A global cyber security group is to cut jobs "as a result of the current market conditions".
Manchester-headquartered NCC Group has "experienced a lengthening of the sales cycle, which is leading to delays in buying decisions, work commencement and therefore revenue recognition, particularly in North America and the UK".
The listed group added that its revenue is now only expected to increase year-on-year by single-digits.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
NCC Group said: "As a result of the current market conditions, we are experiencing a reduction in our utilisation rates and attrition.
We are therefore accelerating the implementation of our strategy and reshaping the business, with a proposed reduction in headcount in the near term."
The news comes as the group announced its results for the six months to November 30, 2022.
According to the new figures, the group's revenue rose from £150.1m to £176.6m while its pre-tax profits increased from £8.4m to £10.3m.
Chief executive Mike Maddison said: "The group has delivered solid, double-digit growth in the first half of the year, building on our technical expertise and track record working with the world's leading brands and Government organisations.
"Despite the very evident global economic headwinds we are confident that the next chapter of our strategy will deliver a business positioned to fully capitalise on increasingly complex cyber challenges, and one that will be resilient in dynamic markets.
"Our strategy, powered by a focus and investment in insights, intelligence and innovation across the organisation, will deliver enhanced growth in the medium term with a client-centric go-to-market model, market-leading capabilities and broader end-to-end offerings, efficiencies through global delivery and differentiated brands.
"I look forward to working with my leadership team to deliver enhanced growth and drive greater market visibility of NCC Group in boardrooms and governments globally, to deliver on our purpose of creating a more secure digital future."
READ MORE:
