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NCC: Quick fix or long-term growth?

NCC: Quick fix or long-term growth?

There’s no denying the progress made by NCC (NCC) in the year to June. Margin recovery helped adjusted cash profits move up at a faster rate than revenue growth, while the absence of a £49m impairment on goodwill ensured the cyber security group swung back into a pre-tax profit position. But considering the woeful performance of the previous two years, and the group’s forward price/earnings ratio of 23 times, we wouldn’t have expected anything less. Investors now face a difficult question: is NCC’s recovery being flattered by poor comparators, or is there the potential for long-term growth?

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