Identity technology specialist GB Group today said its "resilience” in tough economic conditions would help it to annual results in line with market expectations.
The Cheshire group told the London Stock Exchange this morning that its full year results - set to be announced in June - would be in line with expectations discussed in a February trading update.
In its pre-close trading update, GB Group said it expected reported revenue to be £278.8m - up 15% on 2022.
It said that on a pro forma basis, organic constant currency revenue growth was 3.7%, adjusting for the impact of two acquisitions and the associated FY23 deferred revenue haircut adjustment.
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The group added: “It also adjusts for £4.2m of revenue from US stimulus customers in the prior period and the full £15.4m impact from the year-on-year decline in cryptocurrency customer revenues.”
GB Group said adjusted operating profit was expected to be £59.8m, up on £58.8m the previous year. Gains on foreign exchange are expected to be around £3m. Net debt at March 31 was £106m.
Chief executive Chris Clark said: “As noted in our February update, the difficult global macroeconomic environment has impacted performance in certain parts of the group, particularly our GBG Americas Identity business.
“Despite this, the wider group has displayed resilience, including double-digit growth in both Location and Fraud.
“GBG's ability to continue to deliver growth, maintain strong operating margins and cash generation against the difficult backdrop, is in no small part due to our team and their dedication throughout the year to deliver for our valued customers."
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