GB Group PLC AGM Statement (5600G)

TIDMGBG

RNS Number : 5600G

GB Group PLC

20 July 2023

 
 Embargoed until 7.00 a.m.   Thursday, 20 July 2023

GB GROUP PLC

("GBG", "Group" or the "Company")

2023 AGM Statement

GBG (AIM: GBG), the experts in digital location, identity verification and fraud prevention software, will hold its Annual General Meeting ("AGM") today at 10am at its registered office in Chester, UK. Shareholders are invited to attend the meeting in person to engage and share views with the Board of Directors.

At the AGM, Richard Longdon, Non-Executive Chair, will make the following statement:

"As reported in our full-year results announcement on 15 June 2023, FY23 was a year of continued strategic progress as GBG reported its highest-ever revenue and adjusted operating profit, supported by contributions from the businesses acquired in the previous year alongside strong delivery in Location and Fraud. Group revenue and profit in FY23 was lower than expected at the start of the year, largely due to significant macro uncertainty and challenging post-pandemic conditions in certain end markets, primarily impacting our identity business in the Americas.

While there has been no material change in market conditions, we continue to expect some gradual revenue acceleration in the latter part of the year and to achieve our FY24 profit and cash generation expectations assisted by a group-wide focus on efficiency. We remain focused on cash generation and repayment of debt and are pleased with the improvement in our current net debt position to GBP90.9 million, prior to the payment of the final dividend, which is subject to shareholder approval at today's meeting.

Looking to the future, the Board is confident GBG is well-placed to benefit from attractive structural growth in our markets. The increasing proliferation and sophistication of fraud through the advent of generative AI reinforces the need for customers to adopt multi-layered identity solutions. This presents a long runway of opportunity for GBG to capitalise on the breadth of its capabilities and global reach.

Our next scheduled trading update will be the pre-close trading statement in mid-October 2023."

 
For further information, please contact:GBG 
  Chris Clark, CEO & David Ward, CFO                   +44 (0) 124 4657333 
  Richard Foster, Investor Relations                   +44 (0) 781 6124164 
 Numis (Nominated adviser and corporate broker) 
  Simon Willis & Joshua Hughes                         +44 (0) 207 2601000 
 Barclays (Corporate broker) 
  Robert Mayhew & Stuart Jempson                       +44 (0) 207 6232323 
 Teneo (Financial PR)                                  +44 (0) 207 3534200 
  James Macey White & Matt Low                               GBG@teneo.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 develop and deliver address verification, digital identity, fraud risk 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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