REG - GB Group PLC - AGM Statement

GBAnnouncement

23/07/2024 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:20240723:nRSW3445Xa&default-theme=true

RNS Number : 3445X  GB Group PLC  23 July 2024

 Embargoed until 7.00 a.m.  Tuesday, 23 July 2024

 

GB GROUP PLC

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

 

2024 AGM Statement

 

GB Group plc, (AIM: GBG), the leading experts in global identity and location
software, will hold its Annual General Meeting ("AGM") today at 09:30 am
BST at its offices in London.

Ahead of the formal business of the AGM, Richard Longdon, Non-Executive Chair,
will make the following statement:

 

"As reported in our full-year results announcement on 11 June 2024, FY24 was
a year of strong strategic progress and improving operational efficiency for
GBG.

Group revenue of £277.3 million was driven by accelerated growth in Identity
during the fourth quarter as anticipated, and adjusted operating profit was
ahead of market expectations. This reflects the excellent progress achieved in
FY24 to reduce our complexity, with £10 million of annualised cost savings
delivered that will benefit the business over the long term.

Our focus on simplicity and cost-effectiveness has enabled investment in
product innovation to enhance our leadership in the identity fraud and
location intelligence markets. We are driving greater collaboration and global
alignment to more effectively leverage our scale and expertise, with the
improving performance of our Americas Identity business achieved by
strengthening our go-to-market, sales enablement and product capability in
that region.

Further to the update provided in the FY24 results announcement, the Board is
pleased to report that GBG has continued to trade in line with our
expectations in the first quarter as the improved momentum in Identity and
resilient growth in Location continued from the final quarter of FY24.

We continue to expect mid-single-digit revenue growth on a constant currency
basis in FY25, which will lead to high single-digit growth in adjusted
operating profit, given the operational efficiency gains achieved in FY24.
Identity and Location will drive our revenue growth in FY25 while our Fraud
segment, as previously noted, is expected to report a revenue decline in the
first half of the year given the timing of software license renewals, before
returning to year-on-year growth in the second half.

As we look to the longer term, the Board remains confident that GBG's strong
competitive differentiation will continue to underpin our leadership positions
across the markets we serve. The technological capabilities we have built and
our highly repeatable business model will enable us to capitalise upon the
significant growth opportunities ahead to deliver significant and enduring
shareholder value.

Our next scheduled trading update will be the half-year pre-close trading
update in mid-October 2024."

 

 For further information, please contact:

GBG

 Dev Dhiman, CEO & David Ward, CFO                        +44 (0) 1244 657333

 Richard Foster, Investor Relations                       +44 (0) 7816 124164
 Deutsche Numis (Nominated Adviser and Corporate Broker)  +44 (0) 0207 260 1000

 Simon Willis & Joshua Hughes
 Barclays (Corporate Broker)                              +44 (0) 207 623 2323

 Robert Mayhew & Stuart Jempson
 Teneo (Financial PR)                                     +44 (0) 20 7260 2700

 James Macey White & Matt Low                             GBG@teneo.com

 Website                                                  www.gbgplc.com/investors

 

 About GBG

 GBG is the leading expert in global identity and location. In an increasingly
 digital world, GBG helps businesses grow by giving them intelligence to make
 the best decisions about their customers, when it matters most.

 Every second, our global data, agile technology, and expert teams, power over
 20,000 of the world's best-known organisations to reach and trust their
 customers.

 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 X @gbgplc.

 

About GBG

GBG is the leading expert in global identity and location. In an increasingly
digital world, GBG helps businesses grow by giving them intelligence to make
the best decisions about their customers, when it matters most.

Every second, our global data, agile technology, and expert teams, power over
20,000 of the world's best-known organisations to reach and trust their
customers.

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 X @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  AGMELLFLZDLBBBB