Shares of Chester-based GB Group (GBG) — a global identity verification, location intelligence and fraud prevention company — fell as much as 30% on Friday after it published a negative update on recent trading in its Americas Identity business.

GB Group’s share price has fallen about 80% over the past five years to around £1.60 — slashing its stock market value to roughly £367 million.

GB Group said in the update: “First quarter revenue in Americas Identity was only marginally below our plan, but growth has not improved in the second quarter as we have seen higher than expected volume attrition on a few material customers.

“While our sales pipeline remains strong, the time required to convert opportunities into recognised revenue given our normal sales cycle means the impact of this attrition is unlikely to be mitigated within the current financial year.

“As a result, we now expect total group revenue growth for FY27 to be within the range of 1-3% (having previously guided mid-single digit).

“We will continue with the one-off £6 million investment announced in June to accelerate GBG Go’s innovation roadmap and we are focused on mitigating the attrition headwind with strong cost control and expect an FY27 adjusted operating profit margin of approximately 21%.

“As we move into the next phase of our plan to accelerate growth in the Americas, Tom Schutz (Chief Revenue Officer, Americas) has left the business.

“James Gothard, our Chief Operating Officer, will assume interim responsibility for the Americas business. James brings deep operational expertise and has worked closely with the Americas leadership team, positioning him well to focus on continued execution and drive momentum through this transition.”