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NCC Group says profitability growth biased to H2

20 October 2016 07:42

NCC Group said group revenues rose 36% in the first four months, from 48% year ago, with organic growth of 21%, versus 17% at the same time last year.

"Both the Assurance and Escrow divisions showed strong organic revenue growth, up 25% and 4% respectively, despite the first four months of the financial year typically being the Group's quietest trading period," it said.

"The Group however experienced a number of setbacks in the Assurance Division including three large unrelated contract cancellations, a large contract deferral and difficulties with some managed services contract renewals.

"It is too early to quantify the likely impact in the current financial year, as the Group is taking the necessary action to mitigate these developments.

"However, the Group's rate of growth in profitability will now be more biased towards the second half of the year than initially expected, but remains in line with the Board's expectations."

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