Identity intelligence specialist GB Group has reported a 5.3% increase in its revenue for the six months to September 30, 2021, in advance of releasing its half-year results.聽
In a statement released to the London Stock Exchange this morning, Chester-headquartered GBG reported growth across each of its three business units 鈥� location, identity, and fraud 鈥� as consumer activity shifted online and demand for its fraud prevention solutions grew.
Chris Clark, CEO of GBG, said: 鈥�We are pleased with the financial and operational performance over the past six months, particularly considering the conditions many of our customers and teams around the world continue to experience.
鈥淲e have made excellent progress against our growth strategy and have continued to support our customers throughout.
鈥淭his progress is testament to the hard work and dedication shown by the GBG team around the world. GBG remains excellently positioned at the forefront of the digital identity software industry.”
GBG intends to publish its half-year results on November, 30 2021.
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In a statement to the City this morning GBG announced: 鈥淭otal revenue for the first six months is expected to be approximately 拢109m, which represents an increase of 5.3 per cent over the prior year period.聽
鈥淭his is before adjusting for exits from our marketing services and employment screening businesses, which gives an increase of 12.4 per cent on an organic constant currency basis.
鈥淚n identity we had expected the revenue comparison for H1 to be challenging, given the substantial benefit derived from a one-off project related to the USA government’s financial stimulus activity last year.
鈥淗owever, this customer project continued into the current financial year at higher than expected volumes, generating additional revenue of approximately 拢3m.
鈥淲e also benefited from the increased transaction volumes across cryptocurrencies, experienced in our Q4 last year, continuing into April and May of this financial period.
鈥淭his generated a further circa 拢4m of additional consumption revenue in H1. In both cases, consumption volumes have now settled at normalised run rates and we anticipate these will remain at these levels through the second half of the year.
鈥淕BG鈥檚 location business continued to experience good demand across a range of sectors driven by the continuing consumer shift to greater online activity.聽
鈥淎s anticipated, our fraud business unit experienced strong year-on-year growth as a result of restarting more on premise deployment activity, new contracts and strong renewals.
鈥淎s a result, adjusted operating profit for H1 is expected to be approximately 拢27.5m, an increase of 3 per cent on last year and an adjusted operating profit margin of approximately 25.2 per cent.
鈥淭his is marginally higher than we had expected due to the one-off revenue impacts noted above. Because of the market opportunity available to us we continue to increase investment in GBG’s people, technology and channel-to-market capacity.鈥�