Annual results for year ended 31 March 2020

GB Group plc (AIM: GBG), the global identity data intelligence specialist, announces its annual results for the year ended 31 March 2020.

Financial highlights

Strategic and operational highlights

Strong revenue and profit performance:

• Good growth from all geographies and GBG’s three core solutions (Location, Identity and Fraud)
• International revenues now 56% of the business
• IDology is performing well and delivering on acquisition objectives

Continued investment in data, products and technology:

• Increasing breadth and depth of data in chosen markets
• Enhancement of product portfolio through internal development and partnerships
• Enhanced our capabilities in artificial intelligence, multi-modal authentication and validation methods
• Significant progress in the shift to a globally capable, cloud-based operational model

 Covid-19: early and decisive action:

• Focused on protecting team members, supporting our customers and positioning for the future
• Prompt actions taken early to maintain our organisational capacity whilst reducing discretionary spending
• Assisted by a strong balance sheet with available bank draw down facilities, good liquidity and a high proportion of annual recurring licence revenue

Current trading:

• We are witnessing varying levels of impact depending on customer vertical, product solution and geography with positive and negative effects
• To date customer churn, solvency and bad debt are at normal levels
• Continuing to win new business though some sales cycles are lengthening

Outlook:

• It is not yet possible to understand the ongoing impact of Covid-19 on the business
• Dividend and guidance currently suspended
• Long-term market drivers remain favourable and should be enhanced by accelerated digitalisation of customers’ businesses
• Our strong balance sheet, leading technology and diversified customer base leaves GBG well-positioned for long-term success

Chris Clark, CEO, commented:

“I am extremely proud of our performance in the last 12 months, which saw profit and revenues exceed market expectations. This was driven by GBG’s international expansion and innovative product offerings. Although it is hard to predict the full impact of Covid-19, we remain well-positioned to support our customers through the current environment and in the longer term.  

None of this would be possible without the incredible hardworking team at GBG. I want to pay tribute to the dedication of my colleagues through this challenging period. I am confident GBG is approaching the future from a position of strength.”

Notes:

¹ These measures are defined within note 37 to the Annual Report.

Click here for further details of the full announcement, including our Chairman and CEO's statements.

Ends -

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