GB Group Plc (GBG.L), on Thursday, issued an update on its performance for the six months to 30 September 2024 and reported that its financial performance is in line with its expectations and underpins Board's confidence in reiterating its FY25 outlook.
The company's H1 revenue amounted to £137 million, 4.5% higher than the previous year's £132.4 million. This encompasses the two largest segments, Identity and Location, which together demonstrated a growth of 6.8% when adjusted for constant currency.
As a result of the company's revenue growth in the last six months and the continued benefit of its group-wide cost and simplification initiatives executed in the prior year, the first half adjusted operating profit grew by about 21% to £29 million, representing a margin of 21.2%.
GBG's balance sheet remains strong with good progress in lowering net debt, which as of 30 September had reduced to around £72 million from £80.9 million as of 31 March 2024. This includes the FY24 final dividend payment of £10.6 million and a £5.0 million retranslation benefit given the relative strength of the pound sterling since our FY24 results.
Further, the company continues to expect mid-single-digit revenue growth on a constant currency basis, leading to high single-digit growth in adjusted operating profit.
Commenting on the results, Dev Dhiman, CEO, said, "…We have made encouraging progress in each of these areas, and this is translating into our performance - with strong pipeline execution, ramp-up with a number of important customers, and some significant customer win-backs reinforcing our market leadership position in identity fraud and location software…"
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