GB Group plc (AIM: GBG), the global identity data intelligence specialist, announces its unaudited results for the six months ended 30 September 2020.
Financial highlights
2020 |
Restated* (2019) |
Growth |
|
Revenue |
£103.5m |
£94.3m |
9.8% |
Adjusted operating profit† |
£26.8m |
£21.6m |
24.5% |
Adjusted basic earnings per share‡ |
11.8p |
9.0p |
30.5% |
Profit after tax |
£11.8m |
£5.6m |
110.3% |
Deferred income balance |
£36.0m |
£32.8m |
9.6% |
Net assets |
£358.8m |
£338.4m |
6.0% |
Net (debt)/cash†† |
£(2.7)m |
£(53.8)m |
n/a |
Organic Revenue
|
2020 Organic Revenue |
2019 Revenue (CCY) |
Organic |
Total Revenue |
£103.5m |
£93.8m |
10.4% |
Note: “CCY” indicates figure reported on a constant currency basis.
*The results for H1 in the last financial year have been adjusted in this announcement to be consistent with the refinements made for IFRS 15 in the 2020 Annual Report. The adjustment reflects revenue phasing under IFRS 15. The impact of this adjustment re-aligns revenue in the 6 months to 30 September 2019 only and does not impact the reported results for the full year to 31 March 2020. See note 2 to the interim financial statements for further details.
Chris Clark, CEO, commented:
“Our positive performance in the first six months is testament to the hardworking team at GBG. I am immensely proud of our dedicated team members who have adapted well to new conditions while continuing to support our customers in the opportunities and challenges they face.
We have delivered good results driven by accelerated growth from some of our existing customers as they extend their use of digital services and encouragingly, customer contract renewal rates continue to be in line with prior years. Although we saw the rate of new contracts slowdown in some geographies and sectors, we successfully won new business against our competitors throughout H1.
By managing spend and cash during the period and through our highly cash-generative business model, GBG’s net debt position has improved by over £32 million since the start of the financial year. This is a strong endorsement of GBG’s business model.
Clearly the broader implications of COVID-19 mean that uncertainty continues to be a dominant trend for all businesses around the world. However, GBG is well positioned as digital acceleration is now even more a necessity for all companies. For the consumer facing businesses we serve, key to their success will be making sure they know who and where their customers are. We will continue to invest organically and through acquisition for additional capabilities to meet these needs and drive long-term growth for GBG.”
Operational highlights and outlook
A good first half performance |
|
Enhanced products & data offering
|
|
Acquisitions/Investments |
|
People |
|
Positive outlook |
|
Notes:
† Adjusted operating profit means profit before amortisation of acquired intangibles, share-based payments, exceptional items, interest and tax. This measure is not defined under IFRS but Management believe that this Alternative Performance Measure (APM) is a more appropriate metric to understand the underlying performance of the Group. For more details see “Alternative Performance Measures” in the Interim Consolidated Financial Statements.
‡ Adjusted earnings per share is defined as adjusted operating profit less net finance costs and tax divided by the basic weighted average number of ordinary shares of the Company.
†† Net (debt)/cash means cash and short-term deposits less loans (excluding unamortised loan arrangement fees).
Click here for further details of the full announcement..
- Ends –
To find out more, please contact:
GBG Chris Clark, CEO Dave Wilson, CFO & COO
|
01244 657333 |
Peel Hunt LLP (Nominated Adviser and Broker) Edward Knight Peter Stewart Nick Prowting
|
020 7418 8900 |
Tulchan Communications LLP James Macey White Matt Low Deborah Roney
Website |
020 7353 4200 GBG@tulchangroup.com
www.gbgplc.com/investors |
Presentation and webcast
GBG management will be hosting an analyst presentation at 09.00am GMT at UBS, 5 Broadgate, London, EC2M 2QS today.
Shortly following the presentation, an archived webcast will be available on the Investors page of the Company's website.
About GBG
GBG offers a series of solutions that help organisations quickly validate and verify the identity and location of their customers.
Our innovative technology leads the world in location intelligence and fraud detection. Our products are built on an unparalleled breadth of data obtained from over [200] global partners which helps us to verify the identity of 4.4 billion people globally.
Our headquarters are in the UK and we have nearly 1,000 team members across [16] countries. We work with clients in [72] countries including some of the best-known businesses around the world, ranging from US e-commerce giants to Asia's biggest banks and European household brands.
To find out more about how we help our clients establish trust with their customers, visit www.gbgplc.com, follow us on Twitter @gbgplc, or read more in our newsroom: www.gbgplc.com/newsroom.