GB Group

GBG · Main Market · Technology · mcap £332m · 150.2p

GBG sells software that checks who people are, spots fraud and validates addresses and locations for banks, retailers and other firms. It operates in the UK, the Americas and Asia-Pacific.

Target	Promise	Said	Status
2024
FY24	Deliver FY24 profit expectations	19 Oct 2023	✓ Kept
	“the Board remains confident in meeting its FY24 expectations” Also stated 28 Nov 2023 · 30 Jan 2024 Result FY24 adjusted operating profit £61m was ahead of expectations. “Expected adjusted operating profit of approximately £61.2 million is slightly above the top end of current analyst expectations”23 Apr 2024 · FY24 trading update “Adjusted operating profit of £61.4 million, up 8.0% excluding net gains from foreign exchange”11 Jun 2024 · Final Results
FY24	Reduce leverage to 1.30x by FY24 year-end	28 Nov 2023	✓ Kept
	“expect to use cash generation to reduce leverage to 1.30x by the year-end” Result Net debt fell to £81m from £106m, which implies leverage below the target. “Strong cash conversion of 90.6% (FY23: 67.3%) led to a reduction in net debt to £80.9 million (31 March 2023: £105.9 million)”11 Jun 2024 · Final Results
2025
FY25	Mid-single-digit constant currency revenue growth in FY25	23 Apr 2024	✗ Missed
	“We continue to expect mid-single-digit revenue growth on a constant currency basis for FY25” Also stated 11 Jun 2024 · 23 Jul 2024 · 17 Oct 2024 · 19 Nov 2024 Result FY25 constant currency revenue growth was 3.0%, below mid-single digit. 10 Jun 2025 · Final Results
FY25	High-single-digit adjusted operating profit growth in FY25	23 Apr 2024	✓ Kept
	“which will drive high single-digit growth in adjusted operating profit, given the operational efficiency gains achieved in FY24” Also stated 11 Jun 2024 · 23 Jul 2024 · 17 Oct 2024 · 19 Nov 2024 Result FY25 adjusted operating profit rose 9.5% to £67.0m. “Adjusted operating profit of £67.0 million, up 9.5%, as adjusted operating margin expanded by 160bps through our focus on simplification and efficiency”10 Jun 2025 · Final Results
FY25	Fraud segment to return to year-on-year growth in second half of FY25	23 Jul 2024	✓ Kept
	“Fraud segment, as previously noted, is expected to report a revenue decline in the first half of the year given the timing of software license renewals, before returning to year-on-year growth in the second half” Result Fraud ARR grew 5.0% by the July 2025 statement. “Within this, it was pleasing to see our net revenue retention rate (NRR) for Identity and Location increasing to 101.1% and growth in annual recurring revenue (ARR) in Fraud of 5.0%.”22 Jul 2025 · AGM Statement
3 Nov 2025	Move from AIM to Main Market by early November 2025	10 Jun 2025	✓ Kept
	“Admission expected to occur by early November 2025” Also stated 22 Jul 2025 Result Shares were cancelled from AIM on 30 October 2025 on transfer to the Main Market. “Admission expected to occur by early November 2025.”22 Jul 2025 · AGM Statement “NOTICE OF CANCELLATION OF ADMISSION TO TRADING ON AIM”30 Oct 2025 · Readmission - GB GROUP PLC
30 Nov 2025	Start £25m buyback on 23 July 2025 and cancel the shares bought	22 Jul 2025	✓ Kept
	“The Board of GBG has approved the commencement of a share buyback programme in respect of its shares up to a maximum amount of £25 million, which we intend to begin tomorrow.” Also stated 23 Jul 2025 Result The programme started on 23 July 2025 and was extended in November, with £45m done in FY26. “The Share Buyback will commence on the date of this announcement and is expected to continue until the maximum pecuniary amount has been purchased under the programme or, if earlier, 30 November 2025.”23 Jul 2025 · Commencement of Share Repurchase Programme “The purchased Ordinary Shares will be cancelled and the purpose of the Share Buyback Extension is to reduce the Company's share capital.”25 Nov 2025 · Extension of Share Repurchase Programme
2026
FY26	Deliver FY26 revenue outlook in line with market expectations	23 Sep 2025	✓ Kept
	“GBG is well positioned to accelerate growth in the second half and achieve our revenue outlook for the full year consistent with current market expectations” Also stated 16 Oct 2025 Result FY26 revenue of £285m, up 3.2%, was in line with expectations. “Today, GBG, the global identity and location technology business, confirms its trading performance for the year to 31 March 2026 was in-line with market expectations.”22 Apr 2026 · Trading Statement “FY26 group revenue of £285 million represents 3.2% year on year growth on a constant currency basis”22 Apr 2026 · Trading Statement
H2 FY26	Americas Identity to return to growth in H2 FY26	16 Oct 2025	✗ Missed
	“confident our current actions will result in the Americas returning to growth in the second half” Also stated 25 Nov 2025 Result By August 2026, Americas Identity customer attrition was hurting FY27 guidance. The H2 FY26 outcome for the Americas is not stated. “Together, we are confident our current actions will result in the Americas returning to growth in the second half.”25 Nov 2025 · Half-year Results “First quarter revenue in Americas Identity was only marginally below our plan, but growth has not improved in the second quarter as we have seen higher than expected volume attrition on a few material customers.”14 Aug 2026 · Americas Identity trading update
H2 FY26	Accelerate constant currency revenue growth to mid-single digit in H2 FY26	25 Nov 2025	✓ Kept
	“GBG will accelerate constant currency revenue growth to a mid-single-digit percentage in the second half” Result H2 core segment revenue growth was 6%, with FY26 growth of 3.2%. “FY26 group revenue of £285 million represents 3.2% year on year growth on a constant currency basis”22 Apr 2026 · Trading Statement
FY26	Complete first two platform retirements in FY26	25 Nov 2025	… In progress
	“we are on track to complete the first two scheduled retirements this year” Status so far Not yet due.
31 Mar 2026	Complete £10m buyback extension by 31 March 2026	25 Nov 2025	✓ Kept
	“expected to continue until the maximum pecuniary amount has been purchased under the programme or, if earlier 31 March 2026” Result £45m of repurchases were completed in FY26 and a new extension was announced for April 2026. “having successfully completed share repurchases to a total value of £45 million during the financial year 2026”31 Mar 2026 · Extension of Share Repurchase Programme “announces a £10 million extension of the Company's share repurchase programme to commence on 1 April 2026”31 Mar 2026 · Extension of Share Repurchase Programme
Today · 9 Oct 2026
2027
FY27	Mid-single-digit revenue growth in FY27	22 Apr 2026	✗ Missed · target changed
	“Mid-single-digit revenue growth expected in FY27” Also stated 2 Jun 2026 Result Guidance was cut in August 2026 to 1-3% on Americas Identity attrition. “Mid-single-digit revenue growth expected in FY27: Continued improvement in the Americas; accelerating contribution from new innovations and the increasing market opportunities from AI-driven fraud”2 Jun 2026 · Final Results “As a result, we now expect total group revenue growth for FY27 to be within the range of 1-3% (having previously guided mid-single digit).”14 Aug 2026 · Americas Identity trading update
FY27	FY27 adjusted operating profit margin of about 21% and continue the £6m GBG Go investment	14 Aug 2026	… In progress
	“we are focused on mitigating the attrition headwind with strong cost control and expect an FY27 adjusted operating profit margin of approximately 21%.” Status so far Not yet due.
2027	Equifax to integrate GBG data verification in the US in 2026, with global use in 2027	20 May 2026	… In progress
	“with global use in 2027” Status so far Not yet due.
2028
FY28	£6m one-off GBG Go investment to add at least 1% revenue growth in FY28	2 Jun 2026	… In progress
	“One-off operating cost investment of £6 million accelerating Go's innovation roadmap, incremental revenue growth in FY28 of at least 1%” Status so far Not yet due.
FY28	Adjusted operating margin of 21-22% in FY27, returning to 23-24% in FY28	2 Jun 2026	… In progress
	“Adjusted operating margins of 21-22% in FY27 will reflect the one-off investment. Expected to return to 23-24% range in FY28” Status so far Not yet due.