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GBG Announces Record Financial Results, With Significant Strategic Progress

GBG Announces Record Financial Results, With Significant Strategic Progress | Fintech Finance

GBG, the expert in digital location, identity verification and fraud, has announced record preliminary financial results for FY22, growing revenue by 11.4% to £242.5 million, which represented growth on an organic constant currency basis of 10.6%.

GBG’s solutions are used millions of times each day to keep individuals and businesses safe, improving trust, increasing efficiency, and preventing bad actors from causing loss and distress. The business’ purpose is to build trust in a digital world, and its vision is for everyone, everywhere to be able to transact online with confidence.  Embedding sustainability in its strategy is fundamental to the company’s success and the organisation is committed to a holistic approach that takes account of all stakeholders when making decisions. GBG has also set new targets to reduce climate change impact including a target to be carbon neutral in its own operations by the end of FY23.

Adding expertise and continued growth

GBG has accelerated its strategic progress with the acquisition of Acuant, a leading US identity verification and identity fraud prevention business in November 2021. The acquisition strengthens GBG’s competitive differentiation, increases its US presence and prepares the business for accelerated global expansion.

GBG’s strong operating margins and cash generation has enabled geographic and sector expansion as well as continued product and technology development. In January 2022 it completed the bolt-on acquisition of Cloudcheck, a New Zealand-based identity verification and anti-money laundering provider. This demonstrates how GBG can combine its international data, solutions and expertise with local capabilities to expand at pace regionally.

A “great place to work” 

GBG grew its team by over 250 during the year, including team members joining through the Acuant and Cloudcheck acquisitions, and also enjoyed record team engagement, with 95% of team members recommending ‘GBG as a great place to work’.  In July 2021, the business launched its ‘Work Where and When You Want’ policy, in a move from the traditional nine-to-five, to empower its team members to flex the timings and location of their work.

Chris Clark, CEO of GBG, said: “I am proud of the team’s performance this year, their focus on delivering critical digital identity solutions with a great customer experience underpins GBG’s strong financial results. Our excellent customer advocacy and record team engagement scores highlight each team member’s huge contribution towards achieving our success and delivering on the considerable potential in our markets. The acquisition of Acuant marks a powerful and complementary addition to GBG, accelerating our strategic progress and strengthening our leadership position in the identity verification and fraud markets.”

 

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