GB Group

GBG · Main Market · Technology · mcap £344m · 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	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	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
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