Change to Full Year Results Announcement Date
28 July 2021
NCC Group plc
Change to full year results announcement date
NCC Group plc, (LSE: NCC, "NCC Group" or "the Group"), the leading independent global cyber security and resilience advisor, announces that its preliminary results for the financial year ended 31 May 2021 will now take place on Tuesday, 14 September 2021.
From a trading perspective, the Group's outlook remains unchanged and we are focused on seizing the opportunities presented by our growing cybersecurity and resilience markets.
At the end of April 2021, the IFRS Interpretations Committee (IFRIC) published new accounting guidance on the treatment of configuration and customisation costs in Cloud computing arrangements.
The practical application of the guidance is still being considered by companies reporting under IFRS, with many considering enhanced disclosure in advance of any adjustments in future periods. While our intention was to provide enhanced disclosure with implementation in the period ended 30 November 2021 (H1 FY22), our auditors have advised us of the requirement to implement this guidance for the year ended 31 May 2021.
Initial expectations indicate that the non-cash impact of this new treatment will also affect the years ended 31 May 2019 and 31 May 2020 which were prepared and audited under previous IFRS guidance. Any changes to these prior years will simply reflect the recent clarification in IFRS guidance.
The Group has capitalised software and development costs amounting to £6.4m, £10.4m and £7.4m for the years ended 31 May 2019, 31 May 2020 and 31 May 2021 respectively. This mainly includes costs of our multi-year transformation programme, Securing Growth Together, which commenced in 2019. It is expected that a majority of these costs will now require review in light of the new IFRS guidance, together with the resultant amortisation previously recognised to the income statement. This is likely to result in a prior year adjustment on a retrospective basis with the net non-cash impact being classified as an adjusting item. The consequential non-cash impact on the current year ending 31 May 2022 is expected to be neutral or a small net benefit to Adjusted EBIT.
Enquiries
NCC Group +44 (0)161 2095432
Adam Palser, CEO
Tim Kowalski, CFO
Maitland AMO +44 (0)207 3795151
Neil Bennett
Sam Cartwright
About NCC Group
NCC Group exists to make the world safer and more secure.
As global experts in cyber security and risk mitigation, NCC Group is trusted by over 14,000 customers worldwide to protect their most critical assets from the ever-changing threat landscape.
With the company's knowledge, experience, and global footprint, it is best placed to help organisations assess, develop and manage their cyber resilience posture.
To support its mission, NCC Group continually invests in research and innovation, and is passionate about developing the next generation of cyber scientists.
With circa 2,000 colleagues in 12 countries, NCC Group has a significant market presence in North America, Europe and the UK, and a rapidly growing footprint in Asia Pacific with offices in Australia, Japan and Singapore.
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