NCC Group hopes for boost on fears of hacking as chairman quits

Troubled NCC is banking on extra work as businesses become more fearful of hacking, the cyber-security firm said on Thursday as its long-standing chairman stepped down.

Paul Mitchell, who has been chairman for 17 years, will leave on May 31.

His departure comes in the wake of two profit warnings in the final quarter of 2016, after NCC saw three major contracts cancelled.

Pre-tax profit fell by £100,000 to £7.4 million in the half year to November 30.

But the company, whose customers include Apple and Lloyds Bank, was more upbeat today as it posted a 35% sales rise to £125.8 million.

It said: “The outlook remains positive, especially with the market backdrop of ever-increasing high-profile cyber-security breaches.”

A string of corporate giants including Tesco Bank and Yahoo have revealed they have suffered huge hacks of late.

The shares gained 10.75p, or more than 5%, to 203.5p.

N + 1 Singer analyst Oliver Knott, said: “We continue to believe that cyber security remains a strong area of structural growth for the group.”

Source:http://www.standard.co.uk/business/ncc-group-hopes-for-boost-on-fears-of-hacking-as-chairman-quits-a3444396.html