GB Group, Chester identity firm, gets crypto boost

Chester-based identity data company GB Group (GBG) said in an AGM statement that an increase in global crypto currency activity during April and May “saw consumption volumes in our first quarter remain strong despite some challenging prior year comparatives, which had benefited from the USA government’s financial stimulus activity.”

The company said: “As reported in GBG’s annual results announcement on 15 June 2021 GBG achieved record financial results in a year that presented the most extraordinary global challenges.  

“We are pleased to report that, in line with the board’s expectations, the company has made a good start to the new financial year. 

“The structural growth opportunities for each of GBG’s three business units of Identity, Location and Fraud continue to be supported by consumer activity shifting online.

In Identity, the increase in global crypto currency activity during April and May saw consumption volumes in our first quarter remain strong despite some challenging prior year comparatives, which had benefited from the USA government’s financial stimulus activity. 

GBG’s Location business continues to experience good demand across a range of sectors driven by the continuing consumer shift to greater online activity.  

In the Fraud business unit performance recovered in the first quarter of FY22 during which we secured term licence extensions from two large multinational financial services organisations, which will also benefit future years. 

Investment in GBG’s people, technology and channel-to-market capacity has continued and will accelerate through the financial year as further growth-focused capabilities are added.

The company’s balance sheet remains strong, with net cash and treasury deposits of £37.7 million at 30 June 2021 and an unutilised revolving credit facility of £110 million.

The success we had last financial year, against the backdrop of Covid, along with a strong first quarter this year provides us with confidence for the year ahead. 

“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 2021.”

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.