GBG, Chester identity firm, sees £217m revenue

Shares of Chester-based identity verification company GB Group (GBG) rose about 6% on Thursday after it published an update on its trading performance for the year to March 31, 2021.

Total revenue and organic constant currency revenue for the year grew by 9% to £217 million, ahead of updated market consensus,” said GBG.

“In the full year announcement we will disclose organic revenue reflecting the impact of the two small businesses we disposed of in the last quarter of the financial year.”

GBG said it expects to report adjusted operating profit of £58 million, a 21% increase on last year and also ahead of updated market consensus. 

The Chester company says it “helps organisations quickly validate and verify the identity and location” of their customers. The firm employs over 1,000 people in 16 countries and has 20,000 customers in over 70 countries, including some of the world’s best-known businesses.

GBG shares have risen almost 50% over the past 12 months to give it a current stock market value of around £1.7 billion.

GBG CEO Chris Clark said: “I am very pleased with the performance of the business in FY21.

“We made significant financial and strategic progress in the most extraordinary circumstances and my thanks go to all GBG team members whose tireless work has enabled this.

Although Covid-related uncertainties remain front of mind, we are encouraged by the global easing of lockdowns and the pace of vaccinations in some of our key geographies.

“One legacy of the pandemic will be accelerated digitalisation.

“GBG will play a major role in this transition and over the next year we will continue to make important strategic investments in the business, its technology and in our people to fully leverage the opportunity this presents.”

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