ID verification group issues improved revenue and profit forecast

Chester-based identify verification specialist GBG said it anticipates its results for the year to March 31, 2020, will be ahead of consensus expectations.

In a market update this morning, it said yrading has been stronger than anticipated since the company’s interim results were reported last December.

In particular, the company’s identity division benefitted materially through January and early February from increased transaction volumes driven by the well-publicised spike in bitcoin market activity and retail share trading in the US and Europe.

It also saw a positive impact from the financial stimulus packages in the US.

As a result of this, the board now believes the financial results for the full year will be ahead of consensus expectations, with forecast revenues to be at least £213m and operating profit above £53m.

The group, headed by chief executive Chris Clark, expects to provide a further update on trading during the week commencing April 19, and to report its results for the year in June 2021.