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GB Group PLC on Thursday said it will report yearly results in line with guidance, as the digital location and identity services provider ‘displayed resilience’ in the face of tough economic conditions. Shares in the company rose 8.9% to 306.62 pence each in London on Thursday morning. The Chester, England-based firm expects to post revenue of £278.8 million for the year ended March 31, up 15% from £242.5 million the year prior. On a pro forma basis, organic constant currency revenue rose 3.7%. The figure adjusts for acquisitions, but also for a decline in cryptocurrency customer revenue. ‘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,’ Chief Executive Chris Clark said. GB Group expects adjusted operating profit of £59.8 million, a 1.7% increase from £58.8 million. The company expects to report annual results in mid-June. By Eric Cunha, Alliance News news editor Comments and questions to newsroom@alliancenews.com Copyright 2023 Alliance News Ltd. All Rights Reserved.
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