Thriving global business GBG announces record financial results, with COVID-19 accelerating demand for digital identity in eCommerce, fintech and cryptocurrency sectors
- The experts in digital identity announced constant currency organic revenue growth of 12.1% taking full year revenue to £217.7m.
- With the pandemic forcing digital acceleration, businesses turned to GBG to help onboard more customers while reducing the risk of fraud, without ever compromising on compliance
- In the past year, GBG has expanded its expertise by acquiring Hooyu Investigate and investing in Singapore based fraud detection business Credolab
- The AIM listed company is building on the FY21 success by expanding its global team, and is recruiting for more than 100 roles globally
GBG, the experts in digital identity, has announced record financial results for FY21 – with constant currency organic revenue growth of 12.1% taking full year revenue to £217.7m, and adjusted operating profit increasing by 20.8% to £57.9m. [Editorial Comment: See growth comparisons below]
The AIM-listed company – which started business over 30 years ago in Chester, England – has operations and customers in the US, Europe and Asia-Pacific. It enables fast, simple and compliant customer onboarding with reduced risk of fraud for many of the world’s leading organisations.
GBG’s solutions are trusted by companies across the world to make the digital world safer. In FY21, the experts in digital identity welcomed hundreds of new customers, including a leading digital bank and a global online food order and delivery service. GBG also expanded its relationship with hundreds of existing customers. And, over the past year, the importance of GBG’s solutions has never been clearer.
Covid-19 has accelerated the need for companies, from a wide range of sectors, to verify people quickly and efficiently. Online retail has boomed, with eCommerce projected to grow by a further 14.3% in 2021. The risk of fraud has simultaneously risen. The Annual Fraud Report by IDology, a GBG company, revealed that the number of companies reporting fraud attempts increased by 53% in 2020, when compared to the previous year. The report also revealed that identity verification is now the number one challenge for businesses in addressing fraud.
Adding expertise and continued growth
In the past year, GBG has launched significant new product features, while strengthening security and adding breadth to data products. It also acquired Hooyu Investigate and invested in Singapore based fraud detection business Credolab.
During a year when GBG saw record financial performance, it also enjoyed record customer satisfaction and advocacy scores, with much of the customer feedback centred around the expertise of its global team – who in the latest employee survey, over 90% recommended GBG as a great place to work.
The company is planning to build on this growth and is recruiting for more than 100 roles globally. Interested candidates can visit www.gbgplc.com to see the open roles.
Chris Clark, CEO of GBG, said: “Our latest financial results highlight the strength of our global business, we collaborate with some of the world’s biggest brands to enable fast, frictionless, secure online engagement.
“We are trusted by those brands to make the digital world safer and the customer experience better. We are finding that organisations are facing two major challenges as they accelerate towards digital – they must keep their business safe from the growing threat of fraud, while also providing a seamless digital experience. Our research shows that fraud cases skyrocketed in 2020, and business leaders anticipate surges of fraud across 2021. Therefore, it has never been more important for companies to be able to verify an individual quickly and securely, so that they can let the good people in and keep the bad people out.
“At GBG, we believe we have the best data and the best technology to help companies onboard customers, reduce the risk of fraud and remain compliant. But achieving our record financial results would not have been possible if we didn’t have the best people. We’re proud of our team and are looking forward to new talented individuals joining GBG as we continue to expand globally.”
GBG offers a range of solutions that help organizations quickly validate and verify the identity and location of their customers. Our market-leading technology, data and expertise help our customers improve digital access, deliver a seamless experience and establish trust, so that they can transact quickly, safely and securely with their customers online. Headquartered in the UK and with over 1,000 team members across 15 countries, we work with 20,000 customers in over 70 countries. Some of the world’s best-known businesses rely on GBG to provide digital services and keep the economy moving, from US e-commerce giants to Asia’s biggest banks and European household brands.
To find out more about how we help our customers establish trust with their customers, visit www.gbgplc.com.
Source: GB Group Earnings Release