Chester-based GB Group (GBG), which sells digital location and identity verification software to online vendors around the world, reported higher adjusted profit for the year as demand for some of its products and services recovered and it cut costs. 

Adjusted operating profit was £61.2 million, up 8% from £59.8 million a year ago. Including a goodwill impairment charge in the first half of the year, it had an operating loss of £41.4 million.

The company said revenue fell 0.5% to £277.3 million. Excluding the effect of currency conversion rates, it said sales grew 2.7%.

Dev Dhiman, CEO, said: “While macroeconomic conditions remain subdued, we have seen our growth trajectory improve during the second half of FY24 resulting from a partial reacceleration in identity as consumer behaviour normalised and I am encouraged by the operational momentum that we now carry into FY25.”

The company, which helps vendors know the location and identity of their online customers, in order to help prevent fraud and make purchases easier, counts HelloFresh, Aldi, Santander, AIG and Tide among its customers. 

Looking forward, the company said it saw “improved momentum in identity and location continuing from the final quarter of FY24.” For the whole year, it said it expected “mid-single-digit revenue growth on a constant currency basis, which will drive high single-digit growth in adjusted operating profit given the operational efficiency gains achieved in FY24.”