Year end results
Group revenue up 17% to £244.5m (2016: £209.1m), organic growth 3% excluding impact of FX and acquisitions
Operating loss £53.4m (2016: profit £11.4m)
Adjusted EBIT £27.5m (2016: £39.7m)
Individually significant charges of £71.0m, including intangible asset write downs of £62.0m
Adjusted EBITDA £36.2m (2016: £45.0m), in line with revised expectations
Adjusted basic earnings per share 6.7p (2016: 11.8p)
Basic loss per share 20.4p (2016: earnings 2.5p)
Net debt reduced to £43.7m from half year level of £48.8m
Total dividend maintained at 4.65p per share with final dividend of 3.15p per share
Completed two small US based bolt-ons
Significant changes to the Board
Strategic Review
Markets and customer views of NCC services continue to be positive
NCC scores highly against the most important key customer purchasing criteria
Escrow remains an attractive business and stabilises the Group
Assurance focus on cyber security
o Web Performance and Software Testing businesses to be sold
Business needs better internal organisation - changes to operating model underway
Chris Stone, Executive Chairman, comments:
"Our strategic review has identified the business's unique opportunity - leading positions in growing global markets, customers who value us and our exceptionally skilled workforce. But, we need to change how we organise ourselves and improve our internal business processes.
"The last financial year was very challenging, with the business performance falling well short of original expectations, as well as outgrowing some of our business processes and controls.
"However, and more importantly, it is clear that the business has a number of notable strengths. We still enjoy significant organic growth in our core segments and have a strong balance sheet. Furthermore, in a constantly evolving and complex market, our unique skills and capabilities are recognised by our customers as putting us at the forefront of the market.
"When we have successfully managed our way through this transitional period, improved our organisation and how we go to market, we see significant upside opportunities and material value creation.
"Overall, the Board's expectations for adjusted EBIT in 2018 are unchanged with its confidence in our prospects reflected in the recommendation to maintain the dividend at the current level."
