AGM statement August 2020
GB GROUP PLC
("GBG", "Group" or the "Company")
2020 AGM Statement
Today at 10 a.m. GBG (AIM: GBG), the global identity data intelligence specialist, is holding its Annual General Meeting at its registered office premises in Chester. Due to the continued restrictions on gatherings, shareholders cannot attend the meeting in person. If any shareholders would like to dial in to the meeting, a listen-only option is available. The meeting details can be requested by sending an email to firstname.lastname@example.org.
Ahead of the meeting, the Group would like to share the following update.
Overview and Performance Update
We are pleased to report we have had a better than expected first quarter trading, recording growth for Q1 year-on-year. This growth was mainly underpinned by a strong performance in the US from a specific customer project which is one-off in nature. The Group’s underlying performance has been consistent with that outlined at the time of the Group’s full year results on 30 June 20201.
The impact of COVID-19 on our customers still varies depending on geography, customer vertical and GBG solution. Encouragingly, certain figures in Q1 are still at pre-COVID-19 levels, specifically customer churn, solvency and bad debt. We have also continued to win business from new customers, albeit at a slower pace.
We remain focussed on effective cash management and maintaining operational capability. At the same time, our cash-generative model has allowed us to continue to invest in strategically important projects that will enable us to emerge from the pandemic in a stronger position.
Looking ahead, forecasting the short-term impact of COVID-19 on GBG remains challenging. This is due to the dynamic nature of lockdowns in our key geographic markets, shifting government stimulus programmes and general economic headwinds presenting difficulties in determining demands for our services. For the medium-term we remain confident that certain factors will provide significant structural tailwinds, such as rapid digitalisation of business and increasing proliferation of online fraud. Our investments in product development are focussed on these themes and we also continue to review M&A opportunities in these areas.
The GBG team has risen to the challenges posed by COVID-19 and has performed exceptionally. It has been gratifying to hear this reflected in direct feedback from our customers. We are continuing to review ‘return to office’ guidance in each of our locations, but we will put the well-being of our team members at the forefront of any decisions we make. Our business systems and trading capabilities are operating well as we continue to work remotely.
We look forward to providing more information at the time of our pre-close trading statement in October 2020.
1 GBG’s 2020 Results Investor Webcast and Presentation can be found on the Investor section of its website: https://www.gbgplc.com/investors/financial-reports-and-accounts/
For further information, please contact:
Chris Clark, CEO
Dave Wilson, CFO & COO
Peel Hunt LLP (Nominated Adviser and Broker)
020 7418 8900
James Macey White
020 7353 4200
GBG offers a range of solutions that help organisations quickly validate and verify the identity and location of their customers.
Our market-leading technology, data and expertise help our customers improve digital access, deliver a seamless experience and establish trust so that they can transact quickly, safely and securely with their customers online.
Headquartered in the UK and with over 1,000 team members across 16 countries, we work with 20,000 customers in over 70 countries. Some of the world's best-known businesses rely on GBG to provide digital services and keep the economy moving, from US e-commerce giants to Asia's biggest banks and European household brands.
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.