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Cyber security company NCC Group said on Thursday it would cut more than 125 positions in the course of a strategic review that is ongoing.
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Despite a sluggish market in the second half of the fiscal year currently in full swing.
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Shares of the Manchester-headquartered FTSE Mid Cap firm were down about 10% to an over two-and-a-half-year low of 147 pence in morning trade.
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It employs about 1,800 employees across the globe, announced the layoffs.
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Which amounts to 7 percent of its total workforce and will be primarily focused on North America, the UK as well as North America.
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NCC stated that the job cuts would result in a one-time cost for implementation of four million pounds during the second quarter of the fiscal year that ended May 31.