GBG, Chester identity firm, ups H1 revenue to £103m

Chester-based identity data company GB Group (GBG) said on Tuesday its revenue rose 9.8% to £103.5 million in the six months ended September 30, 2020, with profit before tax rising about 75% to £14.8 million.

GBG says it “helps organisations quickly validate and verify the identity and location” of their customers.

“GBG re-iterates its guidance for the full year, anticipating revenue to be marginally ahead of last year on an underlying basis,” said GBG.

Reflecting the strong first half performance and the confidence in the firm’s outlook, GB Group said it is resuming dividend payments by declaring an interim dividend of 3p per share. 

The firm employs over 1,000 people across 16 countries and has 20,000 customers in over 70 countries, including some of the world’s best-known businesses.

GB Group CEO Chris Clark said: “We have delivered good results driven by accelerated growth from some of our existing customers as they extend their use of digital services and encouragingly, customer contract renewal rates continue to be in line with prior years.

“Although we saw the rate of new contracts slowdown in some geographies and sectors, we successfully won new business against our competitors throughout H1. 

“By managing spend and cash during the period and through our highly cash-generative business model, GBG’s net debt position has improved by over £32 million since the start of the financial year.

“This is a strong endorsement of GBG’s business model. 

“Clearly the broader implications of COVID-19 mean that uncertainty continues to be a dominant trend for all businesses around the world.

“However, GBG is well positioned as digital acceleration is now even more a necessity for all companies.

“For the consumer facing businesses we serve, key to their success will be making sure they know who and where their customers are.

“We will continue to invest organically and through acquisition for additional capabilities to meet these needs and drive long-term growth for GBG.”

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