GB Group’s loss shrinks as tech group’s new chief gets stuck in
London-listed tech group GB Group reported a slight dip in revenue during the year ending March but managed to reduce its overall loss and pay down debt.
The identity verification, location intelligence and fraud prevention company said the figure fell by 0.5 per cent to £277m for the year to 31 March 2024.
Amid a tough economic climate, GB Group said the firm had a strong focus on “cost-effectiveness”, which delivered annualised savings of £10m.
Adjusted operating profit grew eight per cent to £61.4m, although the group reported an overall operating loss of £41.4m caused by a £54.7m exceptional non-cash goodwill impairment charge.
GB Group also reported a reduction in net debt during the period, from £105.9m at the end of fiscal 2023 to £80.9m at the end of March 2024.
The figures were the first under the new chief executive, Dev Dhiman, who took over at the start of the year.
He commented: “This is my first set of results since taking the role of chief executive and I am pleased to report a more positive trading momentum.
“My first few months have focused on our teams, customers and business partners across GBG. This has reinforced my confidence in our competitive differentiation and our market opportunity. I believe we have opportunities to build on our momentum and capitalise on the strong and attractive structural growth drivers in the market.”
He added: “The time I have spent with our key stakeholders has informed our focus areas around simplicity; being globally aligned; driving a performance culture and differentiation through innovation.
“I am looking forward to working with everyone across GBG to deliver on these priorities. In doing so, we will ensure that GBG continues to help our 20,000+ customers grow, by giving them the intelligence to make the best decisions, when it matters most.”
“GBG plays an important role in protecting consumers and businesses from fraud while enabling our customers to reach and build trust with their customers. And we will continue to play this critical and increasingly relevant role over the long term for the benefit of all of our stakeholders.”