GB Group PLC AGM Statement (9991T)
July 28 2022 - 2:00AM
UK Regulatory
TIDMGBG
RNS Number : 9991T
GB Group PLC
28 July 2022
Embargoed until 7.00 a.m. Thursday, 28 July 2022
GB GROUP PLC
("GBG", "Group" or the "Company")
2022 AGM Statement
Building on the strategic progress of FY22 - Outlook for FY23
unchanged
GBG (AIM: GBG), the experts in digital location, identity
verification and fraud software, will hold its Annual General
Meeting ("AGM") today at 10am at its registered office premises in
Chester, UK.
If registered in advance, shareholders can attend in person or
alternatively, arrangements have been made for shareholders to
attend the meeting virtually. A recording of proceedings will be
available following the AGM on the Company's investor relations
website.
Ahead of the meeting, the Group would like to share the
following update which David Rasche GBG's Non-Executive Chairman
will read at the AGM today:
Overview and performance update
As reported in GBG's annual results announcement on 16 June 2022
GBG achieved strong financial results for the year ended 31 March
2022. The Group delivered record revenue and adjusted operating
profit ahead of original market expectations. We also made
important strategic progress organically and through the
acquisitions of Acuant and Cloudcheck.
GBG addresses large and expanding markets all of which are
adapting to structural drivers such as digitalisation and an
ever-increasing need to protect against fraud. These are enduring
trends which give GBG a long runway of sustainable growth
opportunities. The wide-ranging capabilities we have developed and
acquired over recent years give us a leadership position in the
identity verification and fraud markets and reinforce our position
as one of the largest pure-play identity software solution
providers globally. The business is well-placed to successfully
achieve its strategic and financial objectives in FY23 and
beyond.
The benefits of our diversity in geography, sector and
solution-set are evident in our performance so far this year. As
previously indicated, our Identity business in the Americas faced
tough comparatives from the first quarter of last year when we
benefited from exceptional transaction volumes driven by, amongst
other items, the US stimulus project and cryptocurrency. The
current year to date has benefited from favourable US dollar
translation, which on an underlying basis largely offsets the
impacts of the more challenging macroeconomic conditions. Elsewhere
our Location and Fraud segments achieved solid underlying growth as
did our EMEA and APAC regions.
The breadth of our geographic coverage and the relevance of
identity and fraud solutions in different sectors and economic
cycles means that despite current economic uncertainty our Board
continues to expect results for the full year to be in line with
our expectations.
The integration of Acuant into our Americas business has
continued and the Board is pleased that at least GBP3 million of
planned synergy benefits for FY23 have already been
implemented.
We look forward to providing a further update to shareholders on
our trading performance at the time of our pre-close trading
statement in October 2022.
Fo r further information, please contact:
GBG
Chris Clark, CEO & David Ward, CFO +44 (0) 1244 657333
Richard Foster, Investor Relations +44 (0) 7816 124164
Numis (Nominated Adviser and Corporate
Broker)
Simon Willis & Joshua Hughes +44 (0) 0207 260 1000
-------------------------
Barclays (Corporate Broker)
Stuart Jempson & Anusuya Nayar Gupta +44 (0) 0207 029 8000
-------------------------
Tulchan Communications LLP (Financial
PR) +44 (0) 20 7353 4200
James Macey White & Matt Low GBG@tulchangroup.com
-------------------------
Website www.gbgplc.com/investors
-------------------------
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 develops and delivers 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 www.gbgplc.com and follow us on LinkedIn
and Twitter @gbgplc.
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END
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