Shares of Chester-based identity data company GB Group (GBG) recovered some ground after it announced a positive trading update for the year to March 31, 2023.

GB Group shares rose about 7% to around £3.02 to give the firm a stock market value of about £760 million, but the shares are down about 47% for the past 12 months.

“GBG confirms that it will deliver its full year results in line with the trading update provided on 21 February 2023,” said the company.

“The group expects reported revenue to be £278.8 million (FY22: £242.5 million), representing growth of 15.0%.

“On a pro forma basis, organic constant currency revenue growth was 3.7%.

“This fully adjusts for the impact of the two prior year acquisitions, including the associated FY23 deferred revenue haircut adjustment.

“It also adjusts for £4.2 million of revenue from US stimulus customers in the prior period and the full £15.4 million impact from the year-on-year decline in cryptocurrency customer revenues.

“Adjusted operating profit is expected to be £59.8 million (FY22: £58.8 million), representing a margin of 21.5%.

“Within this, gains on foreign exchange are expected to be approximately £3 million.”

GBG CEO Chris Clark said: “As noted in our February update, the difficult global macroeconomic environment has impacted performance in certain parts of the group, particularly our GBG Americas Identity business.

“Despite this, the wider group has displayed resilience, including double-digit growth in both Location and Fraud.

“GBG’s ability to continue to deliver growth, maintain strong operating margins and cash generation against the difficult backdrop, is in no small part due to our team and their dedication throughout the year to deliver for our valued customers.”