GBG announces its Half Year Results to 30 Sept 2022
Press Release

GBG announces its Half Year Results to 30 Sept 2022

GB Group PLC
(“GBG”, the “Group” or the “Company”)


November 29, 2022, LONDON: GB Group plc (AIM: GBG), the experts in digital location, identity and identity fraud software, announces its unaudited results for the six months ended 30 September 2022.


H1 FY23

H1 FY22


Reported revenue




Pro forma revenue1




Pro forma constant currency revenue1




Adjusted operating profit 1




Adjusted operating margin 1




Operating profit




(Loss) / profit before tax




Adjusted diluted earnings per share 3




Diluted earnings per share




Net assets




Net (debt)/cash1




Notes: 1Defined within note 23 to the Half Year Results. 2Growth percentages are calculated with reference to the actual unrounded figures in the primary financial statements and so might not tie directly to the rounded figures in the table if recalculated. 3 This measure is defined within note 8 to the Half Year Results.

Chris Clark, CEO, commented:

“Excellent strategic progress has been made across the Group over the past six months as we maintain our relentless focus to deliver against our long-term growth strategy, bringing our market leading Location, Identity and Fraud solutions together to address the ever-growing needs of customers in the digital world.  

Our fantastic people around the world are key to this success, and I would like to thank them for their efforts.  Their continued hard work and dedication has underpinned GBG as it has evolved into one of the world’s leading pure play identity software providers. 

The macro uncertainties have been well publicised, but with world class technology, a diversified blue chip customer base and our strong cash generative business model, the Board remains confident in the long-term prospects of the business.”

Financial summary

  • Reported growth in revenue of 22.6% and adjusted operating profit of 1.0%, despite tough first half comparators driven by the US Stimulus project and exceptional cryptocurrency volumes last year
  • Pro forma revenue of £134.9 million represents underlying growth of 10.4% helped by FX; on a constant currency basis, pro forma revenue increased by 3.4%
  • 3% of our pro forma revenue is from subscription and consumption revenue models which demonstrates GBG’s attractive, repeatable and cash generative business model
  • Adjusted operating profits up 1.0% to £28.1 million, an adjusted operating profit margin of 21.0%
  • Expect margin improvement for the full year due to second half weighted revenues, supported by our strong pipeline of opportunities and disciplined cost control
  • Focused on maintaining a strong balance sheet, using cash generation to pay down debt. Net debt increased to £132.6 million as at 30 September 2022 primarily driven by a USD retranslation impact

Strategic progress drives a sustainable runway of growth

  • Acuant integration completed; focused on realising the benefits. Well-positioned to drive growth and on track to deliver £5 million synergies through cost and cross-sell/up-sell revenue initiatives
  • The combination of GBG and Acuant’s document and biometric capability is accelerating our R&D, and enhancing the fraud and anti-tampering functionality delivered to customers
  • Launched GBG GO, a low code/no code product that brings our services into one platform, allowing customers to build their identity and fraud prevention journey to capture new consumers
  • Our ExpectID platform in the USA released the latest version of FlexAPI for easy consumption of its services, launched a “Know your business” service and enhanced its fraud consortium
  • Accelerated releases in EMEA immediately building revenue with the launch of Mobile Fraud intelligence and Multi Bureau; fraud alerts in ANZ delivering value to customers impacted by recent data breaches
  • Created fraud data sharing consortiums in APAC and a new release of a location intelligence product globally building on our capabilities in data science

Capital markets event in January 2023

On Thursday, 19th January 2023, GBG will host a capital markets event in London for institutional investors and sell-side analysts starting at 1430hrs GMT. The event will be held at Numis’ office at 45 Gresham Street, London EC2V 7BF.

This event will focus on the strategic progress the Group has delivered to drive differentiation across its powerful set of combined capabilities, reinforcing its position as a global leader in digital location, identity and identity fraud software with the ability to achieve sustainable and profitable growth over the mid-term.

To register your interest in attending the event in person and any further details, please contact the team at Tulchan: 

Today's results presentation

Management will be hosting a results presentation webcast this morning at 0900hrs GMT for sell-side analysts and institutional investors. The webcast will also be available on-demand upon the investor section of our website along with the presentation materials shortly after the event.

To register for the event directly, please use the following link:

For further information, please contact



Chris Clark, CEO & David Ward, CFO

Richard Foster, Investor Relations



+44 (0) 1244 657333

+44 (0) 7816 124164

Numis (Nominated Adviser and Corporate Broker)

Simon Willis & Joshua Hughes


+44 (0) 0207 260 1000


Barclays (Corporate Broker)

Robert Mayhew & Stuart Jempson

+44 (0) 0207 029 8000


Tulchan Communications LLP (Financial PR)

James Macey White & Matt Low


+44 (0) 20 7353 4200


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 develop and deliver 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 and follow us on LinkedIn and Twitter @gbgplc.

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