Becoming a regional technology services leader
FY2024 has been an exciting year for NCS. Amid continuing economic challenges, we achieved a notable revenue growth of 3.9% (4.5% in constant currency terms) to reach S$2.84 billion, exceeding industry peers. EBIT rose 31% yearon- year through concerted efforts by our people to drive higher operating revenue and strong cost optimisation.
We achieved balanced growth across our businesses – Gov+, Enterprise and Telco+ Strategic Business Groups. We also scaled up our global delivery network with a 30% growth in headcount, enabling industrialised delivery and access to regional talent, leading to lower cost-to-serve. Having secured S$3 billion of new bookings, we are on a solid footing.
Our strong performance in FY2024 demonstrates the consistency of our growth momentum since FY2020. It is the result of our focus on executing our 3-axis growth strategy – expanding across Asia Pacific (APAC), doubling down on government and enterprise sectors, and scaling up our digital capabilities. We are laying a firm foundation to realise our vision of becoming a significant, pan-APAC leader in digital and technology services.
Making an impact across Asia Pacific
NCS is strategically positioned for geographic expansion. We have been advancing in high-growth markets in the region to better serve our clients and harness opportunities.
In Australia, we completed the integration of our acquisitions into One NCS Australia and are now pivoting to grow our business in large-scale system integration to better meet our clients’ needs in the market. In Greater China, we achieved strong double-digit organic growth in operating revenue and made further inroads through our Greater Bay New Tech Delivery Centre in Guangzhou, where we have strengthened our digital innovation capabilities and delivery services network.
We deepened our collaboration with leading companies such as Dell, Google Cloud, IBM, Microsoft, Mandiant, Visa, Globe Group and AI Singapore, enabling us to scale our regional capabilities and drive greater innovation in key areas such as generative AI, cyber security and data insights. We further positioned ourselves at the forefront of technology and innovation by launching our inaugural technology forum, NCS Impact, an annual event that underscores our thought leadership and technological capabilities in the industry.
Advancing digital innovation
In recent years, we have accelerated the adoption of AI, cloud and immersive technologies by clients and are leading the AI market through investments in innovation and co-creation with governments and enterprises. We have also been recognised as a leader in the IDC MarketScape: Asia/Pacific Cloud Professional Services 2023-2024 Vendor Assessment. [1]
Our Gov+ Strategic Business Group has been growing steadily as a trusted innovation partner. We partnered with Amazon Web Services to develop and pilot an innovative AI solution for Singapore’s Ministry of Manpower’s (MOM) Contact Centre, which serves as an intelligent assistant for MOM’s Contact Centre agents, making it easier for them to address public queries and manage high call volumes efficiently. We worked closely with HTX (Home Team Science and Technology Agency) in harnessing technology to secure and safeguard the nation and citizens of Singapore. An example is an immersive virtual mission room which allows multiple agencies to collaborate on operations and investigations, integrating live video, mapping data, and intelligent recommendations to provide real-time situational awareness.
Our Enterprise Strategic Business Group has co-developed cutting-edge solutions that enable our banking, capital markets and insurance clients to transform their customer experience and simplify regulatory compliance. Working with clients to improve preventive health and health information systems, we have helped raise the quality of patient care. In the telecommunications domain, our Telco+ Strategic Business Group has drawn on the combined strengths of NCS, Singtel and Optus to enable clients in APAC to accelerate and strengthen their core businesses by harnessing cloud, data, generative AI and automation. We are applying advanced and hyper-localised speech-to-text models to customer service, enabling clients to raise their service quality substantially.
To encourage our clients to adopt next-generation technologies, Tesseract, our innovation showcase in Singapore, has been conducting experiential workshops and co-innovation projects with clients in areas such as generative AI and immersive digital spaces.
Nurturing the next generation of tech talent
People are at the heart of our success. This is why we have been doubling down on nurturing local tech talent, as well as reskilling and upskilling our current workforce. We introduced a new work-study programme, Ignite, for Institute of Technical Education graduates. This complements similar NCS programmes for polytechnic and university graduates, therefore providing a full range of work-study programmes to develop young talent across different academic levels. Together with the Infocomm Media Development Authority and other partners, we have also been training our people in in-demand areas such as AI, cloud and cyber.
Commitment to our purpose
APAC offers the best growth opportunities for a technology services company like NCS. The IT services industry in the APAC region is forecasted to grow the fastest in the world [2]. NCS is well-positioned to harness these opportunities and we are fully committed to growing in the region. We will continue to innovate and co-create with clients, focusing on AI and digital resilience.
As we become a pan-APAC leader in technology services, we will continue to be driven by our purpose and beliefs. Partnering with governments and enterprises to harness technology, we will strive to make tomorrow game-changing for our communities and businesses in how we live, work, play and collaborate, and make the extraordinary happen.
