LONDON (ShareCast) - (Sharecast News) - Identity data specialist GB Group said on Thursday that, in line with its expectations, it had made a "good start" to the new financial year.
The AIM-traded firm, which was holding its annual general meeting, said the structural growth opportunities for each of its three business units of identity, location and fraud continued to be supported by consumer activity shifting online.

In identity, it said the increase in global cryptocurrency activity during April and May saw consumption volumes in the first quarter remain strong, despite some "challenging" prior year comparatives, which had benefited from the United States government's financial stimulus activity.

GB Group's location business, meanwhile, continued to experience good demand across a range of sectors, driven by the continuing consumer shift to greater online activity.

Finally, in the fraud business, unit performance recovered in the first quarter of the 2022 financial year, during which it secured term licence extensions from two large multinational financial services organisations, which would also benefit future years.

"Investment in GB Group's people, technology and channel-to-market capacity has continued and will accelerate through the financial year as further growth-focused capabilities are added," the board said in its statement.

The company's balance sheet remained strong, it said, with net cash and treasury deposits of £37.7m as at 30 June, and an unused revolving credit facility of £110m.

"The success we had last financial year, against the backdrop of Covid-19, along with a strong first quarter this year provides us with confidence for the year ahead.

"We look forward to providing a further update to shareholders on our trading performance at the time of our pre-close trading statement in October."

At 1333 BST, shares in GB Group were up 0.53% at 850p.

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