Half-year trading update – October 2025
GB GROUP PLC
("GBG", "Group" or the "Company")
First half in-line; well positioned to accelerate second half growth with full year revenue outlook reiterated
October 16, 2025, LONDON: GBG, a global identity technology business enabling safe and rewarding digital lives, today provides an update on its trading performance for the six-month period to 30 September 2025.
Our first half financial results are in line with the Board’s expectations and the Group’s focus on improved execution to deliver growth acceleration is on track.
We expect to report first half revenue of £135.5 million (1H25: £136.9 million), representing 1.8% growth on a constant currency basis. This performance reflects two anticipated short-term factors: a tough comparative from the prior year when our Identity segment delivered exceptionally high project transaction volume for Santander's UK consumer bank, and the planned retirement of our legacy Compliance platform as part of our strategic simplification. Adjusting for these impacts, underlying revenue growth was approximately 4%¹, demonstrating the improving business momentum.
Focus on driving growth acceleration
Our identity platform, GBG Go launched on 1 April with good progress in line with our expectations. The platform has been the catalyst for a number of new logo wins globally, alongside strong interest from some of our larger, existing customers such as one of Europe’s largest fintechs, recognising the additional value that GBG Go’s adaptive platform delivers.
Our key priority remains to deliver the turnaround in our Americas Identity business where we have continued to strengthen our go-to-market team and achieved initial success in increasing committed subscription revenues. Our channel partner business continues to perform strongly, with sales traction in Government and travel/border control sectors. We also have a stronger, more robust sales pipeline aided by strong customer interest in GBG Go. As a result, the Americas business is well positioned to return to growth in the second half.
Delivering long-term benefit through transformation and efficient capital allocation
Clear prioritisation has enabled the business to maintain strong cost control. As the transformation of GBG continues, we have reinvested the savings realised from simplification and efficiency into our core growth initiatives. In line with previous guidance, costs of approximately £2.0 million were incurred in the first half of the year arising from our transformation initiatives such as the implementation of a single global CRM platform. These will be treated as exceptional costs in the half year along with the costs associated with our imminent transition from AIM to the Main Market.
Increasing shareholder value through efficient capital allocation
GBG has today separately announced the financially attractive bolt-on acquisition of DataTools Pty Ltd (“DataTools”), a leading provider of address validation and data quality solutions in Australia and New Zealand for AUD $16.0 million (£7.9 million) adding scale in a region where GBG is already enjoying strong growth.
In addition, since the start of FY26, GBG has repurchased and cancelled 7.9 million ordinary shares at a total cost of £19.7 million. The unutilised amount of the current share repurchase programme is £15.3 million, with the programme due to run until the 30 November 2025. Net debt as at 30 September stood at £65.8 million with further undrawn debt facilities of around £85 million.
Commenting on the results, Dev Dhiman, CEO, said:
"The Board and I are pleased with the operational execution delivered in the first half, underpinning our confidence into the second half of the year. We successfully delivered our financial plan for the first half and taken together with the strength of our current sales pipeline for the remainder of the year, 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.
At the same time, clear prioritisation of our transformation towards a single global platform and ongoing performance turnaround in the Americas will provide enduring benefit and improved shareholder value.”
Notice of results
GBG intends to release its Interim results on Tuesday, 25 November 2025. On that morning, a management presentation will be hosted virtually for investors and sell-side analysts from 9.30am GMT. Webcast sign-up details can be found on our investor relations website.
¹On a constant-currency basis
