10th Aug 2020 08:55
(Alliance News) - GB Group PLC said Monday it has achieved a better-than-expected trading performance in the first quarter of its financial year.
For the quarter to the end of June, the identity management firm said the performance was helped by a strong performance in the US due to a specific customer project that is one-off in nature.
Although Chester-headquartered GB Group said the impact of Covid-19 on its customers still varies depending on geography and customer vertical, certain indicators in the quarter are still at pre-Covid levels, including customer churn, solvency and bad debt.
In addition, the group has continued to win business from new customers, even though at a slower pace than before.
Looking ahead, GB Group said that forecasting the short-term impact of Covid-19 remains challenging, due to the dynamic nature of lockdowns in its key geographic markets, economic headwinds, and the different government stimulus programmes.
"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 group stated.
GB Group said it will publish a pre-close trading statement in October.
Shares in GB Group were up 1.9% at 745.00 pence on Monday in London.
By Dayo Laniyan; [email protected]
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