NCC Group Promotes CFO Guy Ellis to CEO as Maddison Exits

Your daily brief on leadership and business

NCC Group has named its chief financial officer, Guy Ellis, as chief executive. He replaces Mike Maddison with immediate effect. The cyber security company announced the change on 27 October, together with a trading update for the year ended 30 September 2026.

Ellis joined the board as CFO in June 2023. To support the handover, Andy Beaver, currently Group Financial Director, becomes interim CFO.

Chair Chris Stone said the board chose Ellis after an internal and external process. In his words, Ellis "brings a unique combination of operational, commercial and financial leadership experience, together with a deep understanding of our clients, people and markets." Stone added that Ellis had a central role in the sale of the Escode business. Maddison said he leaves "knowing the business is in capable hands".

The FY26 figures

NCC expects cyber revenue of about £235m, against £227.4m a year earlier. That is an increase of 3.7% on the comparable period, excluding non-core disposals. The cyber gross margin is expected to reach a record 38.4%, up 1.8 percentage points. Cyber adjusted EBITDA is expected at £16.3m, about 6.9% of revenue.

NCC expects net cash of about £53m at 30 September 2026. The company had executed 35% of its allocated £15m share buyback programme by then. In September it also signed a new three-year £60m revolving credit facility to complete a refinancing.

The planned cost and efficiency programme is on track, the company said.

The group will report audited FY26 results on 10 December 2026. It expects revenue in line with market expectations and adjusted EBITDA ahead of them. The board said its financial expectations for the year ending 30 September 2027 are unchanged.

The Escode disposal was completed in May 2026. A transitional services agreement with the buyer runs until 28 May 2027. The capital return to shareholders was a £170m tender offer in August, after a £40m buyback programme finished in April.

Ellis said the company's strategy is to deepen client relationships, expand managed services and scale its cyber expertise. NCC is targeting organic growth and recurring revenues, with a plan to reach mid-teen EBITDA margins.

For the eight months to May 2026, Escode is expected to have generated about £44m of revenue and £19.7m of adjusted EBITDA. Including that period, group revenue for the year comes to about £280.0m and group adjusted EBITDA to £36.0m.

Source: NCC Group plc (RNS)