GB GROUP PLC
("GBG", "Group" or the "Company")
2021 AGM Statement
GBG (AIM: GBG), the global identity data intelligence specialist, will hold its Annual General Meeting ("AGM") today at 10am at its registered office premises in Chester, UK.
If registered in advance, shareholders can attend in person or alternatively arrangements have been made for shareholders to attend the meeting virtually. Following the AGM a recording of proceedings will be available on the Company's website.
Ahead of the meeting the Group would like to share the following update which David Rasche GBG's Non-Executive Chairman will read at the AGM today:
Overview and Performance Update
As reported in GBG's annual results announcement on 15 June 2021 GBG achieved record financial results in a year that presented the most extraordinary global challenges. We are pleased to report that, in line with the Board's expectations, the Company has made a good start to the new financial year. The structural growth opportunities for each of GBG's three business units of Identity, Location and Fraud continue to be supported by consumer activity shifting online.
In Identity, the increase in global crypto currency activity during April and May saw consumption volumes in our first quarter remain strong despite some challenging prior year comparatives, which had benefited from the USA government's financial stimulus activity.
GBG's Location business continues to experience good demand across a range of sectors driven by the continuing consumer shift to greater online activity.
In the Fraud business unit performance recovered in the first quarter of FY22 during which we secured term licence extensions from two large multinational financial services organisations, which will also benefit future years.
Investment in GBG's people, technology and channel-to-market capacity has continued and will accelerate through the financial year as further growth-focused capabilities are added.
The Company's balance sheet remains strong, with net cash and treasury deposits of £37.7 million at 30 June 2021 and an unutilised revolving credit facility of £110 million.
The success we had last financial year, against the backdrop of Covid, along with a strong first quarter this year provides us with confidence for the year ahead. We look forward to providing a further update to shareholders on our trading performance at the time of our pre-close trading statement in October 2021.
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For further information, please contact:
Chris Clark, CEO & David Ward, CFO
Peel Hunt LLP (Nominated Adviser and Broker)
Edward Knight, Paul Gillam & Nick Prowting
020 7418 8900
James Macey White & Matt Low
020 7353 4200
GBG offers a range of solutions that help organisations quickly validate and verify the identity and location of their customers.
Our market-leading technology, data and expertise help our customers improve digital access, deliver a seamless experience and establish trust, so that they can transact quickly, safely and securely with their customers online.
Headquartered in the UK and with over 1,000 team members across 15 countries, we work with over 19,000 customers in over 70 countries. Some of the world's best-known businesses rely on GBG to provide digital services and keep the economy moving, from US e-commerce giants to Asia's biggest banks and European household brands.
To find out more about how we help our customers establish trust with their customers, visit www.gbgplc.com and follow us on LinkedIn and Twitter@gbgplc.