio bruto | 37.1 | 22.4 | - | 59.5 | 0.9 | 60.4 | 48.6 | 22.3 | - | 70.9 | 0.6 | 71.5 | |||||||||||||||||||
Margen bruto % | 29.9% | 69.1% | - | 38.0% | 34.6% | 37.9% |
| 34.0% | 70.6% | - | 40.6% | 31.6% | 40.5% | ||||||||||||||||||
Gastos administrativos | (33.8) | (7.6) | (2.5) | (43.9) | (0.1) | (44.0) | (34.8) | (8.0) | (1.9) | (44.7) | (0.1) | (44.8) | |||||||||||||||||||
Pagos basados en acciones 3 | (0.1) | (0.1) | (0.5) | (0.7) | (0.1) | (0.8) | (1.2) | (0.1) | (1.1) | (2.4) | (0.1) | (2.5) | |||||||||||||||||||
EBITDA ajustado 1, 3 | 3.2 | 14.7 | (3.0) | 14.9 | 0.7 | 15.6 | 12.6 | 14.2 | (3.0) | 23.8 | 0.4 | 24.2 | |||||||||||||||||||
depreciación y amortización |
(4.0) |
(0.4) |
(1.7) |
(6.1) |
(0.1) |
(6.2) |
(3.7) |
(0.2) |
(2.2) |
(6.1) |
(0.1) |
(6.2) | |||||||||||||||||||
Amortización de intangibles adquiridos 3 |
(1.8) |
(2.8) |
- |
(4.6) |
- |
(4.6) |
(2.0) |
(3.1) |
- |
(5.1) |
- |
(5.1) | |||||||||||||||||||
Adjusted Operating (loss)/ profit 1, 3 |
(2.6) |
11.5 |
(4.7) |
4.2 |
0.6 |
4.8 |
6.9 |
10.9 |
(5.2) |
12.6 |
0.3 |
12.9 | |||||||||||||||||||
Elementos individualmente significativos 3 |
(3.8) |
(0.2) |
- |
(4.0) |
(0.2) |
(4.2) |
- |
- |
- |
- |
- |
- | |||||||||||||||||||
(Pérdida) / beneficio operativo | (6.4) | 11.3 | (4.7) | 0.2 | 0.4 | 0.6 |
| 6.9 | 10.9 | (5.2) | 12.6 | 0.3 | 12.9 | ||||||||||||||||||
Margen operativo % | (5.2%) | 34.9% | n / a | 0.1% | 15.4% | 0.4% |
| 4.8% | 34.5% | n / a | 7.2% | 15.8% | 7.3% | ||||||||||||||||||
Costos financieros |
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| (3.0) | - | (3.0) |
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| (2.6) | - | (2.6) | |||||||||||||||||||
(Pérdida) / beneficio antes de impuestos |
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(2.8) |
0.4 |
(2.4) |
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10.0 |
0.3 |
10.3 | |||||||||||||||||||
Taxation |
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| 0.8 | (0.1) | 0.7 |
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| (2.6) | (0.1) | (2.7) | |||||||||||||||||||
(Pérdida) / beneficio después de impuestos |
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7.4 |
0.2 |
7.6 | |||||||||||||||||||
EPS |
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EPS básico |
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| (0.6p) | 0.1p | (0.5p) |
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| 2.4p | 0.1p | 2.5p | |||||||||||||||||||
EPS ajustado básico 1, 3 |
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| 0.4p | 0.1p | 0.5p |
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| 2.4p | 0.1p | 2.5p | |||||||||||||||||||
Notas a pie de página:
1: Adjusted EBITDA and Adjusted basic EPS are Alternative Performance Measures (APMs) and not IFRS measures. See Note 3 for an explanation of APMs and adjusting items, including a reconciliation to statutory information.
2: Discontinued activities represent the non-core disposal of DetACT in December 2023 that was classified as an asset held for sale at 30 November 2023.
3: After reconsidering FRC best practice guidance around the disclosure of adjusting items and APM's, the Group have reduced the number of adjusted measures and items. The Group now only has one adjusted item 'Individual Significant Items'. Previous adjusted items of Amortisation of acquisition intangibles and Share based payments are no longer disclosed as an adjusted item. Accordingly, comparative numbers have been restated. For further detail, please refer to the Financial Review and Note 3 for an explanation of APMs and adjusting items, including a reconciliation to statutory information.
Gross profit decreased by 15.5% to £60.4m (H1 2023: £71.5m) with gross margin percentage decreasing to 37.9% (H1 2023: 40.5%, H2 2023: 38.2%). The 2.6% pts gross margin (%) decrease is mainly due to lower utilisation within Cyber Security in Q1 2024.
Administrative expenses have decreased by 1.8% to £44.0m (H1 2023 £44.8m). This was mostly due to a decrease in people and training costs offset by investments in new offices and foreign exchange. When comparing these expenses to H2 2023, we have seen a reduction of 3.9% (£1.8m).
A loss of £1.7m for the period was recognised giving rise to a basic and diluted EPS of (0.5p) (H1 2023: basic £2.5p and diluted 2.4p). Adjusted basic EPS 1 amounted to 0.5p (H1 2023 reexpresado 3: 2.5p).
El 30 de noviembre de 2023, nuestra conversión en efectivo 1 was 89.1% (H1 2023 restated 3: 100.4%). Net debt excluding lease liabilities 1 ascenderá a 48.3 millones de libras esterlinas (primer semestre de 1: 2023 millones de libras esterlinas).
Our Balance Sheet remains strong following our refinancing in December 2022. Our facilities include a four-year £162.5m multi-currency revolving credit facility and additional £75m uncommitted accordion option.
The Board is declaring an unchanged interim dividend of 1.50p per ordinary share (H1 2023: 1.50p). This represents a dividend equal to that paid in the prior period as the Board is conscious of the need to invest in the new strategy.
Medidas de rendimiento alternativas (APM)
A lo largo de esta Revisión financiera, se presentan ciertas APM. Las APM utilizadas por el Grupo no son términos definidos según las NIIF y, por lo tanto, pueden no ser comparables con medidas denominadas de manera similar informadas por otras empresas. No pretenden ser un sustituto o superior a las medidas de las NIIF. Esta presentación también es consistente con la forma en que la administración mide el desempeño financiero y lo informa al Directorio, y la base de las medidas financieras para el esquema de compensación de la alta gerencia y proporciona información complementaria que ayuda al usuario a comprender el desempeño financiero, la posición y las tendencias de el grupo.
We believe these APMs provide readers with important additional information on our business and this information is relevant for use by investors, securities analysts and other interested parties as supplemental measures of future potential performance. However, since statutory measures can differ significantly from the APMs and may be assessed differently by the reader, we encourage you to consider these figures together with statutory reporting measures noted. Specifically, we would note that APMs may not be comparable across different companies and that certain profit related APMs may exclude recurring business transactions (e.g. acquisition related costs) that impact financial performance and cash flows.
After reconsidering FRC best practice guidance around the disclosure of adjusting items and APM's, the Group have reduced the number of adjusted measures and items within the period. The Group now only has one adjusted item 'Individual Significant Items'. Previous adjusted items of Amortisation of acquisition intangibles and Share based payments are no longer disclosed as an adjusted item. Accordingly, comparative numbers have been restated.
The following tables reconciles how these changes have affected the historic measures of Adjusted EBITDA, Adjusted operating profit, Adjusted earnings, Adjusted basic EPS and cash conversion which includes Adjusted EBITDA:
| H1 2024 | H1 2023 (replanteado) 2 | Cambios | |
Adjusted EBITDA - previously (£ m) | 16.4 | 26.7 | (10.3) | |
Pagos basados en acciones (£ m) | (0.8) | (2.5) | 1.7 | |
Adjusted EBITDA - revised (£m) | 15.6 |
| 24.2 | (8.6) |
| ||||
Adjusted Operating profit - previously (£ m) | 10.2 | 20.5 | (10.3) | |
Pagos basados en acciones (£ m) | (0.8) | (2.5) | 1.7 | |
Amortización de intangibles adquiridos (£ m) | (4.6) | (5.1) | 0.5 | |
Adjusted Operating profit - revised (£m) | 4.8 | 12.9 | (8.1) | |
|
| |||
Ingresos ajustados - previamente (£ m) | 5.4 |
| 13.3 | (7.9) |
Pagos basados en acciones (£ m) | (0.8) |
| (2.5) | 1.7 |
Amortización de intangibles adquiridos (£ m) | (4.6) |
| (5.1) | 0.5 |
Tax effect of above items (£m) | 1.4 | 1.9 | (0.5) | |
Adjusted earnings - revised (£ m) | 1.4 | 7.6 | (6.2) | |
| ||||
Basic adjusted EPS - previously (pence) | 1.7 | 4.3 | (2.6) | |
Effect of share-based payments (pence) | (1.5) | (1.6) | 0.1 | |
Effect amortisation of acquired intangibles (pence) | (0.2) | (0.8) | 0.6 | |
Tax effect of above items (pence) | 0.5 | 0.6 | (0.1) | |
Basic adjusted EPS - revised (pence) | 0.5 | 2.5 | (2.0) | |
|
| |||
Cash conversion - previously (%) | 84.8 | 91.0 | (6.2) | |
Effect of share-based payments (%) | 4.3 | 9.4 | (5.1) | |
Cash conversion - revised (%) | 89.1 | 100.4 | (11.3) | |
|
The Group still manages internally its performance on an adjusted earnings basis (before Individually Significant Items and tax effect thereon) which management believes represents the underlying trading of the business; on this basis adjusted EPS is still disclosed as an APM. This APM is reconciled to statutory earnings and statutory basic EPS.
The Group now has the following APMs/non-statutory measures:
· EBITDA ajustado (conciliado en Nota 3)
· Utilidad operativa ajustada (reconciliada en la Nota 3)
· EPS básico ajustado (peniques) (conciliado en la Nota 7)
· Deuda neta excluyendo pasivos por arrendamiento (reconciliada en Nota 3)
· Deuda neta (conciliada en Nota 3)
· Conversión de efectivo que incluye EBITDA ajustado (reconciliado en la Nota 3)
· Ingresos en moneda constante (conciliados en la Nota 3)
Apart from the changes noted above, the above APM's are consistent with those reported for the year ended 31 May 2023.
The Group also reports certain geographic regions and service capabilities on a constant currency basis to reflect the underlying performance considering constant foreign exchange rates period on period. This involves translating comparative numbers to current period rates for comparability to enable a growth factor to be calculated. As these measures are not statutory revenue numbers, management considers these to be APMs; see Note 3 for further details and certain reconciliations to statutory measures.
The Glossary of APM terms are also contained within Note 3, which provides supplementary information that assists the user in understanding these APMs/non-statutory measures.
Resumen financiero
Estado de resultados resumido:
£ m | H1 2024 | H1 2023 (replanteado) 2 | % Cambio | |
Ingresos | 159.2 | 176.6 | (9.9%) | |
El costo de ventas | (98.8) | (105.1) | (6.0%) | |
Beneficio bruto | 60.4 | 71.5 | (15.5%) | |
Gastos administrativos | (44.0) | (44.8) | (1.8%) | |
Pagos basados en acciones 2 | (0.8) | (2.5) | (68.0%) | |
EBITDA ajustado 1,2 | 15.6 | 24.2 | (35.5%) | |
depreciación y amortización | (6.2) | (6.2) | - | |
Amortización intangible adquirida 2 | (4.6) |
| (5.1) | (9.8%) |
Beneficio operativo ajustado 1,2 | 4.8 |
| 12.9 | (62.8%) |
Elementos de importancia individual 2 | (4.2) |
| - | n / a |
Beneficio operativo | 0.6 | 12.9 | (95.3%) | |
Costos financieros | (3.0) | (2.6) | 15.4% | |
(Pérdida) / beneficio antes de impuestos | (2.4) | 10.3 | (123.3%) | |
Taxation | 0.7 | (2.7) | 125.9% | |
(Pérdida) / beneficio del período | (1.7) | 7.6 | (122.4%) | |
EPS |
| |||
EPS básico | (0.5p) | 2.5p | (120.0%) | |
EPS ajustado básico 1,2 | 0.5p | 2.5p | (80.0%) |
Notas a pie de página:
1: Adjusted EBITDA, Adjusted Operating profit and Adjusted basic EPS are Alternative Performance Measures (APMs) and not IFRS measures. See Note 3 for an explanation of APMs and adjusting items, including a reconciliation to statutory information.
2: After reconsidering FRC best practice guidance around the disclosure of adjusting items and APM's, the Group have reduced the number of adjusted measures and items. The Group now only has one adjusted item 'Individual Significant Items'. Previous adjusted items of Amortisation of acquisition intangibles and Share based payments are no longer disclosed as an adjusted item. Accordingly, comparative numbers have been restated. For further detail, please refer to the Financial Review and Note 3 for an explanation of APMs and adjusting items, including a reconciliation to statutory information.
Resumen de ingresos:
|
H1 2024 £ m |
H1 2023 £ m |
% cambio a tasas reales |
H1 2024 £ m |
Moneda constante 1 H1 2023 £ m |
% cambio a moneda constante 1 |
Cyber Security - continuing | 124.2 | 143.1 | (13.2%) | 124.2 | 138.3 | (10.2%) |
Ciberseguridad - descontinuado | 2.6 | 1.9 | 36.8% | 2.6 | 1.9 | 36.8% |
Ingresos totales de ciberseguridad | 126.8 | 145.0 | (12.6%) | 126.8 | 140.2 | (9.6%) |
Escode | 32.4 | 31.6 | 2.5% | 32.4 | 30.5 | 6.2% |
Los ingresos totales - continuing and discontinued | 159.2 | 176.6 | (9.9%) | 159.2 | 170.7 | (6.7%) |
Ciberseguridad - descontinuado | (2.6) | (1.9) | (36.8%) | (2.6) | (1.9) | (36.8%) |
Los ingresos totales - continuo | 156.6 | 174.7 | (10.4%) | 156.6 | 168.8 | (7.2%) |
Desempeño divisional
Ciberseguridad
The Cyber Security division accounts for 79.6% of Group revenue (H1 2023: 82.1%) and 62.9% of Group gross profit (H1 2023: 68.8%).
Análisis de ingresos de ciberseguridad, por país de origen:
|
H1 2024 £ m |
H1 2023 £ m |
% cambio a tasas reales |
H1 2024 £ m |
Moneda constante 1 H1 2023 £ m |
% cambio a moneda constante 1 |
Reino Unido y APAC | 60.8 | 61.6 | (1.3%) | 60.8 | 61.1 | (0.5%) |
Norteamérica | 37.6 | 59.2 | (36.5%) | 37.6 | 55.2 | (31.9%) |
Europa | 28.4 | 24.2 | 17.4% | 28.4 | 23.9 | 18.8% |
Ingresos totales de ciberseguridad | 126.8 | 145.0 | (12.6%) | 126.8 | 140.2 | (9.6%) |
Europe - discontinued | (2.6) | (1.9) | (36.8%) | (2.6) | (1.9) | (36.8%) |
Total Cyber Security revenue - continuing | 124.2 | 143.1 | (13.2%) | 124.2 | 138.3 | (10.2%) |
Cyber Security revenue - continuing decreased by -10.2% on a constant currency basis 1 and at -13.2% at actual rates. UK & APAC decreased by -0.5% on a constant currency basis 1 (-1.3% at actual rates). North America declined by -31.9% on a constant currency basis 1 (-36.5% at actual rates), whilst Europe experienced an increase of +18.8% on a constant currency basis 1 (+17.4% at actual rates) due to an increase in Managed Services, Digital Forensics and Incident Response and other services.
From a Cyber Security revenue trajectory perspective, the following table compares H1 2024 performance to H2 2023 performance:
|
H1 2024 £ m |
H2 2023 £ m |
% cambio a tasas reales |
H1 2024 £ m |
Moneda constante 1 H2 2023 £ m |
% cambio a moneda constante 1 |
Reino Unido y APAC | 60.8 | 56.8 | 7.0% | 60.8 | 56.6 | 7.4% |
Norteamérica | 37.6 | 40.1 | (6.2%) | 37.6 | 38.8 | (3.1%) |
Europa | 28.4 | 29.2 | (2.7%) | 28.4 | 28.9 | (1.7)% |
Ingresos totales de ciberseguridad | 126.8 | 126.1 | 0.5% | 126.8 | 124.3 | 2.0% |
Europe - discontinued | (2.6) | (2.7) | 3.7% | (2.6) | (2.7) | 3.7% |
Total Cyber Security revenue - continuing | 124.2 | 123.4 | 0.6% | 124.2 | 121.6 | 2.1% |
Following the implementation of our new strategy, Cyber Security revenue is now analysed in more detail by type of service and capability:
|
H1 2024 £ m |
H1 2023 £ m | % el cambio |
H1 2024 £ m | Moneda constante 1 H1 2023 £ m | % cambio a moneda constante 1 |
Technical Assurance Services (TAS) | 56.6 | 82.9 | (31.7%) | 56.6 | 79.3 | (28.6%) |
Consulting and Implementation (C&I) | 22.0 | 22.4 | (1.8%) | 22.0 | 21.8 | 0.9% |
Servicios gestionados (MS) | 27.8 | 24.1 | 15.4% | 27.8 | 23.7 | 17.3% |
Digital Forensics and Incident Response (DFIR) | 8.5 | 6.4 | 32.8% | 8.5 | 6.4 | 32.8% |
Otros servicios | 9.3 | 7.3 | 27.4% | 9.3 | 7.1 | 31.0% |
Total Cyber Security revenue - continuing | 124.2 | 143.1 | (13.2%) | 124.2 | 138.3 | (10.2%) |
Discontinuado | 2.6 | 1.9 | 36.8% | 2.6 | 1.9 | 36.8% |
Ingresos totales de ciberseguridad | 126.8 | 145.0 | (12.6%) | 126.8 | 140.2 | (9.6%) |
TAS and MS now represents 44.6% and 21.9% of total Cyber Security revenue as compared to H1 2023 of 57.2% and 16.6% respectively, demonstrating the change in service mix to more annual recurring revenues. In addition, C&I has further opportunities, and we will be investing specifically in this area.
La utilidad bruta de Cyber Security se analiza de la siguiente manera:
H1 2024 £ m | H1 2024 % de margen | H1 2023 | H1 2023 % de margen |
% de cambio de pts | |
Reino Unido y APAC | 22.3 | 36.7% | 22.9 | 37.2% | (0.5% ptos) |
Norteamérica | 7.6 | 20.2% | 16.6 | 28.0% | (7.8% ptos) |
Europa | 8.1 | 28.5% | 9.7 | 40.1% | (11.6% ptos) |
Beneficio bruto y % de margen de seguridad cibernética | 38.0 | 30.0% | 49.2 | 33.9% | (3.9% ptos) |
Gross margins declined overall by -3.9% pts, driven by North America lower utilisation in Q1 2024 and a decline in Europe. In Europe, the margin decreased by 11.6% pts due to the recognition of historic project cost compensation of £1.5m in H1 2023. Excluding this item, the margin would have decreased 5.4% driven by inflationary pressures.
When comparing H1 2024 performance to H2 2023, the following table summarises the gross margin trajectory, as the Group realigned its cost base in Q1 2024 and improved utilisation during Q2 2024:
H1 2024 £ m | H1 2024 % de margen | H2 2023 | H2 2023 % de margen |
% de cambio de pts | |
Reino Unido y APAC | 22.3 | 36.7% | 17.4 | 30.6% | 6.1% ptos |
Norteamérica | 7.6 | 20.2% | 9.5 | 23.7% | (3.5% ptos) |
Europa | 8.1 | 28.5% | 10.0 | 34.2% | (5.7% ptos) |
Beneficio bruto y % de margen de seguridad cibernética | 38.0 | 30.0% | 36.9 | 29.3% | 0.7% ptos |
Escode
The Escode division accounts for 20.4% of Group revenues (H1 2023: 17.9%) and 37.1% of Group gross profit (H1 2023: 31.2%).
Escode revenue analysis - by originating country:
|
H1 2024 £ m |
H1 2023 £ m | % cambio a tasas reales |
H1 2024 £ m |
Moneda constante 1 H1 2023 £ m |
% cambio a moneda constante 1 |
UK | 13.4 | 12.3 | 8.9% | 13.4 | 12.3 | 8.9% |
Norteamérica | 16.9 | 17.3 | (2.3%) | 16.9 | 16.2 | 4.3% |
Europa | 2.1 | 2.0 | 5.0% | 2.1 | 2.0 | 5.0% |
Total Escode revenue | 32.4 | 31.6 | 2.5% | 32.4 | 30.5 | 6.2% |
Escode revenues analysed by service line:
|
H1 2024 £ m |
H1 2023 £ m |
% cambio a tasas reales |
H1 2024 £ m |
Moneda constante 1 H1 2023 £ m |
% cambio a moneda constante 1 |
Escrow contracts | 21.8 | 21.3 | 2.3% | 21.8 | 20.5 | 6.3% |
Servicios de verificación | 10.6 | 10.3 | 2.9% | 10.6 | 10.0 | 6.0% |
Total Escode revenue | 32.4 | 31.6 | 2.5% | 32.4 | 30.5 | 6.2% |
El margen bruto se analiza de la siguiente manera:
H1 2023 £ m | H1 2023 % de margen | H1 2023 £ m | H1 2023 % de margen |
% de cambio de pts | |
UK | 8.9 | 66.4% | 8.4 | 68.3% | (1.9% ptos) |
Norteamérica | 12.1 | 71.6% | 12.6 | 72.8% | (1.2% ptos) |
Europa | 1.4 | 66.7% | 1.3 | 65.0% | 1.7% ptos |
Escode gross profit and % margin | 22.4 | 69.1% | 22.3 | 70.6% | (1.5% ptos) |
Escode gross profit decreased by -1.5% pts with UK and North America decreasing by -1.9% pts and -1.2% pts respectively due to continued investment to enable Escode to achieve sustainable revenue growth.
Elementos individualmente significativos
During the period, the Group has incurred Individually Significant Items (ISIs) of £4.2m (H1 2023: £Nil) represented by Re-organisation costs arising from strategic actions of £3.8m, remaining costs associated with strategic review of Escode of £0.2m and disposal costs of £0.2m incurred to date in relation to the disposal of DetACT in December 2023. See note 5 for further details.
Costos financieros
Finance costs for the period were £3.0m compared to £2.6m in H1 2023 due to an increase in borrowing costs following increases in base interest rates. Finance costs include lease financing costs of £0.5m (H1 2023: £0.5m).
Taxation
The Group's effective statutory tax rate is 29.2% (H1 2023: 26.2%). The increase in the tax rate from H1 2023 to H1 2024 is mainly due to an increase in the UK standard rate of corporation tax. The Group's adjusted tax rate is 22.2% (H1 2023 restated 3: 26.2%).
Beneficio por acción (EPS) |
H1 2024 |
1S 2023 (reexpresado) 2 |
Estatutario |
| |
EPS básico | (0.5p) | 2.5p |
EPS diluido | (0.5p) | 2.4p |
|
| |
Equilibrado 1 |
| |
EPS básico | 0.5p | 2.5p |
| ||
Número medio ponderado de acciones (millones) |
| |
Basic | 310.9 | 309.4 |
Diluido | 312.1 | 313.1 |
Flujo de caja y deuda neta 1
La siguiente tabla resume el flujo de caja y la deuda neta del Grupo. 1:
| H1 2024 £ m | H1 2023 £ m | ||
Entrada de efectivo operativo antes de movimientos en el capital de trabajo | 13.0 | 24.8 | ||
Movimiento en capital de trabajo | 0.9 | (0.5) | ||
Efectivo generado por actividades operativas antes de intereses e impuestos | 13.9 | 24.3 | ||
Elemento de interés de los pagos por arrendamiento | (0.5) | (0.5) | ||
Intereses financieros pagados | (2.1) | (1.7) | ||
Impuestos pagados | (3.1) | (3.5) | ||
Efectivo neto generado por actividades operativas | 8.2 | 18.6 | ||
Compra de propiedad, planta y equipo | (3.5) | (1.6) | ||
Gastos de software y desarrollo | (1.6) | (2.1) | ||
Adquisición de comercio y activos como parte de una combinación de negocios | (1.0) | (1.0) | ||
Sale proceeds from business disposal | 2.0 | - | ||
Dividendos de capital pagados | - | (9.8) | ||
Reembolso de pasivos por arrendamiento (importe principal) | (3.3) | (3.8) | ||
Compra de acciones propias | - | (0.5) | ||
Producto de la emisión de capital social ordinario | - | 0.1 | ||
Movimiento neto | 0.8 | (0.1) | ||
Deuda neta de apertura 1 | (49.6) | (52.4) | ||
Movimientos no monetarios (liberación de costes de emisión diferidos) | (0.3) | (0.2) | ||
Movimiento de divisas | 0.8 | (2.1) | ||
Deuda neta de cierre excluidos los pasivos por arrendamiento 1 | (48.3) | (54.8) | ||
Pasivos por arrendamiento | (34.8) | (29.3) | ||
Cierre de la deuda neta 1 | (83.1) | (84.1) | ||
Deuda neta 1 se puede conciliar de la siguiente manera:
H1 2024 £ m | H1 2023 £ m | |
Efectivo y equivalentes de efectivo | 17.5 | 44.5 |
sobregiro bancario | (4.3) | (0.5) |
Empréstitos (neto de costos de emisión diferidos) | (61.5) | (98.8) |
Deuda neta excluyendo pasivos por arrendamiento 1 | (48.3) | (54.8) |
Pasivos por arrendamiento | (34.8) | (29.3) |
Deuda neta 1 | (83.1) | (84.1) |
El cálculo de la tasa de conversión de efectivo. 1 se establece a continuación:
| H1 2024 £ m | 1S 2023 (reexpresado) 2 £ m | % cambiar/ % puntos |
Flujo de efectivo operativo neto antes de intereses e impuestos (A) | 13.9 | 24.3 | (42.8%) |
EBITDA ajustado 1, 2 (B) | 15.6 | 24.2 | (35.5%) |
Ratio de conversión de efectivo 1, 2 (%) (A) / (B) | 89.1% | 100.4% | (11.3% ptos) |
1: See Note 3 for an explanation of Alternative Performance Measures (APMs) and adjusting items. Further information is also contained within the Financial Review.
2: After reconsidering FRC best practice guidance around the disclosure of adjusting items and APM's, the Group have reduced the number of adjusted measures and items. The Group now only has one adjusted item 'Individual Significant Items'. Previous adjusted items of Amortisation of acquisition intangibles and Share based payments are no longer disclosed as an adjusted item. Accordingly, comparative numbers have been restated. For further detail, please refer to the Financial Review and Note 3 for an explanation of APMs and adjusting items, including a reconciliation to statutory information.
Cash capital expenditure during the period was £5.1m (H1 2023: £3.7m) which includes tangible asset expenditure of £3.5m (H1 2023: £1.6m) and capitalised software and development costs of £1.6m (H1 2023: £2.1m). The increase in capital expenditure was mainly due to the opening of our new Manila office.
Acquisition of trade and assets as part of a business combination of £1.0m relates to the further consideration payable in relation to the Adelard acquisition. Sale proceeds from disposals represent part payment of contingent consideration in relation to the disposal of the Group's DDI business, with the remaining proceeds received in January 2024.
Dividendos
Total dividends of £nil were paid in the period (H1 2023: £9.8m), with the FY23 final dividend of £9.8m being paid in December 2023 following the AGM on the 30 November 2023, this represented the final dividend for FY23 of 3.15p. The Board is declaring an unchanged interim dividend of 1.50p per ordinary share (H1 2023: 1.50p).
Esto representa un dividendo igual al pagado en el período anterior como la Junta es consciente de la necesidad de invertir en nueva estrategia.
El dividendo a cuenta de aproximadamente £4.7 millones se pagará el 15 de marzo de 2024 a los accionistas inscritos en el registro al cierre de operaciones el 16 de febrero de 2024. La fecha ex-dividendo es el 15 de febrero de 2024.
Principales riesgos e incertidumbres
El Consejo ha reconsiderado los principales riesgos e incertidumbres publicados al ejercicio 2023 completo. Los siguientes riesgos e incertidumbres son aquellos que los Consejeros consideran que podrían tener un impacto más significativo en el negocio del Grupo y permanecen sin cambios desde el cierre del ejercicio:
· Strategy - overarching strategic risk
o Ineffective execution of the Group's strategy
o Poor and/or ineffective change management mechanisms
o Over-reliance on market sector, service or client
· Seguridad cibernética y de la información
o Ataque cibernetico
o Significant business systems failure
o Loss of client/colleague data
o Insufficient quality, integrity and availability of management information
· Innovation and service development
o Robo o exposición de propiedad intelectual
o Ineffective service management
o Failed service launch
· People and partners
o Insufficient workforce resilience
o Inability to retain/recruit colleagues to meet the resource needs of the businesses
o Poor colleague health and wellbeing
· Mercado y competencia
o Economic changes/volatility impact on revenue and profitability
o Unable to continue to meet the service and resource needs of our clients
o Lack of visibility in the marketplace
o Reliance on relationships with third parties
o Comercio internacional
· Marca y reputación
o Adverse publicity in news and social media
o Undertaking work with disreputable clients or in sanctioned/undesirable jurisdictions
· Calidad y entrega
o Service delivery does not achieve established quality standards
o Loss of internationally recognised quality and security standards
· Legal, regulatory compliance and governance
o Criminal and civil legal action resulting in fines and incarceration
o Inability to identify and adopt emerging regulations in a timely manner
Declaración de responsabilidad de los directores
La siguiente declaración de responsabilidad ha sido preparada en relación con los estados financieros intermedios resumidos del Grupo para el período finalizado el 30 de noviembre de 2023. Confirmamos que, según nuestro leal saber y entender:
· El conjunto resumido de estados financieros intermedios consolidados ha sido preparado de acuerdo con la NIC 34 Información financiera intermedia adoptada para su uso en el Reino Unido.
· El informe de gestión intermedio incluye una revisión justa de la información requerida por:
· DTR 4.2.7R de las Reglas de Transparencia y Orientación de Divulgación, siendo una indicación de eventos importantes que han ocurrido durante los primeros seis meses del año financiero y su impacto en el conjunto condensado de estados financieros; y una descripción de los principales riesgos e incertidumbres para los seis meses restantes del año; y
· DTR 4.2.8R de las Reglas de Transparencia y Orientación de Revelación, siendo transacciones con partes relacionadas que han tenido lugar en los primeros seis meses del año financiero en curso y que han afectado materialmente la posición financiera o el desempeño de la entidad durante ese período; y cualquier cambio en las transacciones con partes relacionadas descritas en el último informe anual que pudiera hacerlo.
The Half Year Report is approved and authorised for issue on behalf of the Board on 24 January 2024 by:
mike madison | Ellis |
Director General | Director Financiero |
Cuenta de resultados consolidada
Para el período terminado el 30 de noviembre de 2023
| |||||||||||
H1 2024 | H1 2023 | ||||||||||
Notas | Continuo £ m | Discontinuado 1 £ m | Total £ m | Continuo £ m | Discontinuado 1 £ m | Total £ m | |||||
| |||||||||||
Ingresos | 4 | 156.6 | 2.6 | 159.2 | 174.7 | 1.9 | 176.6 | ||||
El costo de ventas | 4 | (97.1) | (1.7) | (98.8) | (103.8) | (1.3) | (105.1) | ||||
Beneficio bruto | 4 | 59.5 | 0.9 | 60.4 | 70.9 | 0.6 | 71.5 | ||||
Gastos administrativos |
|
|
| ||||||||
Elementos individualmente significativos | (4.0) | (0.2) | (4.2) | - | - | - | |||||
depreciación y amortización | (10.7) | (0.1) | (10.8) | (11.2) | (0.1) | (11.3) | |||||
Pérdidas crediticias reconocidas sobre activos financieros | (0.8) | - | (0.8) | (0.9) | - | (0.9) | |||||
Otros gastos administrativos | (43.8) | (0.2) | (44.0) | (46.2) | (0.2) | (46.4) | |||||
Gastos administrativos totales | (59.3) | (0.5) | (59.8) | (58.3) | (0.3) | (58.6) | |||||
Beneficio operativo | 4 | 0.2 | 0.4 | 0.6 | 12.6 | 0.3 | 12.9 | ||||
Costos financieros | (3.0) | - | (3.0) | (2.6) | - | (2.6) | |||||
(Pérdida) / beneficio antes de impuestos | (2.8) | 0.4 | (2.4) | 10.0 | 0.3 | 10.3 | |||||
Taxation | 0.8 | (0.1) | 0.7 | (2.6) | (0.1) | (2.7) | |||||
(Pérdida)/ganancia del período atribuible a los propietarios de la Compañía | (2.0) | 0.3 | (1.7) | 7.4 | 0.2 | 7.6 | |||||
| |||||||||||
Utilidad por acción ordinaria | 7 | ||||||||||
EPS básico | (0.6p) | 0.1p | (0.5p) | 2.4p | 0.1p | 2.5p | |||||
EPS diluido | (0.6p) | 0.1p | (0.5p) | 2.3p | 0.1p | 2.4p | |||||
Declaración consolidada de ingreso comprensivo
Para el período terminado el 30 de noviembre de 2023
H1 2024 £ m | H1 2023 £ m |
| |
(Pérdida)/ganancia del período atribuible a los propietarios de la Compañía | (1.7) | 7.6 |
|
Otros (pérdidas) / ingresos integrales | |||
Partidas que pueden reclasificarse posteriormente a resultados (neto de impuestos) |
|
| |
Diferencias de conversión de moneda extranjera | (3.1) | 9.8 |
|
Total de otros (pérdidas) / ingresos integrales | (3.1) | 9.8 |
|
Total comprehensive (loss)/income for the period (net of tax) attributable to the owners of the Company |
|
|
|
1: Discontinued activities represent the non-core disposal of DetACT in December 2023 that was classified as an asset held for sale at 30 November 2023.
Hoja de balance consolidado
Para el período terminado el 30 de noviembre de 2023
Notas |
|
30 Noviembre 2023 £ m |
30 Noviembre 2022 £ m |
31 De Mayo 2023 £ m | |
Activos no corrientes |
| ||||
Goodwill |
| 247.3 | 272.0 | 255.8 | |
Activos intangibles |
| 102.1 | 120.2 | 110.9 | |
Propiedad, planta y equipo. |
| 13.9 | 12.5 | 12.5 | |
Activos por derecho de uso |
| 23.3 | 19.6 | 18.6 | |
Inversiones |
| 0.3 | 0.3 | 0.3 | |
Activos por impuestos diferidos |
| 3.0 | 1.2 | 2.9 | |
Total del activo no corriente |
| 389.9 | 425.8 | 401.0 | |
Activos circulantes |
|
| |||
Los inventarios |
| 0.8 | 1.0 | 0.8 | |
Cuentas comerciales y otras cuentas por cobrar |
| 76.3 | 77.2 | 58.1 | |
Contraprestación contingente por cobrar |
| 1.8 | - | 3.8 | |
Impuesto corriente por cobrar |
| 3.8 | 2.5 | 3.6 | |
Efectivo y equivalentes de efectivo |
| 17.5 | 44.5 | 34.1 | |
Activos clasificados como mantenidos para la venta | 8 |
| 9.2 | 2.2 | - |
Total de activos corrientes |
| 109.4 | 127.4 | 100.4 | |
los activos totales |
| 499.3 | 553.2 | 501.4 | |
Pasivo circulante |
|
| |||
Comerciales y otras cuentas a pagar |
| 45.6 | 53.8 | 44.7 | |
sobregiro bancario |
| 4.3 | 0.5 | 1.8 | |
Préstamos |
| - | 19.5 | - | |
Pasivos por arrendamiento |
| 7.0 | 4.5 | 6.0 | |
Impuesto corriente por pagar |
| 0.6 | 5.7 | 4.2 | |
Instrumentos financieros derivados |
| 0.3 | 0.4 | 0.6 | |
Contraprestación contingente por pagar |
| - | 1.0 | 1.0 | |
Dividendos pagables |
| 9.8 | - | - | |
Provisiones |
| 1.4 | 1.7 | 1.2 | |
Pasivos contractuales: ingresos diferidos |
| 66.3 | 53.3 | 51.6 | |
Pasivos clasificados como mantenidos para la venta | 8 |
| 2.0 | 1.1 | - |
Total pasivo corriente |
| 137.3 | 141.5 | 111.1 | |
Pasivos no corrientes |
|
| |||
Préstamos |
| 61.5 | 79.3 | 81.9 | |
Pasivos por arrendamiento |
| 27.8 | 24.8 | 24.0 | |
Pasivos por impuestos diferidos |
| 1.3 | 1.5 | 1.4 | |
Provisiones |
| 1.2 | 0.9 | 1.5 | |
Pasivos contractuales: ingresos diferidos |
| 5.8 | 2.3 | 3.3 | |
Total pasivo no corriente |
| 97.6 | 108.8 | 112.1 | |
Pasivos totales |
| 234.9 | 250.3 | 223.2 | |
Activos netos |
| 264.4 | 302.9 | 278.2 | |
| |||||
Equidad |
| ||||
Capital social |
| 3.1 | 3.1 | 3.1 | |
Compartir premium |
| 224.1 | 224.1 | 224.1 | |
Reserva de fusión |
| 42.3 | 42.3 | 42.3 | |
Reserva de conversión de moneda |
| 34.4 | 44.9 | 37.5 | |
Ganancias retenidas |
| (39.5) | (11.5) | (28.8) | |
Patrimonio total atribuible a los accionistas de la controladora |
| 264.4 | 302.9 | 278.2 |
These financial statements were approved and authorised for issue by the Board of Directors on 24 January 2024 y fueron firmados en su nombre por:
Mike Maddison Guy Ellis
Director ejecutivo Director financiero
Estado de flujo de efectivo consolidado
Para el período terminado el 30 de noviembre de 2023
El flujo de efectivo de las actividades de operaciones | Notas | H1 2024 £ m | H1 2023 £ m |
(Pérdida) / beneficio del período | (1.7) | 7.6 | |
Ajustes para: |
| ||
Depreciación de propiedades, planta y equipo | 2.1 | 2.2 | |
Depreciación de activos por derecho de uso | 2.9 | 3.0 | |
Pagos basados en acciones | 0.8 | 2.5 | |
Amortización de contratos y relaciones con clientes | 4.6 | 5.1 | |
Amortización de software y costos de desarrollo | 1.3 | 1.0 | |
Deterioro de activos por derecho de uso | 0.5 | - | |
Costos de financiamiento de arrendamiento | 0.5 | 0.5 | |
Otros costos de financiamiento | 2.3 | 2.0 | |
Pérdida / (ganancia) cambiaria | 0.6 | (0.6) | |
Partidas individualmente significativas (impacto no monetario) | 0.2 | - | |
Terminación de arrendamientos | (0.1) | (0.1) | |
Créditos fiscales para investigación y desarrollo en el Reino Unido | (0.2) | (0.2) | |
Créditos fiscales de EE. UU. Para investigación y desarrollo | - | (0.1) | |
Ingreso por gastos de impuesto | (0.7) | 2.8 | |
Disminución de provisiones | (0.1) | (0.9) | |
Entrada de efectivo para el período antes de los cambios en el capital de trabajo | 13.0 | 24.8 | |
(Aumento) / disminución de cuentas por cobrar comerciales y otras | (18.9) | 1.0 | |
Incremento de inventarios | - | (0.1) | |
Aumento / (disminución) de cuentas comerciales y otras cuentas por pagar | 19.8 | (1.4) | |
Efectivo generado por actividades operativas antes de intereses e impuestos | 13.9 | 24.3 | |
Elemento de interés de los pagos por arrendamiento | (0.5) | (0.5) | |
Otros intereses pagados | (2.1) | (1.7) | |
Impuestos pagados | (3.1) | (3.5) | |
Efectivo neto generado por actividades operativas | 8.2 | 18.6 | |
Flujos de efectivo de actividades de inversión |
| ||
Adquisición de comercio y activos como parte de una combinación de negocios | (1.0) | (1.0) | |
Compra de propiedad, planta y equipo | (3.5) | (1.6) | |
Gastos de software y desarrollo | (1.6) | (2.1) | |
Sales proceeds of business disposal | 2.0 | - | |
Efectivo neto utilizado en actividades de inversión | (4.1) | (4.7) | |
Flujos de efectivo de actividades de financiación |
| ||
Producto de la emisión de capital social ordinario | - | 0.1 | |
Compra de acciones propias | - | (0.5) | |
Elemento principal de los pagos por arrendamiento | (3.3) | (3.8) | |
Disposición de préstamos (neto de costos de emisión diferidos) | 19.0 | - | |
Reembolso de préstamos | (38.5) | (31.2) | |
Dividendos de capital pagados | 6 | - | (9.8) |
Efectivo neto generado utilizado en actividades de financiación | (22.8) | (45.2) | |
Net decrease in cash and cash equivalents (inc. bank overdraft) | (18.7) | (31.3) | |
Cash and cash equivalents (inc. bank overdraft) at beginning of period | 32.3 | 73.2 | |
Efecto de las variaciones del tipo de cambio de moneda extranjera | (0.4) | 2.1 | |
Cash and cash equivalents (inc. bank overdraft) at end of the period | 13.2 | 44.0 |
Reconciliation of net change in cash and cash equivalents to movement in net debt 1
H1 2024 £ m | H1 2023 £ m | ||
Net decrease in cash and cash equivalents (inc. bank overdraft) |
| (18.7) | (31.3) |
Cambio en la deuda neta 1 resultantes de los flujos de efectivo (neto de los costos de emisión diferidos) |
| 19.5 | 31.2 |
Intereses devengados por préstamos |
| 2.1 | 1.7 |
Intereses pagados sobre préstamos |
| (2.1) | (1.7) |
Liberación de costes de emisión diferida |
| (0.3) | (0.2) |
Efecto de la moneda extranjera en los flujos de efectivo |
| (0.4) | 2.1 |
Diferencias de conversión de moneda extranjera sobre préstamos |
| 1.2 | (4.2) |
Cambio en la deuda neta 1 durante el periodo |
| 1.3 | (2.4) |
Deuda neta 1 al comienzo del período, excluyendo los pasivos por arrendamiento |
| (49.6) | (52.4) |
Deuda neta 1 al final del período, excluyendo los pasivos por arrendamiento |
| (48.3) | (54.8) |
Pasivos por arrendamiento | (34.8) | (29.3) | |
Deuda neta 1 al final del período |
| (83.1) | (84.1) |
1: Net debt is an Alternative Performance Measures (APMs) and not an IFRS measure. See Note 3 for an explanation of APMs and adjusting items, including a reconciliation to statutory information.
Estado de cambios en el patrimonio neto consolidado
Para el período terminado el 30 de noviembre de 2023
Compartir Capital |
Compartir premium |
Reserva de cobertura |
Reserva de fusión | Reserva de conversión de moneda |
Ganancias retenidas |
Total | |
£ m | £ m | £ m | £ m | £ m | £ m | £ m | |
Saldo al 1 de junio de 2023 | 3.1 | 224.1 | - | 42.3 | 37.5 | (28.8) | 278.2 |
Pérdida del período | - | - |
| - | - | (1.7) |
|
Otra pérdida integral del período | - | - | - | - | (3.1) | - | (3.1) |
Total de ingresos integrales para período | - | - | - | - | (3.1) | (1.7) | (4.8) |
Transacciones con propietarios registradas directamente en patrimonio |
|
|
|
|
|
|
|
Dividendos a accionistas de capital | - | - | - | - | - | (9.8) | (9.8) |
Pagos basados en acciones | - | - | - | - | - | 0.8 | 0.8 |
Contribuciones totales y distribuciones a los propietarios | - | - | - | - | - | (9.0) | (9.0) |
Saldo al 30 de noviembre de 2023 | 3.1 | 224.1 | - | 42.3 | 34.4 | (39.5) | 264.4 |
Compartir Capital |
Compartir premium |
Reserva de cobertura |
Reserva de fusión | Reserva de conversión de moneda |
Ganancias retenidas |
Total | |
£ m | £ m | £ m | £ m | £ m | £ m | £ m | |
Saldo al 1 de junio de 2022 | 3.1 | 224.0 | - | 42.3 | 35.1 | (11.3) | 293.2 |
Beneficio del período | - | - | - | - | - | 7.6 | 7.6 |
Otro resultado integral del período | - | - | - | - | 9.8 | - | 9.8 |
Total de ingresos integrales para período | - | - | - | - | 9.8 | 7.6 | 17.4 |
Transacciones con propietarios registradas directamente en patrimonio | |||||||
Dividendos a accionistas de capital | - | - | - | - | - | (9.8) | (9.8) |
Pagos basados en acciones | - | - | - | - | - | 2.5 | 2.5 |
Compra de acciones propias | - | - | - | - | - | (0.5) | (0.5) |
Acciones emitidas | - | 0.1 | - | - | - | - | 0.1 |
Contribuciones totales y distribuciones a los propietarios | - | 0.1 | - | - | - | (7.8) | (7.7) |
Saldo al 30 de noviembre de 2022 | 3.1 | 224.1 | - | 42.3 | 44.9 | (11.5) | 302.9 |
Compartir Capital |
Compartir premium |
Reserva de cobertura |
Reserva de fusión | Reserva de conversión de moneda |
Ganancias retenidas |
Total | |
£ m | £ m | £ m | £ m | £ m | £ m | £ m | |
Saldo al 1 de junio de 2022 | 3.1 | 224.0 | - | 42.3 | 35.1 | (11.3) | 293.2 |
Pérdida del año | - | - | - | - | - | (4.6) | (4.6) |
Otro resultado integral | - | - | - | - | 2.4 | - | 2.4 |
Total de ingresos integrales para año | - | - | - | - | 2.4 | (4.6) | (2.2) |
Transacciones con propietarios registradas directamente en patrimonio | |||||||
Dividendos a accionistas de capital | - | - | - | - | - | (14.5) | (14.5) |
Pagos basados en acciones | - | - | - | - | - | 2.2 | 2.2 |
Impuesto sobre pagos basados en acciones | - | - | - | - | - | (0.1) | (0.1) |
Compra de acciones propias | - | - | - | - | - | (0.5) | (0.5) |
Acciones emitidas | - | 0.1 | - | - | - | - | 0.1 |
Contribuciones totales y distribuciones a los propietarios | - | 0.1 | - | - | - | (12.9) | (12.8) |
Saldo al 31 de mayo de 2023 | 3.1 | 224.1 | - | 42.3 | 37.5 | (28.8) | 278.2 |
Notas a los estados financieros intermedios consolidados condensados no auditados
1 Políticas contables
Base de preparación
NCC Group plc (the Company) is a company incorporated in the UK, with its registered office at XYZ Building, 2 Hardman Boulevard, Manchester, M3 3AQ. The Groups' unaudited condensed interim financial statements consolidated those of the Company and its subsidiaries (together referred to as the Group). The principal activity of the Group is the provision of independent advice and services to customers through the supply of Cyber Security and Escode services.
The Groups' unaudited condensed interim consolidated financial statements for the six months ended 30 November 2023 (H1 2024), have been prepared on the going concern basis in accordance with IAS 34 'Interim Financial Reporting' as adopted for use in the UK. The unaudited condensed interim consolidated financial statements han sido preparados sobre la base del costo histórico, excepto por la contraprestación por pagar en las adquisiciones que se mide al valor razonable. The condensed interim consolidated financial statements are presented in Pound Sterling (£m) because that is the currency of the principal economic environment in which the Company operates. The unaudited condensed interim consolidated financial statements were approved by the Directors on 24 January 2024 and were not independently reviewed by the Group's auditors.
Following the change in year end from May to September 2024, the consolidated financial statements of the Group for the 16-month period ended 30 September 2024 will be prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted for use in the UK and in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006.
Según lo exigen las Reglas de orientación y transparencia sobre divulgación de la Autoridad de Conducta Financiera, el conjunto resumido de estados financieros intermedios se ha preparado aplicando las políticas contables y la presentación que se aplicaron en los estados financieros consolidados publicados de la empresa para el año finalizado el 31 de mayo de 2023, que fueron preparado de acuerdo con las NIIF adoptadas para su uso en el Reino Unido. No contienen toda la información requerida para los estados financieros completos y deben leerse junto con los estados financieros anuales del año finalizado el 31 de mayo de 2023.
Los estados financieros del Grupo para el año terminado el 31 de mayo de 2023 están disponibles en el domicilio social de la Compañía o en el sitio web. www.nccgroup.com.
Las cifras comparativas del ejercicio económico finalizado el 31 de mayo de 2023 no son las cuentas estatutarias de la empresa para ese ejercicio económico, sino que se derivan de dichas cuentas. Dichas cuentas han sido informadas por el auditor de cuentas de la sociedad y entregadas al registrador de sociedades. El informe del auditor era (i) sin salvedades, (ii) no incluía una referencia a ningún asunto sobre el cual el auditor llamó la atención a modo de énfasis sin calificar su informe, y (iii) no contenía una declaración conforme a la sección 498 ( 2) o (3) de la Ley de Sociedades de 2006.
Cambio climático
Los directores han revisado el impacto potencial del cambio climático y el TCFD en los estados financieros intermedios condensados. Nuestra exposición general al cambio climático físico y de transición se considera baja debido a la naturaleza del negocio y la industria de resiliencia cibernética.
Preocupación continua
Los Consejeros han reconocido la orientación publicada en relación con las evaluaciones de negocio en marcha. Las actividades comerciales del Grupo, junto con los factores que probablemente afectarán su futuro desarrollo, desempeño y posición, se establecen en la Revisión comercial y la Revisión financiera. La situación financiera, la tesorería y las líneas de crédito del Grupo también se describen en estas secciones.
The condensed interim consolidated Financial Statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons.
The Directors have prepared cash flow and covenant compliance forecasts for the period ending 31 January 2025 which indicate that, taking account of severe but plausible downsides on the operations of the Group and its financial resources, the Group and Company will have sufficient funds to meet their liabilities as they fall due for that period.
Se requiere que el período de negocio en marcha cubra un período de al menos 12 meses a partir de la fecha de aprobación de los Estados Financieros y los Directores aún consideran que este período de 12 meses es un período de evaluación apropiado debido a la posición financiera y el desempeño comercial del Grupo y que sus facilidades de préstamo no vencen hasta diciembre de 2026. Los Directores han considerado si hay eventos significativos más allá del período de 12 meses que sugerirían que este período debería ser más largo, pero no han identificado tales condiciones o eventos.
The Group is financed primarily by a £162.5m multi-currency revolving credit facility maturing in December 2026. Under these banking arrangements, the Group can also request (seeking bank approval) an additional accordion facility to increase the total size of the revolving credit facility by up to £75m. This accordion facility has not been considered in the Group's going concern assessment as it requires bank approval and is therefore uncommitted as at the date of approval of these condensed interim Financial Statements.
A 30 de noviembre de 2023, deuda neta (excluyendo pasivos por arrendamiento) 1 amounted to £48.3m which comprised cash of £17.5m, a bank overdraft of £4.3m, a drawn revolving credit facility of £61.5m had been drawn under these facilities, leaving £101.0m of undrawn facilities, excluding the uncommitted accordion facility of £75.0m. The Group's day-to-day working capital requirements are met through existing cash resources, the revolving credit facility and receipts from its continuing business activities.
El Grupo está obligado a cumplir con los convenios financieros de apalancamiento (deuda neta a EBITDA ajustado 1) y cobertura de intereses (EBITDA ajustado 1 al cargo por intereses) que se prueban semestralmente el 31 de mayo y el 30 de noviembre de cada año. Al 30 de noviembre de 2023, apalancamiento 1 ascendió a 1.9x y cobertura de intereses netos 1 amounted to 4.2x compared to a maximum of 3.0x and a minimum of 3.5x respectively. The terms and ratios are specifically defined in the Group's banking documents (in line with normal commercial practice) and are materially similar to amounts noted in these financial statements with the exceptions being net debt excludes IFRS 16 lease liabilities and Adjusted EBITDA 1 excludes share based payments and IFRS 16. The Group was in compliance with the terms of all its facilities during the period, including the financial covenants on 30 November 2023, and based on forecasts, expects to remain in compliance over the going concern period. In addition, the Group has not sought or is not planning to seek any waivers to its financial covenants noted above.
In Q3 2023, the Group experienced a challenging period with a decline in the rate of revenue growth and overall profitability. The Group's revenue performance and profitability suffered from market volatility within Cyber Security 1. In particular, the Group experienced buying decision delays and cancellations in the North American tech sector and our UK market. These headwinds have further reinforced the need to accelerate the implementation of our next chapter of the Group strategy following its communication in February 2023. This strategy requires a level of additional investment in 2024. Despite the above, the Group has maintained consistent cash generation during the period.
Following 31 May 2023, the Group engaged in additional generating cost efficiencies across Cyber Security 1 and corporate functions which is resulting in the implementation of a fundamental reorganisation generating further savings compared to the periods. As a result of all of the above, the base case going concern assessment has been prepared on the basis that market volatility within Cyber Security 1 continúa parcialmente con una rentabilidad general similar a la de 2023.
En este contexto, los Directores han preparado una serie de escenarios severos pero plausibles para la evaluación base de efectivo en funcionamiento de la siguiente manera:
(a) Future performance consistent with Q4 FY23 Cyber Security 1 trading performance, particular in North America
(b) Loss of key customers
(c) Shortfall in forecast cost savings
(D) Continúan nuevas presiones inflacionarias, peores y más prolongadas de lo esperado (salarios, energía e intereses)
(e) Combination of Scenarios (a) and (d) above
Estos escenarios se han modelado individualmente para evaluar la capacidad del Grupo para afrontar desafíos específicos. Los Directores no creen que sea plausible que todos los escenarios negativos anteriores ocurran simultáneamente; sin embargo, han modelado escenarios que combinan riesgos (ayd). El impacto de estos escenarios severos pero plausibles se ha revisado en comparación con la posición de flujo de caja proyectada del Grupo, las líneas bancarias comprometidas disponibles y el cumplimiento de las obligaciones financieras. Estos pronósticos, incluidas las desventajas graves pero plausibles, muestran que el Grupo es capaz de operar dentro de sus servicios bancarios comprometidos disponibles, sin incumplimientos de convenios previstos ni requisitos de exenciones de servicios, y que el Grupo tendrá fondos suficientes para cumplir con sus obligaciones a medida que se presenten. vencen para ese período.
Having reviewed the current trading performance, forecasts, debt servicing requirements, total facilities and risks, the Directors are confident that the Group will have sufficient funds to continue to meet their liabilities as they fall due for a period of at least 12 months from the date of approval of these condensed interim consolidated Financial Statements, which is determined as the going concern period. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the Group's condensed interim consolidated Financial Statements for the period ended 30 November 2023.
There are no post-Balance Sheet events which the Directors believe will negatively impact the going concern assessment.
Elementos individualmente significativos
Los elementos individualmente significativos se identifican como aquellos elementos o proyectos que, en función de su tamaño, naturaleza y/o incidencia, se evalúan para justificar una divulgación separada para proporcionar información complementaria que respalde la comprensión del desempeño financiero del Grupo. Cuando un proyecto abarca los períodos de informe, el tamaño y la naturaleza totales del proyecto se consideran en su totalidad. Las partidas individualmente significativas normalmente comprenden costos/beneficios/pérdidas por adquisiciones/enajenaciones/salidas de negocios importantes, programas de reorganización/reestructuración fundamentales y otros eventos puntuales significativos. Se considera que las partidas individualmente significativas requieren una presentación separada en las notas a los estados financieros para presentar fielmente el desempeño financiero del Grupo.
Revisión de deterioro
La política del Grupo es probar anualmente el deterioro de los activos no financieros, o si los eventos o cambios en las circunstancias indican que el valor en libros de estos activos puede no ser recuperable. El Grupo ha considerado si ha habido algún indicador de deterioro durante los 6 meses terminados el 30 de noviembre de 2023, que requeriría realizar una revisión del deterioro. El Grupo ha considerado indicadores de deterioro con respecto a varios factores, incluidos los descritos en la NIC 36 'Deterioro del valor de los activos'. Sobre la base de esta revisión, el Grupo ha concluido que no existen tales indicadores de deterioro al 30 de noviembre de 2023.
As part of this review, management has reviewed the key assumptions underlying the valuation process performed during the annual impairment test at 31 May 2023. Indicators include assessment of the performance of the Group's Cash Generating Units (CGUs) by comparing forecasts used at 31 May 2023 with their latest forecast, expected future performance and recovery of Cyber Security profitability and whether fair value less costs to sell calculations using an appropriate level of sustainable earnings and a multiple applied to adjusted EBITDA 1. For further detail on sensitivity analysis performed as at 31 May 2023, please see the 31 May 2023 Annual Report.
Reexpresión del año anterior
H1 2023 cost of sales has been restated to reclassify £0.8m from administrative expenses to cost of sales to be consistent with internal reporting classification of costs. The impact of this re-statement is to increase cost of sales from £104.3m to £150.1m and decrease administrative expenses from £59.4m to £58.6m. There is no impact on overall profit for the period. These costs relate to the Escode operating segment.
2. Juicios contables críticos y fuentes clave de incertidumbre en la estimación
La preparación de Estados financieros intermedios condensados requiere que la administración ejerza su juicio al aplicar las políticas contables del Grupo. Diferentes juicios tendrían el potencial de cambiar el resultado informado de una transacción contable o estado de situación financiera. También requiere el uso de estimaciones que afectan los montos informados de activos, pasivos, ingresos y gastos. Los resultados reales pueden diferir de estas estimaciones. Las estimaciones y los supuestos subyacentes se revisan de manera continua, y los cambios se reconocen en el período en que se revisan las estimaciones y en cualquier período futuro afectado.
2.1 Juicios contables críticos
No se han realizado juicios contables críticos en la aplicación de políticas contables que tengan los efectos más significativos sobre los importes reconocidos en los Estados Financieros intermedios resumidos consolidados.
2.2 Fuentes clave de incertidumbre en la estimación
Information about estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying values of assets and liabilities is addressed below.
While every effort is made to ensure that such estimates and assumptions are reasonable, by their nature they are uncertain, and as such changes in estimates and assumptions may have a material impact.
Deterioro del fondo de comercio
The Group has significant balances relating to goodwill at 30 November 2023 as a result of acquisitions of businesses in previous years. The carrying value of goodwill at 30 November 2023 is £247.3m (2022: £272.0m). Goodwill balances are tested annually for impairment. The Group allocates goodwill to cash-generating units (CGUs) which represent the lowest level of asset groupings that generate separately identifiable cash inflows that are not dependent on other CGUs.
For the annual impairment review for the year ended 31 May 2023, tests for impairment were based on the calculation of a fair value less costs to sell (FVLCTS) which was been used to establish the recoverable amount of the CGU. The FVLCTS valuation was calculated by assessing the value of each standalone CGU calculated using an Adjusted EBITDA 1 multiple based on estimated sustainable earnings adjusted for specific items where relevant. Estimated sustainable earnings was determined taking into account past experience and includes expectations based on a market participant view of sustainable performance of the business based on market volatility and uncertainty as at 31 May 2023.
The sustainable earnings figures used in this calculation include key assumptions regarding sustainable revenues and costs for the business. If the assumptions and estimates used in this valuation prove to be incorrect, the carrying value of goodwill may be overstated.
The two CGUs which are most sensitive to reasonably possible changes in sustainable earnings are US Cyber Security and Europe Cyber Security. A description of such estimates and reasonably possible sensitivities is provided in the 31 May 2023 Annual report.
3 medidas de rendimiento alternativas (APM) y elementos de ajuste
The condensed interim consolidated financial statements include APMs as well as statutory measures. Las APM utilizadas por el Grupo no son términos definidos según las NIIF y, por lo tanto, pueden no ser comparables con medidas denominadas de manera similar informadas por otras empresas. No pretenden ser un sustituto o superior a las medidas de las NIIF. Esta presentación también es consistente con la forma en que la administración mide el desempeño financiero y lo informa al Directorio, y la base de las medidas financieras para el esquema de compensación de la alta gerencia y proporciona información complementaria que ayuda al usuario a comprender el desempeño financiero, la posición y las tendencias de el grupo.
We believe these APMs provide readers with important additional information on our business and this information is relevant for use by investors, securities analysts and other interested parties as supplemental measures of future potential performance. However, since statutory measures can differ significantly from the APMs and may be assessed differently by the reader, we encourage you to consider these figures together with statutory reporting measures noted. Specifically, we would note that APMs may not be comparable across different companies and that certain profit related APMs may exclude recurring business transactions (e.g. acquisition related costs) that impact financial performance and cash flows.
After reconsidering FRC best practice guidance around the disclosure of adjusting items and APM's, the Group have reduced the number of adjusted measures and items within the period. The Group now only has one adjusted item 'Individual Significant Items'. Previous adjusted items of Amortisation of acquisition intangibles and Share based payments are no longer disclosed as an adjusted item. Accordingly, comparative numbers have been restated.
The following tables reconciles how these changes have affected the historic measures of Adjusted EBITDA, Adjusted operating profit, Adjusted earnings, Adjusted basic EPS and cash conversion which includes Adjusted EBITDA:
| H1 2024 | H1 2023 (replanteado) 2 | Cambios | |
Adjusted EBITDA - previously (£ m) | 16.4 | 26.7 | (10.3) | |
Pagos basados en acciones (£ m) | (0.8) | (2.5) | 1.7 | |
Adjusted EBITDA - revised (£m) | 15.6 |
| 24.2 | (8.6) |
| ||||
Adjusted Operating profit - previously (£ m) | 10.2 | 20.5 | (10.3) | |
Pagos basados en acciones (£ m) | (0.8) | (2.5) | 1.7 | |
Amortización de intangibles adquiridos (£ m) | (4.6) | (5.1) | 0.5 | |
Adjusted Operating profit - revised (£m) | 4.8 | 12.9 | (8.1) | |
|
| |||
Ingresos ajustados - previamente (£ m) | 5.4 |
| 13.3 | (7.9) |
Pagos basados en acciones (£ m) | (0.8) |
| (2.5) | 1.7 |
Amortización de intangibles adquiridos (£ m) | (4.6) |
| (5.1) | 0.5 |
Tax effect of above items (£m) | 1.4 | 1.9 | (0.5). | |
Adjusted earnings - revised (£ m) | 1.4 | 7.6 | (6.2) | |
| ||||
Basic adjusted EPS - previously (pence) | 1.7 | 4.3 | (2.6) | |
Effect of share-based payments (pence) | (1.5) | (1.6) | 0.1 | |
Effect amortisation of acquired intangibles (pence) | (0.2) | (0.8) | 0.6 | |
Tax effect of above items (pence) | 0.5 | 0.6 | (0.1) | |
Basic adjusted EPS - revised (pence) | 0.5 | 2.5 | (2.0) | |
|
| |||
Cash conversion - previously (%) | 84.8 | 91.0 | (6.2) | |
Effect of share-based payments (%) | 4.3 | 9.4 | (5.1) | |
Cash conversion - revised (%) | 89.1 | 100.4 | (11.3) | |
|
The Group still manages internally its performance on an adjusted earnings basis (before Individually Significant Items and tax effect thereon) which management believes represents the underlying trading of the business; on this basis adjusted EPS is still disclosed as an APM. This APM is reconciled to statutory earnings and statutory basic EPS.
The Group now has the following APMs/non-statutory measures:
· EBITDA ajustado (conciliado en Nota 3)
· Utilidad operativa ajustada (reconciliada en la Nota 3)
· EPS básico ajustado (peniques) (conciliado en la Nota 7)
· Deuda neta excluyendo pasivos por arrendamiento (reconciliada en Nota 3)
· Deuda neta (conciliada en Nota 3)
· Conversión de efectivo que incluye EBITDA ajustado (reconciliado en la Nota 3)
· Ingresos en moneda constante (conciliados en la Nota 3)
Apart from the changes noted above, the above APM's are consistent with those reported for the year ended 31 May 2023.
The Group also reports certain geographic regions and service capabilities on a constant currency basis to reflect the underlying performance considering constant foreign exchange rates period on period. This involves translating comparative numbers to current period rates for comparability to enable a growth factor to be calculated. As these measures are not statutory revenue numbers, management considers these to be APMs,
See below for further details on APM's/non-statutory measures:
Medidas de la Cuenta de Resultados: | ||||
APM | Medida NIIF equivalente más cercana | Ajustes para conciliar la medida NIIF | Nota de referencia para la reconciliación | Definición, finalidad y consideraciones |
Ingresos en moneda constante | Tasas de crecimiento de los ingresos a tasas reales de cambio de moneda | Retraducción de números comparativos a tipos de cambio del año en curso para proporcionar moneda constante | 3 | The Group also reports certain geographic regions and service capabilities on a constant currency basis to reflect the underlying performance considering constant foreign exchange rates year on year. This involves translating comparative numbers to current year rates for comparability to enable a growth factor to be calculated. |
Operación ajustada | Ganancia o pérdida operativa | Operating profit or loss before Individually Significant Items | 3 | Represents operating profit before Individually Significant Items (the only adjusting item). This measure is to allow the user to understand the Group's underlying financial performance as measured by management. Las partidas individualmente significativas son partidas que se consideran inusuales por naturaleza o escala y son de tal importancia que su divulgación por separado es relevante para comprender el desempeño financiero del Grupo y, por lo tanto, requiere una presentación separada en los estados financieros para presentar fielmente el desempeño financiero del Grupo. |
Ingresos ajustados | Ganancia o pérdida operativa | Operating profit or loss, before adjusting item, depreciation and amortisation, finance costs and taxation | 3 | Represents operating profit before adjusting item, depreciation and amortisation to assist in the understanding of the Group's performance. Se revela el EBITDA ajustado, ya que es una medida ampliamente utilizada por varios grupos de interés y utilizada por el Grupo para medir el índice de conversión de efectivo. |
APM | Medida NIIF equivalente más cercana | Ajustes para conciliar la medida NIIF | Nota de referencia para la reconciliación | Definición, finalidad y consideraciones |
Equilibrado | EPS básico legal | Statutory basic EPS before Individually Significant Items and the tax effect thereon (Previously: before amortisation of acquired intangibles, share-based payments, Individually Significant Items and the tax effect thereon) | 7 | Representa EPS básica antes de la amortización de intangibles adquiridos, pagos basados en acciones y elementos individualmente significativos. Esta medida es para permitir que el usuario comprenda el desempeño financiero subyacente del Grupo medido por la administración, informado al Directorio y utilizado como una medida financiera en los esquemas de compensación de la alta gerencia. Ver más detalles arriba en relación con la amortización de intangibles adquiridos y pagos basados en acciones. |
Medidas del Balance: | ||||
APM | Medida NIIF equivalente más cercana | Ajustes para conciliar la medida NIIF | Nota de referencia para la reconciliación | Definición, finalidad y consideraciones |
Net debt excluding lease | Total de préstamos (excluidos los pasivos por arrendamiento) compensados con efectivo y equivalentes de efectivo | 3 | Representa los préstamos totales (excluidos los pasivos por arrendamiento) compensados con efectivo y equivalentes de efectivo. Es una medida útil del progreso en la generación de efectivo, el fortalecimiento de la posición del Balance General del Grupo, el endeudamiento neto general y el apalancamiento sobre una base comparable. La deuda neta, en comparación con las facilidades de préstamo disponibles, también brinda una indicación de los recursos financieros disponibles para financiar posibles futuras decisiones de inversión empresarial y/o posibles adquisiciones. | |
Deuda neta | Préstamos totales (incluidos pasivos por arrendamiento) compensados por efectivo y equivalentes de efectivo | 3 | Representa los préstamos totales (incluidos los pasivos por arrendamiento) compensados con efectivo y equivalentes de efectivo. Es una medida útil del progreso en la generación de efectivo, el fortalecimiento de la posición del Balance General del Grupo, el endeudamiento neto general y el apalancamiento, incluidos los pasivos por arrendamiento. La deuda neta, en comparación con las facilidades de préstamo disponibles, también brinda una indicación de los recursos financieros disponibles para financiar posibles futuras decisiones de inversión empresarial y/o posibles adquisiciones. |
Medida del flujo de caja: | |||||
| Ratio de conversión de efectivo | Ratio % del flujo de caja neto de actividades de explotación antes de intereses e impuestos dividido por la utilidad operativa | Ratio % of net cash flow from operating activities before interest and tax divided by Adjusted EBITDA | 3 | El índice de conversión de efectivo es una medida de la eficacia con la que las ganancias operativas se convierten en efectivo y destaca de manera efectiva tanto las partidas contables no monetarias dentro de las ganancias operativas como también los movimientos en el capital de trabajo. It is calculated as net cash flow from operating activities before interest and taxation (as disclosed on the face of the Cash Flow Statement) divided by adjusted EBITDA for continued and discontinued activities. El índice de conversión de efectivo es una medida ampliamente utilizada por varias partes interesadas y, por lo tanto, se divulga para mostrar la calidad de la generación de efectivo y también para permitir la comparación con otras empresas similares. |
Reconciliations for certain APMs are below:
EBITDA ajustado 1
Following the changes noted above to the number of adjusting items, the revised calculation of Adjusted EBITDA 1 se establece a continuación:
| H1 2024 £ m | 1S 2023 (reexpresado) 2 £ m |
Operating profit (including share-based payments of £0.8m (H1 2023: £2.5m)) | 0.6 | 12.9 |
depreciación y amortización | 6.2 | 6.2 |
Amortización de intangibles adquiridos | 4.6 | 5.1 |
Partidas individualmente significativas (nota 5) | 4.2 | - |
EBITDA ajustado | 15.6 | 24.2 |
Depreciation and amortisation and amortisation charge on acquired intangibles | (10.8) | (11.3) |
Adjusted operating profit - revised | 4.8 | 12.9 |
Previously this adjusted measure would have been calculated as follows:
| H1 2024 £ m | H1 2023 £ m |
Beneficio operativo | 0.6 | 12.9 |
depreciación y amortización | 6.2 | 6.2 |
Amortización de intangibles adquiridos | 4.6 | 5.1 |
Partidas individualmente significativas (nota 5) | 4.2 | - |
Cargo por pagos basados en acciones | 0.8 | 2.5 |
Adjusted EBITDA - previously | 16.4 | 26.7 |
Depreciation and amortisation (excluding amortisation charge on acquired intangibles of £4.6m (H1 2023: £5.1m)) | (6.2) | (6.2) |
Adjusted operating profit - previously | 10.2 | 20.5 |
Deuda neta 1 se puede conciliar de la siguiente manera:
H1 2024 £ m | H1 2023 £ m | |
Efectivo y equivalentes de efectivo | 17.5 | 44.5 |
sobregiro bancario | (4.3) | (0.5) |
Empréstitos (neto de costos de emisión diferidos) | (61.5) | (98.8) |
Deuda neta excluyendo pasivos por arrendamiento 1 | (48.3) | (54.8) |
Pasivos por arrendamiento | (34.8) | (29.3) |
Deuda neta 1 | (83.1) | (84.1) |
El cálculo de la tasa de conversión de efectivo. 1 se establece a continuación:
| H1 2024 £ m | 1S 2023 (reexpresado) 2 £ m | % cambiar/ % puntos |
Flujo de efectivo operativo neto antes de intereses e impuestos (A) | 13.9 | 24.3 | (42.8%) |
EBITDA ajustado 1, 2 (B) | 15.6 | 24.2 | (35.5%) |
Ratio de conversión de efectivo 1, 2 (%) (A) / (B) | 89.1% | 100.4% | (11.3% ptos) |
1: See above for an explanation of Alternative Performance Measures (APMs) and adjusting items. Further information is also contained within the Financial Review.
2: After reconsidering FRC best practice guidance around the disclosure of adjusting items and APM's, the Group have reduced the number of adjusted measures and items. The Group now only has one adjusted item 'Individual Significant Items'. Previous adjusted items of Amortisation of acquisition intangibles and Share based payments are no longer disclosed as an adjusted item. Accordingly, comparative numbers have been restated. For further detail, please refer to the Financial Review and above for an explanation of APMs and adjusting items, including a reconciliation to statutory information.
Crecimiento de ingresos en moneda constante
Las siguientes tablas muestran cómo se calculó y reconcilió el crecimiento de los ingresos en moneda constante con el crecimiento de la tasa real legal.
Grupo procesos
|
H1 2024 £ m |
H1 2023 £ m |
% cambio a tasas reales |
H1 2024 £ m |
Moneda constante 1 H1 2023 £ m |
% cambio a moneda constante 1 |
Cyber Security - continuing | 124.2 | 143.1 | (13.2%) | 124.2 | 138.3 | (10.2%) |
Ciberseguridad - descontinuado | 2.6 | 1.9 | 36.8% | 2.6 | 1.9 | 36.8% |
Ingresos totales de ciberseguridad | 126.8 | 145.0 | (12.6%) | 126.8 | 140.2 | (9.6%) |
Escode | 32.4 | 31.6 | 2.5% | 32.4 | 30.5 | 6.2% |
Los ingresos totales - continuing and discontinued | 159.2 | 176.6 | (9.9%) | 159.2 | 170.7 | (6.7%) |
Ciberseguridad - descontinuado | (2.6) | (1.9) | 36.8% | (2.6) | (1.9) | 36.8% |
Los ingresos totales - continuo | 156.6 | 174.7 | (10.4%) | 156.6 | 168.8 | (7.2%) |
Ciberseguridad
Análisis de ingresos de ciberseguridad, por país de origen:
|
H1 2024 £ m |
H1 2023 £ m |
% cambio a tasas reales |
H1 2024 £ m |
Moneda constante 1 H1 2023 £ m |
% cambio a moneda constante 1 |
Reino Unido y APAC | 60.8 | 61.6 | (1.3%) | 60.8 | 61.1 | (0.5%) |
Norteamérica | 37.6 | 59.2 | (36.5%) | 37.6 | 55.2 | (31.9%) |
Europa | 28.4 | 24.2 | 17.4% | 28.4 | 23.9 | 18.8% |
Ingresos totales de ciberseguridad | 126.8 | 145.0 | (12.6%) | 126.8 | 140.2 | (9.6%) |
Europe - discontinued | (2.6) | (1.9) | 36.8% | (2.6) | (1.9) | 36.8% |
Total Cyber Security revenue - continuing | 124.2 | 143.1 | (13.2%) | 124.2 | 138.3 | (10.2%) |
The following table compares H1 2024 performance to H2 2023 performance:
|
H1 2024 £ m |
H2 2023 £ m |
% cambio a tasas reales |
H1 2024 £ m |
Moneda constante 1 H2 2023 £ m |
% cambio a moneda constante 1 |
Reino Unido y APAC | 60.8 | 56.8 | 7.0% | 60.8 | 56.6 | 7.4% |
Norteamérica | 37.6 | 40.1 | (6.2%) | 37.6 | 38.8 | (3.1%) |
Europa | 28.4 | 29.2 | (2.7%) | 28.4 | 28.9 | (1.7)% |
Ingresos totales de ciberseguridad | 126.8 | 126.1 | 0.5% | 126.8 | 124.3 | 2.0% |
Europe - discontinued | (2.6) | (2.7) | 3.7% | (2.6) | (2.7) | 3.7% |
Total Cyber Security revenue - continuing | 124.2 | 123.4 | 0.6% | 124.2 | 121.6 | 2.1% |
Cyber Security revenue analysed by type of type of service and capability:
|
H1 2024 £ m |
H1 2023 £ m | % el cambio |
H1 2024 £ m | Moneda constante 1 H1 2023 £ m | % cambio a moneda constante 1 |
Technical Assurance Services (TAS) | 56.6 | 82.9 | (31.7%) | 56.6 | 79.3 | (28.6%) |
Consulting and Implementation (C&I) | 22.0 | 22.4 | (1.8%) | 22.0 | 21.8 | 0.9% |
Servicios gestionados (MS) | 27.8 | 24.1 | 15.4% | 27.8 | 23.7 | 17.3% |
Digital Forensics and Incident Response (DFIR) | 8.5 | 6.4 | 32.8% | 8.5 | 6.4 | 32.8% |
Otros servicios | 9.3 | 7.3 | 27.4% | 9.3 | 7.1 | 31.0% |
Total Cyber Security revenue - continuing | 124.2 | 143.1 | (13.2%) | 124.2 | 138.3 | (10.2%) |
Discontinuado | 2.6 | 1.9 | 36.8% | 2.6 | 1.9 | 36.8% |
Ingresos totales de ciberseguridad | 126.8 | 145.0 | (12.6%) | 126.8 | 140.2 | (9.6%) |
Escode
Escode revenue analysis - by originating country:
|
H1 2024 £ m |
H1 2023 £ m | % cambio a tasas reales |
H1 2024 £ m |
Moneda constante 1 H1 2023 £ m |
% cambio a moneda constante 1 |
UK | 13.4 | 12.3 | 8.9% | 13.4 | 12.3 | 8.9% |
Norteamérica | 16.9 | 17.3 | (2.3%) | 16.9 | 16.2 | 4.3% |
Europa | 2.1 | 2.0 | 5.0% | 2.1 | 2.0 | 5.0% |
Total Escode revenue | 32.4 | 31.6 | 2.5% | 32.4 | 30.5 | 6.2% |
Escode revenues analysed by service line:
|
H1 2024 £ m |
H1 2023 £ m |
% cambio a tasas reales |
H1 2024 £ m |
Moneda constante 1 H1 2023 £ m |
% cambio a moneda constante 1 |
Escrow contracts | 21.8 | 21.3 | 2.3% | 21.8 | 20.5 | 6.3% |
Servicios de verificación | 10.6 | 10.3 | 2.9% | 10.6 | 10.0 | 6.0% |
Total Escode revenue | 32.4 | 31.6 | 2.5% | 32.4 | 30.5 | 6.2% |
4 Información segmentaria
The Group is organised into the following two (H1 2023: two) reportable segments: Cyber Security and Escode (previously known as Software Resilience). The two reporting segments provide distinct types of service. Within each of the reporting segments the operating segments provide a homogeneous group of services. The operating segments are grouped into the reporting segments on the basis of how they are reported to the chief operating decision maker (CODM) for the purposes of IFRS 8 'Operating Segments', which is considered to be the Board of Directors of NCC Group plc.
Los segmentos operativos se agregan en los dos segmentos reportables según los tipos y métodos de prestación de servicios que brindan, las estructuras de gestión comunes y sus entornos de mercado comerciales y estratégicos relativamente homogéneos. El rendimiento se mide en función del beneficio del segmento informado, que comprende el beneficio operativo ajustado.?1. Interest and tax are not allocated to business segments and there are no intra-segment sales.
| Ciberseguridad £ m | Escode £ m | Central y oficina central £ m | Actividades continuas |
Discontinuado 2 |
£ m |
Ingresos | 124.2 | 32.4 | - | 156.6 | 2.6 | 159.2 |
El costo de ventas | (87.1) | (10.0) | - | (97.1) | (1.7) | (98.8) |
Beneficio bruto | 37.1 | 22.4 | - | 59.5 | 0.9 | 60.4 |
Margen bruto % | 29.9% | 69.1% | - | 38.0% | 34.6% | 37.9% |
Gastos administrativos | (33.8) | (7.6) | (2.5) | (43.9) | (0.1) | (44.0) |
Pagos basados en acciones | (0.1) | (0.1) | (0.5) | (0.7) | (0.1) | (0.8) |
EBITDA ajustado 1 | 3.2 | 14.7 | (3.0) | 14.9 | 0.7 | 15.6 |
depreciación y amortización | (4.0) | (0.4) | (1.7) | (6.1) | (0.1) | (6.2) |
Amortización de intangibles adquiridos | (1.8) | (2.8) | - | (4.6) | - | (4.6) |
Adjusted Operating (loss)/profit 1 | (2.6) | 11.5 | (4.7) | 4.2 | 0.6 | 4.8 |
Partidas individualmente significativas (nota 5) | (3.8) | (0.2) | - | (4.0) | (0.2) | (4.2) |
(Pérdida) / beneficio operativo | (6.4) | 11.3 | (4.7) | 0.2 | 0.4 | 0.6 |
Costos financieros |
|
| (3.0) | - | (3.0) | |
(Pérdida) / beneficio antes de impuestos |
|
| (2.8) | 0.4 | (2.4) | |
Taxation |
|
| 0.8 | (0.1) | 0.7 | |
(Pérdida) / beneficio del período |
|
| (2.0) | 0.3 | (1.7) |
| Ciberseguridad £ m | Escode £ m | Central y oficina central £ m | Actividades continuas |
Discontinuado 2 |
£ m |
Ingresos | 143.1 | 31.6 | - | 174.7 | 1.9 | 176.6 |
El costo de ventas | (94.5) | (9.3) | - | (103.8) | (1.3) | (105.1) |
Beneficio bruto | 48.6 | 22.3 | - | 70.9 | 0.6 | 71.5 |
Margen bruto % | 34.0% | 70.6% | - | 40.6% | 31.6% | 40.5% |
Gastos administrativos | (34.8) | (8.0) | (1.9) | (44.7) | (0.1) | (44.8) |
Pagos basados en acciones | (1.2) | (0.1) | (1.1) | (2.4) | (0.1) | (2.5) |
EBITDA ajustado 1 | 12.6 | 14.2 | (3.0) | 23.8 | 0.4 | 24.2 |
depreciación y amortización | (3.7) | (0.2) | (2.2) | (6.1) | (0.1) | (6.2) |
Amortización de intangibles adquiridos | (2.0) | (3.1) | - | (5.1) | - | (5.1) |
Beneficio operativo ajustado 1 | 6.9 | 10.9 | (5.2) | 12.6 | 0.3 | 12.9 |
Partidas individualmente significativas (nota 5) | - | - | - | - | - | - |
Beneficio operativo | 6.9 | 10.9 | (5.2) | 12.6 | 0.3 | 12.9 |
Costos financieros | (2.6) | - | (2.6) | |||
Beneficio antes de impuestos | 10.0 | 0.3 | 10.3 | |||
Taxation | (2.6) | (0.1) | (2.7) | |||
Beneficio del período | 7.4 | 0.2 | 7.6 |
1: Adjusted EBITDA and Adjusted Operating profit are Alternative Performance Measures (APMs) and not IFRS measures. See Note 3 for an explanation of APMs and adjusting items, including a reconciliation to statutory information.
2: Discontinued activities represent the non-core disposal of DetACT in December 2023 that was classified as an asset held for sale at 30 November 2023. See note 8 for further information.
Los ingresos se desglosan por mercado geográfico primario, por categoría y momento de reconocimiento de ingresos de la siguiente manera:
Ingresos por país de origen | Ciberseguridad | Escode | H1 2024 Total | Ciberseguridad | Escode | H1 2023 Total |
| £ m | £ m | £ m | £ m | £ m | £ m |
Reino Unido y APAC | 60.8 | 13.4 | 74.2 | 61.6 | 12.3 | 73.9 |
Norteamérica | 37.6 | 16.9 | 54.5 | 59.2 | 17.3 | 76.5 |
Europa | 28.4 | 2.1 | 30.5 | 24.2 | 2.0 | 26.2 |
Los ingresos totales | 126.8 | 32.4 | 159.2 | 145.0 | 31.6 | 176.6 |
Europe - discontinued | (2.6) | - | (2.6) | (1.9) | - | (1.9) |
Total revenue - continuing | 124.2 | 32.4 | 156.6 | 143.1 | 31.6 | 174.7 |
Ingresos por categoría | Ciberseguridad | Escode | H1 2024 Total | Ciberseguridad | Escode | H1 2023 Total |
| £ m | £ m | £ m | £ m | £ m | £ m |
Servicios | 124.5 | 32.4 | 156.9 | 143.3 | 31.6 | 174.9 |
Productos | 2.3 | - | 2.3 | 1.7 | - | 1.7 |
Los ingresos totales | 126.8 | 32.4 | 159.2 | 145.0 | 31.6 | 176.6 |
Momento del reconocimiento de ingresos | Ciberseguridad | Escode | H1 2024 Total | Ciberseguridad | Escode | H1 2023 Total |
| £ m | £ m | £ m | £ m | £ m | £ m |
Servicios y productos transferidos a lo largo del tiempo | 118.8 | 21.8 | 140.6 | 136.3 | 21.3 | 157.6 |
Servicios y productos transferidos en un momento determinado | 8.0 | 10.6 | 18.6 | 8.7 | 10.3 | 19.0 |
Los ingresos totales | 126.8 | 32.4 | 159.2 | 145.0 | 31.6 | 176.6 |
5. Elementos individualmente significativos
The Group separately identifies items as Individually Significant Items (ISIs). Each of these is considered by the Directors to be sufficiently unusual in terms of nature or scale so as not to form part of the underlying performance of the business. They are therefore separately identified and excluded from adjusted results (as explained in Note 1).
|
| H1 2023 £ m | H1 2023 £ m |
Fundamental reorganisation costs | a | 3.8 | - |
Costs associated with strategic review of Escode business | b | 0.2 | - |
Costs directly attributable to the disposal of DetACT business | c | 0.2 | - |
ISI totales |
| 4.2 | - |
(A) Fundamental reorganisation costs
Para implementar el próximo capítulo de la estrategia del Grupo para mejorar el crecimiento futuro, se requieren ciertas acciones estratégicas, incluida la remodelación del modelo operativo y de entrega global del Grupo. Esta remodelación se considera un programa fundamental de reorganización y reestructuración (que cumple con la política del Grupo para ISI) que abarcará los períodos de informe y el tamaño y la naturaleza total del proyecto se consideran en su totalidad. El inicio del programa se aceleró después de que el Grupo experimentara condiciones de mercado específicas que validaron la lógica del siguiente capítulo de la estrategia del Grupo. El programa tiene tres fases de la siguiente manera:
· Phase 1 (March - April 2023) - initial reduction in global delivery and operational headcount; -c.7% reduction of the Group's global headcount
· Phase 2 (June - September 2023) - a further reduction in global delivery, operational and corporate functions headcount prior to opening our off-shore operations and delivery centre in Manila
· Phase 3 (October 2023 - May 2025) - finalisation of the Group's operating model
Costs incurred during the period mainly represent Phase 2 of this restructuring programme.
(b) Costs associated with strategic review of Escode business
During February 2023, the Group announced its ongoing strategic review of the Software Resilience business and of other core and non-core assets. During the year ended 31 May 2023, professional fees totalling £3.0m (2022: £nil) mainly in respect of advisory services had been incurred. Such costs meet the Group's policy for ISIs as they have been incurred as part of the wider re-structuring/re-organisation activities that are ongoing within the Group. The Group stopped the strategic review of the business in Q1 2024 and remaining costs of £0.2m have been incurred in this period. The Board has decided not to restart the strategic review of Escode, at this juncture.
(c) Costs directly attributable to the disposal of DetACT business
During the period, the Group has been in the process of disposing of its DetACT business. The Group have disposed of the business in December 2023 (see note 8). The costs incurred up to 30 November 2023 that are directly attributed the disposal have been recognised as an ISI. The directly attributable costs and the resultant assets/liabilities and disposal proceeds will be recognised as an ISI in H2 2024 in accordance with the Group's ISIs policy.
6. Dividendos
H1 2024 | H1 2023 | |
Dividends recognised in the period (£m) | 9.8 | 9.8 |
Dividendos por acción propuestos pero no reconocidos en el período (peniques) | 1.50p | 1.50p |
Total dividends of £nil were paid in the period (H1 2023: £9.8m), with the FY23 final dividend of £9.8m being paid in December 2023 following the AGM (and shareholder approval of the dividend) on the 30 November 2023, this represented the final dividend for FY23 of 3.15p. On the basis of shareholder approval of the final dividend on the 30 November 2023, the dividend has been recognised within H1 2024.
La Junta está declarando un dividendo provisional sin cambios de 1.50 peniques por acción ordinaria (primer semestre de 1: 2023 peniques). Esto representa un dividendo igual al pagado en el período anterior ya que la Junta es consciente de la necesidad de invertir en una nueva estrategia.
El dividendo a cuenta de aproximadamente £4.7 millones se pagará el 15 de marzo de 2024 a los accionistas inscritos en el registro al cierre de operaciones el 16 de febrero de 2024. La fecha ex-dividendo es el 15 de febrero de 2024.
7. Utilidad por acción ordinaria (EPS)
Las ganancias por acción ordinaria se muestran a continuación:
| H1 2024 £ m | H1 2023 £ m | |
Ingresos estatutarios (A) |
| (1.7) | 7.6 |
Statutory earnings - continuing activities (E) |
| (2.0) | 7.4 |
Statutory earnings - discontinued activities (F) |
| 0.3 | 0.2 |
|
| ||
| Número de acciones m | Número de acciones m | |
Número medio ponderado de acciones emitidas |
| 311.6 | 310.4 |
Menos: Tenencias promedio ponderadas por grupo ESOT |
| (0.7) | (1.0) |
Número medio ponderado básico de acciones en emisión (C) |
| 310.9 | 309.4 |
Efecto diluyente de las opciones sobre acciones |
| 1.2 | 3.7 |
Promedio ponderado diluido de acciones en emisión (D) |
| 312.1 | 313.1 |
A los efectos de calcular el efecto dilutivo de las opciones sobre acciones, el valor de mercado promedio se basa en los precios de mercado cotizados para el período durante el cual las opciones están en circulación.
Grupo procesos |
| H1 2024 penique | H1 2023 penique |
Utilidad por acción ordinaria |
|
| |
Básico (A / C) |
| (0.5) | 2.5 |
Diluido (A / D) |
| (0.5) | 2.4 |
Actividades continuas |
| H1 2024 penique | H1 2023 penique |
Utilidad por acción ordinaria |
|
| |
Basic (E/C) |
| (0.6) | 2.4 |
Diluted (E/D) |
| (0.6) | 2.3 |
Actividades discontinuadas |
| H1 2024 penique | H1 2023 penique |
Utilidad por acción ordinaria |
|
| |
Basic (F/C) |
| 0.1 | 0.1 |
Diluted (F/D) |
| 0.1 | 0.1 |
BPA básica ajustada 1 se concilia de la siguiente manera:
| H1 2024 £ m | 1S 2023 (reexpresado) 3 £ m | |
Ingresos estatutarios (A) |
| (1.7) | 7.6 |
Partidas individualmente significativas (nota 5) 3 |
| 4.2 | - |
Efecto fiscal de los elementos anteriores 3 |
| (1.1) | - |
Ganancias ajustadas (B) 3 |
| 1.4 | 7.6 |
Adjusted earnings - continuing (G) |
| 1.0 | 7.4 |
Adjusted earnings - discontinued (H) |
| 0.4 | 0.2 |
|
| ||
Grupo procesos |
| H1 2024 penique | H1 2023 (replanteado) 3 penique |
Utilidad ajustada por acción ordinaria 1 |
|
| |
Básico (B / C) |
| 0.5 | 2.5 |
Diluido (B / D) |
| 0.4 | 2.4 |
Actividades continuas |
| H1 2024 penique | H1 2023 penique |
Utilidad ajustada por acción ordinaria 1 |
|
| |
Basic (G/C) |
| 0.4 | 2.4 |
Diluted (G/D) |
| 0.3 | 2.3 |
Actividades discontinuadas 2 |
| H1 2024 penique | H1 2023 penique |
Utilidad ajustada por acción ordinaria 1 |
|
| |
Basic (H/C) |
| 0.1 | 0.1 |
Diluted (H/D) |
| 0.1 | 0.1 |
1: Adjusted EPS is an Alternative Performance Measures (APMs) and not IFRS measures. See Note 3 for an explanation of APMs and adjusting items.
2: Discontinued activities represent the non-core disposal of DetACT in December 2023 that was classified as an asset held for sale at 30 November 2023.
3: After reconsidering FRC best practice guidance around the disclosure of adjusting items and APM's, the Group have reduced the number of adjusted measures and items. The Group now only has one adjusted item 'Individual Significant Items'. Previous adjusted items of Amortisation of acquisition intangibles and Share based payments are no longer disclosed as an adjusted item. Accordingly, comparative numbers have been restated. For further detail, please refer to the Financial Review and Note 3 for an explanation of APMs and adjusting items, including a reconciliation to statutory information.
8 Asset held for sale, discontinued activities and post balance sheet event
Current year disclosures
Under IFRS 5, when certain conditions are met, a disposal group is classified as held for sale.
During November 2023, the Group were finalising the strategic disposal of DetACT. DetACT is a non-core offering within NCC's European Cyber Security division serving European financial service clients.
On 20 December 2023, the Group signed as asset purchase agreement to dispose of DetACT for a total gross consideration of ?9.0m to DataExpert BV, which is subject to a potential net working capital adjustment and the novation of certain contracts. It expected that contract novations will be fully completed in the forthcoming weeks and the transaction will be used to pay down net debt of the Group. The disposal also involves a Transactional Services Agreement to allow an efficient transition of the business to DataExpert BV.
On this basis, at 30 November 2023, the sale of this business was considered highly probable. Due to size of the business, the Group has also classified its activities as discontinued, restating comparatives accordingly.
Values of the major provisional classes of assets and liabilities classified as held for sale at 30 November 2023 for the DetACT business, are as follows:
H1 2024 £ m | ||
Activos clasificados como mantenidos para la venta: |
| |
Goodwill | 6.5 | |
Activos intangibles | 2.2 | |
Cuentas comerciales y otras cuentas por cobrar | 0.5 | |
Total de activos clasificados como mantenidos para la venta | 9.2 | |
| ||
Liabilities associated with assets classified as held for sale: |
| |
Comerciales y otras cuentas a pagar | (0.5) | |
Pasivos contractuales: ingresos diferidos | (1.4) | |
Impuesto diferido | (0.1) | |
Pasivos totales asociados con activos clasificados como mantenidos para la venta | (2.0) |
Prior year disclosures
In November 2022, the Group signed Heads of Terms for the disposal of its business for the delivery of managed and professional services in relation to DDI solutions within the Assurance business unit ("DDI business"). At 30 November 2022, the sale of this business was considered highly probable.
Values of the major classes of assets and liabilities classified as held for sale at 30 November 2022 for the DDI business, are as follows:
| H1 2023 £ m | |
Activos clasificados como mantenidos para la venta |
| |
Goodwill |
| 1.4 |
Cuentas comerciales y otras cuentas por cobrar |
| 0.8 |
Total de activos clasificados como mantenidos para la venta |
| 2.2 |
|
|
|
Pasivos asociados con activos clasificados como mantenidos para la venta |
|
|
Comerciales y otras cuentas a pagar |
| (1.1) |
Pasivos totales asociados con activos clasificados como mantenidos para la venta |
| (1.1) |
El 31 de diciembre de 2022, el Grupo vendió su negocio de DDI por una contraprestación en efectivo de £5.8 millones. De esta cantidad, 3.8 millones de libras están supeditados a la novación de ciertos contratos de clientes. Se enajenaron activos netos provisionales de 1.2 millones de libras esterlinas sujetos a una evaluación del valor razonable, incluida la finalización de un ajuste del capital circulante.
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