Software firm predicts strong year ahead
Software and identity management specialist GB Group said it is trading in line with expectations.
The Cheshire based firm released an update to coincide with its annual general meeting.
David Rasche, the firm’s non-executive chairman, said: “In addition to reporting a financial performance that was ahead of original market expectations and the completion of two acquisitions, including IDology, our largest transaction to date.
“We also maintained our commitment to technological innovation and product development; increased our focus on improving our customer service; and improved our levels of employee engagement.
“Such a successful year together with these achievements have given us confidence that we will deliver another good performance this year.”
He added: “Moving on to 2019-20, I am pleased to report that we have made a good start to the year with revenue and profit performance in line with management’s expectations.
“The first quarter has seen growth in both organic revenue and adjusted operating profit. The group’s balance sheet remains strong with solid cash conversion, which has enabled us to pay down a further £10m of debt in the period.
“Our well-defined strategy is delivering good growth across our key focus areas of Location, Identity and Fraud. We continue to see our products gain good traction internationally with both new customer wins and upsell in the first quarter.
“Our Location business secured business with Patagonia USA and Moosejaw, both North American leisure and outdoor clothing companies, TFG, which owns 22 brands across the UK retail sector and Christian Aid, the UK-based charity that operates in 37 countries.
“Our identity business’s North American customer wins include the long-established financial services company National Life Group and a new FinTech business, Albert Corporation, who provide technology and services to users to collate and automate their personal finances. In Europe, we signed up William Hill, the UK FTSE250 bookmaker and in AsiaPac Volt Bank, Australia’s first digital start-up bank to receive a banking licence.
“The fraud business, which operates primarily in Asia Pacific, has secured increased business from a number of financial services customers including: AmBank, the 6thlargest bank in Malaysia; and CIMB Niaga, one of Indonesia’s largest banks which operates in 16 locations across Asia.”
