GB Group PLC (LSE:GBG) shares surged 9% higher to 307p in morning trade on Thursday after the digital location, identification and fraud software company said its full-year results are set to meet expectations.
Revenues for the year to 31 March 2023 are forecast to come in at £278.8mln, a rise of 15% on the previous year, while adjusted operating profit is estimated at £59.8mln, up from £58.8mln, representing a margin of 21.5%.
In a trading statement, GB Group CEO Chris Clark noted the impact from the challenging macroeconomic climate on the group’s GBG Americas Identity business.
“Despite this, the wider group has displayed resilience, including double-digit growth in both Location and Fraud,” he said.
“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," Clark concluded.