GBG profits leap despite ‘modest COVID-19 impact’
Annual profits and revenues have risen sharply at identity data intelligence specialist GBG despite the coronavirus pandemic.
However the AIM-listed company warned that it had seen some impact from COVID-19 and said it is “not immune to the current crisis”.
Revenue for the year ended March 2020 was £199m, ahead of market expectations and a rise of 38.7%. Adjusted operating profit was £47m, a 46.7% increase on last year.
CEO Chris Clark commented: “GBG has delivered a strong set of results which are ahead of market expectations despite some, albeit limited, financial impact from COVID-19 in the final quarter.
“I would like to thank everyone at GBG for their hard work and professionalism in such a challenging and uncertain environment. Their commitment has been the one constant in a time when everything else is so variable.
“We have acted decisively to prioritise our teams’ well-being and safety, the service to our customers and the strength of our business.
“Looking further forward, I take much confidence from FY20 being a record revenue and profit outcome with the business delivering good organic growth across our product solutions and geographies.
“Although it is yet to become clear on what a post COVID-19 world will look like, this recent performance will provide a good foundation to weather this crisis and leaves us well-positioned when it is over.”
The firm saw modest impact to revenues in the period starting in China in January and more broadly in Asia Pacific from February.
It said the full effect on the business is still unfolding and that it is seeing different levels of impact depending on the customer vertical, product solution and geography.