Last close As at 05/08/2026
GBP2.22
▲ 1.00 (0.45%)
Market capitalisation
GBP508m
Research: TMT
GB Group’s AGM trading update confirms that the Fraud and Location businesses have seen solid underlying growth year-to-date. A tough comparative period for the Identity business has been partially offset by the favourable US dollar translation effect. With broad geographic coverage and the need for identity and fraud solutions across different sectors and economic cycles, the board anticipates FY23 results in line with its expectations, despite current economic uncertainty.
GB Group |
Maintaining FY23 outlook |
AGM trading update |
Software and comp services |
28 July 2022 |
Share price performance
Business description
Analyst
GB Group is a research client of Edison Investment Research Limited |
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GB Group’s AGM trading update confirms that the Fraud and Location businesses have seen solid underlying growth year-to-date. A tough comparative period for the Identity business has been partially offset by the favourable US dollar translation effect. With broad geographic coverage and the need for identity and fraud solutions across different sectors and economic cycles, the board anticipates FY23 results in line with its expectations, despite current economic uncertainty.
Year end |
Revenue |
Adj. op. profit* (£m) |
PBT* |
Diluted EPS* |
DPS |
P/E |
03/21 |
217.7 |
57.9 |
56.7 |
22.4 |
6.4 |
20.7 |
03/22 |
242.5 |
58.8 |
57.1 |
20.2 |
3.8 |
23.0 |
03/23e |
300.8 |
72.2 |
67.7 |
20.4 |
4.0 |
22.8 |
03/24e |
337.0 |
81.7 |
78.0 |
22.8 |
4.3 |
20.4 |
03/25e |
379.5 |
92.3 |
89.4 |
25.9 |
4.6 |
17.9 |
Note: *Adjusted operating profit, PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
GB Group issued a trading update for its AGM. So far this year, and as previously flagged, the Identity business in the Americas has faced tough comparatives: during Q122 the business benefited from increased volumes driven by the US stimulus programme and high levels of cryptocurrency trading. At the same time, the business has benefited from the strengthening of the US dollar versus sterling, which on an underlying basis largely offsets the impact of the more challenging macroeconomic environment. The Location and Fraud segments have achieved solid underlying growth as have the EMEA and APAC regions. The integration of Acuant into the Americas business is ongoing, and the board has already implemented £3m of the targeted £5m synergy benefits. The company next expects to update the market with its pre-close trading statement in October.
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Research: Consumer
musicMagpie’s (MMAG) headline H122 figures were well flagged in the June 2022 trading update, with profitability and cash flow driven by the changing business mix. Management is confident about recent growth initiatives: Rentals delivered strong subscriber growth despite limited marketing, SMARTDrop kiosks are bringing valuable new customers to MMAG and its partner (Asda), and offering products on new marketplaces (eg Back Market) as well as expansion of the offer available on Amazon UK (US to follow) expands the potential customer base. The appointment of an executive to focus on developing Magpie Circular (corporate recycling) should spur further growth. Our operational estimates are unchanged.