GB Group reports strong performance in year-to-date

Digital location, identity and fraud software company GB Group said in an update on Thursday that the benefits of its diversity in geography, sector and solution-set were evident in its performance so far this year.

The AIM-traded firm, which was holding its annual general meeting, previously said that its identity business in the Americas faced “tough comparatives” from the first quarter of last year, when it benefited from exceptional transaction volumes driven by the US stimulus project and cryptocurrency.

It said the current year to date had benefited from “favourable” dollar translation, which on an underlying basis largely offset the impacts of “more challenging” macroeconomic conditions.

“Elsewhere, our location and fraud segments achieved solid underlying growth as did our EMEA and APAC regions,” the board said in its statement.

“The breadth of our geographic coverage and the relevance of identity and fraud solutions in different sectors and economic cycles means that despite current economic uncertainty our Board continues to expect results for the full year to be in line with our expectations.

“The integration of Acuant into our Americas business has continued and the Board is pleased that at least £3m of planned synergy benefits for the 2023 financial year have already been implemented.”

GB Group said it would further update the market on its trading performance in its pre-close trading statement in October.

At the close on Thursday, GB Group was up 6.24% at 493.4p.

Reporting by Josh White at Sharecast.com.