The CEO of NCC Group plc has stepped down with immediate effect.
Mike Maddison (pictured) was named CEO four and a half years ago and has led a strategic transformation at the Manchester-headquartered cybersecurity firm.
He will be succeeded by CFO Guy Ellis.
NCC also provided a trading update for the year ended 30th September 2026 this morning.
The group expects to report FY26 audited results on 10th December 2026 in line with market expectations for revenue and ahead of market expectations for adjusted EBITDA.
NCC completed the disposal of its Escode business in May 2026, subject to orderly separation under a Transitional Services Agreement (TSA) with the buyer that runs until 28th May 2027.
As such, this morning it focused on its cyber revenue, which is expected to be £235 million (FY25 £227.4m), an increase of 3.7%. Adjusted cyber EBITDA is expected to be £16.3m – around 6.9% of revenue.
Net cash is expected to be £53m at 30th September 2026 with 35% of the allocated £15m share buyback programme executed in the period.
“Over the past four and a half years, Mike and the executive team have transformed NCC into a focused and strategically positioned cybersecurity business,” said chair Chris Stone.
“The successful disposal of Escode, the strengthening of our balance sheet and the substantial return of capital to shareholders have created a strong platform for future growth. After delivering our planned transformation, Mike is stepping down as CEO.
“Today’s trading update demonstrates the progress that has been made, with revenue growth, significantly improved profitability and a business that is increasingly focused on delivering sustainable shareholder value.
“As the group moves forward, the board concluded, following an internal and external process, that Guy is the right person to lead NCC through this next chapter.
“Having helped shape and deliver our strategy, Guy brings a unique combination of operational, commercial and financial leadership experience, together with a deep understanding of our clients, people and markets.
“Since joining the board as chief financial officer in June 2023, he has played a central role in strengthening the group’s financial performance and commercial discipline including delivering the successful divestment of Escode.
“To support a seamless transition, Andy Beaver, currently group financial director, will assume the role of interim CFO.”
How 15,000 free T-shirts helped build a £15m bridal fashion brand
Maddison said: “I am incredibly proud of what our people have achieved. Together we have transformed NCC into a focused cyber security business with stronger foundations, and a clear strategic direction.
“I leave knowing the business is in capable hands and look forward to seeing the next phase of growth under Guy’s leadership.”
Ellis added: “With the transformation of NCC into a pure-play cybersecurity business now complete, our strategy is clear: deepen client relationships, expand our managed services capabilities, scale our cyber expertise and help organisations respond to an increasingly complex threat landscape.
“We are privileged to work with many of the world’s leading organisations and there is a significant opportunity to build on those relationships. As AI continues to reshape the risk landscape, the need for trusted independent cyber expertise has never been greater.”
THG’s share price jumps 12% in a week as recovery gathers pace