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GB Group PLC - Chester, England-based digital location, identity verification and fraud prevention software company - Says revenue in financial 2023, ended March 31, was lower than expected at the start of the year due to ‘significant’ macroeconomic uncertainty and ‘challenging’ post-pandemic conditions. Explains that these conditions have not changed. Nonetheless, expects some ‘gradual’ revenue acceleration in the latter part of the year and to achieve its financial 2023 profit and cash generation expectations. Company says it is well-placed to benefit from attractive structural growth in its markets. ‘The increasing proliferation and sophistication of fraud through the advent of generative AI reinforces the need for customers to adopt multi-layered identity solutions. This presents a long runway of opportunity for GBG to capitalise on the breadth of its capabilities and global reach,’ GB Group says. GB Group expects to release a pre-close trading statement in mid-October. Current stock price: 251.00 pence, down 4.4% in London on Thursday around midday 12-month change: down 44% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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