Annual revenues and profits are up at listed identity specialist GB Group.

The Chester firm, which develops digital location, identity and identity fraud software, reported revenue to be £278.8 million for the year to 31st March 2023 (FY22: £242.5m), representing growth of 15%.

Adjusted operating profit is expected to be £59.8m (FY22: £58.8 million), while gains on foreign exchange are expected to be approximately £3m. Net debt was approximately £106m (FY22: £107m).

The results were in line with expectations, it said, demonstrating resilience across the group despite market conditions in the United States and the cryptocurrency winter in 2022, the latter of which had a “£15.4m impact” on revenues year-on-year.

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“The difficult global macroeconomic environment has impacted performance in certain parts of the group, particularly our GBG Americas Identity business,” said CEO Chris Clark. 

“Despite this, the wider group has displayed resilience, including double-digit growth in both Location and Fraud. 

“GBG’s ability to continue to deliver growth, maintain strong operating margins and cash generation against the difficult backdrop, is in no small part due to our team and their dedication throughout the year to deliver for our valued customers.”

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