REG - GB Group PLC - AGM Statement

GBAnnouncement

20/07/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230720:nRST5600Ga&default-theme=true

RNS Number : 5600G  GB Group PLC  20 July 2023

 Embargoed until 7.00 a.m.  Thursday, 20 July 2023

 

GB GROUP PLC

("GBG", "Group" or the "Company")

 

2023 AGM Statement

 

GBG (AIM: GBG), the experts in digital location, identity verification and
fraud prevention software, will hold its Annual General Meeting ("AGM") today
at 10am at its registered office in Chester, UK.  Shareholders are invited
to attend the meeting in person to engage and share views with the Board of
Directors.

 

At the AGM, Richard Longdon, Non-Executive Chair, will make the following
statement:

"As reported in our full-year results announcement on 15 June 2023, FY23 was
a year of continued strategic progress as GBG reported its highest-ever
revenue and adjusted operating profit, supported by contributions from the
businesses acquired in the previous year alongside strong delivery in Location
and Fraud. Group revenue and profit in FY23 was lower than expected at the
start of the year, largely due to significant macro uncertainty and
challenging post-pandemic conditions in certain end markets, primarily
impacting our identity business in the Americas.

While there has been no material change in market conditions, we continue to
expect some gradual revenue acceleration in the latter part of the year and to
achieve our FY24 profit and cash generation expectations assisted by a
group-wide focus on efficiency. We remain focused on cash generation and
repayment of debt and are pleased with the improvement in our current net debt
position to £90.9 million, prior to the payment of the final dividend, which
is subject to shareholder approval at today's meeting.

Looking to the future, the Board is confident GBG is well-placed to benefit
from attractive structural growth in our markets. The increasing proliferation
and sophistication of fraud through the advent of generative AI reinforces the
need for customers to adopt multi-layered identity solutions. This presents a
long runway of opportunity for GBG to capitalise on the breadth of its
capabilities and global reach.

Our next scheduled trading update will be the pre-close trading statement
in mid-October 2023."

 For further information, please contact:

GBG

 Chris Clark, CEO & David Ward, CFO              +44 (0) 124 4657333

 Richard Foster, Investor Relations              +44 (0) 781 6124164

 Numis (Nominated adviser and corporate broker)  +44 (0) 207 2601000

 Simon Willis & Joshua Hughes

 Barclays (Corporate broker)                     +44 (0) 207 6232323

 Robert Mayhew & Stuart Jempson
 Teneo (Financial PR)                            +44 (0) 207 3534200

 James Macey White & Matt Low                    GBG@teneo.com

 Website                                         www.gbgplc.com/investors

 

 About GBG

 We are the experts in digital location, identity and managing fraud risk and
 compliance. Helping organisations across the globe eliminate customer friction
 and fraud from their digital experiences. GBG develop and deliver address
 verification, digital identity, fraud risk and compliance software to
 businesses globally.

 Through the combination of the latest technology, the most accurate data and
 our unrivalled expertise, GBG helps organisations ranging from start-ups to
 the largest consumer and technology brands in the world deliver seamless
 experiences, so their customers can transact online with greater confidence.

 To find out more about how we help our customers establish trust with their
 customers visit www.gbgplc.com (http://www.gbgplc.com) and follow us on
 LinkedIn and Twitter @gbgplc.

 

 

 

 

About GBG

We are the experts in digital location, identity and managing fraud risk and
compliance. Helping organisations across the globe eliminate customer friction
and fraud from their digital experiences. GBG develop and deliver address
verification, digital identity, fraud risk and compliance software to
businesses globally.

 

Through the combination of the latest technology, the most accurate data and
our unrivalled expertise, GBG helps organisations ranging from start-ups to
the largest consumer and technology brands in the world deliver seamless
experiences, so their customers can transact online with greater confidence.

 

To find out more about how we help our customers establish trust with their
customers visit www.gbgplc.com (http://www.gbgplc.com) and follow us on
LinkedIn and Twitter @gbgplc.

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGMZKLFFXDLFBBV