Global cyber security firm NCC Group has lowered its profit expectations after "market volatility" significantly impacted its finances.
The Manchester-headquartered group is now forecasting its adjusted operating profit will be between £28m and £32m for its most recent financial year.
NCC had previously predicted its profit would be around £47m.
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The group added it now also expects its cyber security revenue growth on a constant currency basis to be low single digits compared to the high single digit growth outlined in its half-year results.
NCC said its software resilience business remains on track to perform to expectations.
The group said that as a result of its forecast lower profit it is "scrutinising the underlying cost base and will take appropriate action in due course".
NCC said in February that it was to cut jobs "as a result of the current market conditions".
In a statement issued to the London Stock Exchange, it said: "These economic headwinds and current challenges to the group's cyber security revenues, which the board expects will persist into the next financial year, reinforce the need to implement the next chapter of the NCC Group strategy.
"The strategy will deliver revenue from a broader service portfolio, addressing the full cyber security lifecycle, with deeper presence across sectors.
"This will be supported by the activation of a global delivery model, including an offshore delivery and operations centre, and investment in the go-to-market model and brand for cyber.
"On this basis, the board remains confident in the medium-term prospects for the cyber market and these strategic actions will position the business to return to greater growth when the market improves."
Analysts at Panmure Gordon recently valued NCC's software resilience business at around £240m and tipped that a sell-off as "the most likely result" of its strategic review.
Chief executive Mike Maddison said: "Macro-economic headwinds, market volatility and uncertainty are undermining business confidence, particularly in the technology sector where we are well represented, and as a result we are seeing demand fall in the form of projects being further delayed, reduced or cancelled.
"While we cannot control demand in the short term, the conditions we now face reinforce the rationale for our strategy, which I outlined in February.
"We remain confident that the group's strategy will deliver a more resilient business that is positioned to fully capitalise on opportunities to meet changing client needs in a dynamic cyber market."
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