Gb Group Regulatory News (GBG)

GB GROUP PLC

("GBG", "Group" or the "Company")

2022 AGM Statement

Building on the strategic progress of FY22 - Outlook for FY23 unchanged

GBG (AIM: GBG), the experts in digital location, identity verification and fraud software, will hold its Annual General Meeting ("AGM") today at 10am at its registered office premises in Chester, UK.

If registered in advance, shareholders can attend in person or alternatively, arrangements have been made for shareholders to attend the meeting virtually. A recording of proceedings will be available following the AGM on the Company's investor relations website.

Ahead of the meeting, the Group would like to share the following update which David Rasche GBG's Non-Executive Chairman will read at the AGM today:

Overview and performance update

As reported in GBG's annual results announcement on 16 June 2022 GBG achieved strong financial results for the year ended 31 March 2022. The Group delivered record revenue and adjusted operating profit ahead of original market expectations. We also made important strategic progress organically and through the acquisitions of Acuant and Cloudcheck.

GBG addresses large and expanding markets all of which are adapting to structural drivers such as digitalisation and an ever-increasing need to protect against fraud. These are enduring trends which give GBG a long runway of sustainable growth opportunities. The wide-ranging capabilities we have developed and acquired over recent years give us a leadership position in the identity verification and fraud markets and reinforce our position as one of the largest pure-play identity software solution providers globally. The business is well-placed to successfully achieve its strategic and financial objectives in FY23 and beyond.

The benefits of our diversity in geography, sector and solution-set are evident in our performance so far this year. As previously indicated, our Identity business in the Americas faced tough comparatives from the first quarter of last year when we benefited from exceptional transaction volumes driven by, amongst other items, the US stimulus project and cryptocurrency. The current year to date has benefited from favourable US dollar translation, which on an underlying basis largely offsets the impacts of the more challenging macroeconomic conditions. Elsewhere our Location and Fraud segments achieved solid underlying growth as did our EMEA and APAC regions.

The breadth of our geographic coverage and the relevance of identity and fraud solutions in different sectors and economic cycles means that despite current economic uncertainty our Board continues to expect results for the full year to be in line with our expectations. 

The integration of Acuant into our Americas business has continued and the Board is pleased that at least £3 million of planned synergy benefits for FY23 have already been implemented.

We look forward to providing a further update to shareholders on our trading performance at the time of our pre-close trading statement in October 2022.

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About GBG

We are the experts in digital location, identity and managing fraud risk and compliance. Helping organisations across the globe eliminate customer friction and fraud from their digital experiences. GBG develops and delivers digital identity, address verification, fraud prevention and compliance software to businesses globally.

Through the combination of the latest technology, the most accurate data and our unrivalled expertise, GBG helps organisations ranging from start-ups to the largest consumer and technology brands in the world deliver seamless experiences, so their customers can transact online with greater confidence.

To find out more about how we help our customers establish trust with their customers visit www.gbgplc.com and follow us on LinkedIn and Twitter @gbgplc.