Cyber security firm NCC to cut 125 jobs

98
1
Cyber security firm NCC to cut 125 jobs

Cyber security firm NCC Group plans to cut more than 125 jobs as part of an ongoing strategic review, while flagging tough market conditions in the second half of the current fiscal year.

The Manchester-headquartered FTSE Mid Cap firm's shares fell by about 10% to an over two-and-a-half year low of 147 pence in morning trade.

The company, which employs around 1,800 people worldwide, said the layoffs will mainly be focused on the UK and North America, accounting for 7% of its total employee count.

NCC said the job cuts would lead to a one-off implementation cost of 4 million pounds $5 million in the second half of the fiscal year ending May 31.

The company said delays in revenue recognition in North America and the UK have weighed on the annual outlook, and now expects single-digit revenue growth for the year.

NCC also forecast an 8% growth in the annual adjusted operating profit at about 52 million pounds, after it reported a 28% jump in first-half earnings.