UK&I Daily Focus: Friday, 26th June 2026

Research evidence excerpt

UK&I Daily Focus: Friday, 26th June 2026

has expertise in the general insurance consulting market

which has an estimated market value of c.£1.5bn and has relationships with over

20 general insurers with an overall client NPS of +70. APR has an established team

of more than 70 client-facing employees.

NCC GROUP PLC (NCCG.L) - Updating model, now a pure play Cyber Security

services business

Tintin Stormont: Tgt 150p. Last Close 122.40p. Hold. We are updating our model

for the further guidance given on the remaining Cyber Security business and the

announced capital return following the disposal of the Escode business (completed

29 May). The specific outlook given on the Cyber business are as follows: In FY26,

the group expects low to mid single digit revenue growth for Cyber and adj EBITDA

to grow faster than revenues, resulting in a Cyber adj. EBITDA margin (including

central and overhead costs) of 5.5-7.5%. Note that in H1, the Cyber Security division

grew 5.9% with adj. EBITDA of £8.3m (incl. central and head office costs of £3.5m),

giving a margin of 7.0%. The FY guidance therefore does not anticipate a

meaningful step up in H2 vs. the H1 performance.

EUROPEAN BEVERAGES - Just one chart: Past participation may be a predictor

of per capita performance

Mitch Collett: A Gallup poll, published last year, showed that the proportion of US

survey respondents who say they consumed alcohol reached a new low in 2025

following an unprecedented three straight years of YoY decline. Comparing this

survey to percapita alcohol consumption (PCC) reveals a clear correlation, with

participation appearing to be a reliable lead indicator for PCC. The precipitous drop

in participation since 2019 (-11 percentage points, or -16%) does not appear to have