NCC Group Lays off 125 employees


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

Shares of the Manchester-headquartered FTSE Mid Cap (.FTMC) firm were down about 10% to an over two-and-a-half-year low of 147 pence in morning trade.

The company said delays in revenue recognition, particularly 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 annual adjusted operating profit at about 52 million pounds, after it reported an about 28% jump in first-half earnings.

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