Identity verification specialist reports record year

GB Group chief executive Chris Clark
X The Business Desk

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Chester-based identity management experts GB Group announced a record year of trading today.

Results for the 12 months to March 31, showed a 66.1% increase in pre-tax profits of £34.3m, while revenues of £217.7m were a 9.3% improvement.

Net assets stood at £364.3m at year end, which was a 5.6% increase.

The business said, added to its better than expected financial performance, it achieved its best ever customer engagement scores, while all channels to market – direct, self-serve and partnership – performed well.

It said revenue growth was driven by significant demand from existing customers who experienced increased usage in their digital channels, as well as adding new clients in all lines of business.

During the year GB launched significant new product features and opened an AI-focused centre of excellence, while strengthening security and adding breadth to its data products

It also acquired HooYu Investigate and invested in Singapore-based fraud detection business Credolab, while disposing of two non-core businesses, Marketing Services and Employ & Comply, both to high quality acquirers

Regarding the new financial year, it said it has achieved a good start, with current trading in line with the board’s expectations. It said it will continue the strategy of organic and inorganic investment to drive product and market expansion.

Chief executive, Chris Clark, said: “Today we report a record financial performance together with our best ever customer and team member engagement scores.

“In the fast changing global economic environment this is an excellent outcome and I sincerely thank each and every one of our team in all territories who all played a part in this success.

“The pandemic has accelerated customer digitalisation initiatives and permanently shifted more consumer activity online. Satisfying consumer expectations for simple online journeys, while meeting the needs of businesses to reduce fraud and trade in compliant ways, creates significant long-term opportunities for GBG.”

He added: “In the year ahead we will continue to invest in our people, technology and channel to market capabilities in order to further converge our Location, Identity and Fraud solutions, create new propositions and capitalise on the growth opportunities our strategy identifies.”