GB Group PLC AGM Statement (5664V)
August 10 2020 - 1:00AM
UK Regulatory
TIDMGBG
RNS Number : 5664V
GB Group PLC
10 August 2020
Embargoed until 7.00 a.m. 10 August 2020
GB GROUP PLC
("GBG", "Group" or the "Company")
2020 AGM Statement
Today at 10 a.m. GBG (AIM: GBG), the global identity data
intelligence specialist, is holding its Annual General Meeting at
its registered office premises in Chester. Due to the continued
restrictions on gatherings, shareholders cannot attend the meeting
in person. If any shareholders would like to dial in to the
meeting, a listen-only option is available. The meeting details can
be requested by sending an email to governance@gbgplc.com .
Ahead of the meeting, the Group would like to share the
following update.
Overview and Performance Update
We are pleased to report we have had a better than expected
first quarter trading, recording growth for Q1 year-on-year. This
growth was mainly underpinned by a strong performance in the US
from a specific customer project which is one-off in nature. The
Group's underlying performance has been consistent with that
outlined at the time of the Group's full year results on 30 June
2020(1) .
The impact of COVID-19 on our customers still varies depending
on geography, customer vertical and GBG solution. Encouragingly,
certain figures in Q1 are still at pre-COVID-19 levels,
specifically customer churn, solvency and bad debt. We have also
continued to win business from new customers, albeit at a slower
pace.
We remain focussed on effective cash management and maintaining
operational capability. At the same time, our cash-generative model
has allowed us to continue to invest in strategically important
projects that will enable us to emerge from the pandemic in a
stronger position.
Looking ahead, forecasting the short-term impact of COVID-19 on
GBG remains challenging. This is due to the dynamic nature of
lockdowns in our key geographic markets, shifting government
stimulus programmes and general economic headwinds presenting
difficulties in determining demands for our services. For the
medium-term we remain confident that certain factors will provide
significant structural tailwinds, such as rapid digitalisation of
business and increasing proliferation of online fraud. Our
investments in product development are focussed on these themes and
we also continue to review M&A opportunities in these
areas.
The GBG team has risen to the challenges posed by COVID-19 and
has performed exceptionally. It has been gratifying to hear this
reflected in direct feedback from our customers. We are continuing
to review 'return to office' guidance in each of our locations, but
we will put the well-being of our team members at the forefront of
any decisions we make. Our business systems and trading
capabilities are operating well as we continue to work
remotely.
We look forward to providing more information at the time of our
pre-close trading statement in October 2020.
Note:
(1) GBG's 2020 Results Investor Webcast and Presentation can be
found on the Investor section of its website:
https://www.gbgplc.com/investors/financial-reports-and-accounts/
Webcast: https://webcasting.brrmedia.co.uk/broadcast/preview/5ef086835e278421d06995e0
Presentation: https://www2.gbgplc.com/hubfs/GBG/investors/GBG-Full-Year-Results-2020-Announcement.pdf
For further information, please contact:
GBG
Chris Clark, CEO
Dave Wilson, CFO & COO 01244 657333
Pe el Hunt LLP (Nominated Adviser and Broker)
Edward Knight
Nick Prowting
Ed Allsopp 020 7418 8900
Tulchan 020 7353 4200
James Macey White GBG@tulchangroup.com
Matt Low
Deborah Roney
Website www.gbgplc.com/investors
About GBG
GBG offers a range of solutions that help organisations quickly
validate and verify the identity and location of their
customers.
Our market-leading technology, data and expertise help our
customers improve digital access, deliver a seamless experience and
establish trust so that they can transact quickly, safely and
securely with their customers online.
Headquartered in the UK and with over 1,000 team members across
16 countries, we work with 20,000 customers in over 70 countries.
Some of the world's best-known businesses rely on GBG to provide
digital services and keep the economy moving, from US e-commerce
giants to Asia's biggest banks and European household brands.
To find out more about how we help our customers establish trust
with their customers, visit www.gbgplc.com and follow us on
LinkedIn and Twitter @gbgplc.
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END
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