GB Group FY26 results show growth momentum and continued investment in GBG Go

GB Group plc (LON:GBG), the global identity and location technology business, has published its audited results for the year ended 31 March 2026.

Commenting, GB Group Dev Dhiman, CEO, said:

“FY26 has been a year of considerable progress. We have delivered on the strategic initiatives that have the largest impact on our topline momentum, including returning Americas Identity to growth and generating strong demand for GBG Go – our global identity platform. Our simplified operating model is driving efficiency and platform scalability. The foundations we have built, a scalable, global platform, and a high-performance culture, are now translating into tangible results with growth accelerating.

GBG Go has been extremely well received by customers, and now is the time for us to be bolder in capitalising on the significant market opportunity. Given strong demand, we will accelerate Go’s roadmap to release enhanced capabilities sooner, investing to drive incremental growth and expedite efficiency gains from retiring legacy technology, enhancing our competitiveness.

We enter FY27 from a position of strength, APAC and EMEA Identity and Location performed well as Americas Identity generated Q4 growth. Combined with the structural tailwinds expanding our markets, such as the acceleration of AI-driven fraud, we have a compelling opportunity ahead. We are confident we will accelerate growth and deliver sustained long-term shareholder value.”

Financial summary

= Group revenue up 3.2% on a CCY basis; driven by 5.7%3 second half growth in Identity and Location, which underpinned net revenue retention (NRR) of 100.0% (FY25: 101.4%4)

= Adjusted operating profit of £67.5 million with adjusted diluted EPS up 9.3% to 19.0p, driven by the ongoing benefits of simplification and cost management, lower net interest costs, and buyback accretion

= Statutory loss before tax of £74.5 million, due primarily to a non-cash impairment charge of £73.1 million

= Capital allocation discipline; £45 million of share buybacks completed with a further £10 million committed

= Cash conversion of 87%; net debt of £80.1m, represents 1.15x leverage (FY25: 0.7x)

Strategic highlights

= GBG Go surpassed expectations, securing 100+ customer contracts since launch with 225+ qualified leads in the pipeline; our Foresight AI-powered analytics layer is now commercially available and further extends the platform’s value

= Americas Identity returned to growth in Q4 with improved sales execution, stronger customer commitments and accelerating momentum into FY27

= Transitioned to a scalable global operating model to deliver faster innovation and a platform for long-term growth

= New and expanded relationships achieved with global brands such as Equifax, Uber, Remitly, FedEx and Temu

= Mid-single-digit revenue growth expected in FY27: Continued improvement in the Americas; accelerating contribution from new innovations and the increasing market opportunities from AI-driven fraud

Confident in our medium-term outlook: Growth acceleration enabled by one-off FY27 investment in GBG Go

= One-off operating cost investment of £6 million accelerating Go’s innovation roadmap, working with an existing outsourced development partner; incremental revenue growth in FY28 of at least 1%; and c.2% once fully commercialised

= Adjusted operating margins of 21-22% in FY27 will reflect the one-off investment. Expected to return to 23-24% range in FY28 and exceed 24% in the medium-term as legacy technology retirement delivers efficiency gains

Notes:

1Defined within the Alternative Performance Measures section of the accounts.

2Defined within note 10 to the results.

3Excludes revenue related to the legacy Compliance platform that will be retired, as indicated in our 1H26 results. 4Restated for the move of Investigate into the Identity segment. Growth percentages are calculated with reference to the actual unrounded figures in the primary financial statements and so might not tie directly to the rounded figures found in this release if recalculated.

Well-positioned to accelerate within a growing market

= Growing market tailwinds driven by structural drivers – digital transformation, AI-accelerated fraud and increasing regulation, which are expanding our addressable market, particularly for identity fraud prevention capabilities

= Entering FY27 from a position of strength: Two years of operational improvement are delivering improved momentum; mid-single-digit H2 growth with strong margin and cash generation providing clear strategic optionality

= GBG Go validated by market demand: With 100+ customer wins and a 225+ qualified pipeline since launch, proven product market fit underpins confidence in accelerating growth towards high-single digit in the medium term

= Targeted investment with compelling returns: Acceleration in GBG Go’s innovation roadmap carries a return on investment exceeding likely returns from M&A or share buybacks utilising c.15% of expected FY27 free cash flow

= Focused on effective capital allocation: Further near-term capital optionality exists to support selective bolt-on M&A; and shareholder returns and organic investment reflecting the Board’s confidence in GBG’s long-term growth outlook

Results presentation this morning

Management will host a presentation this morning at 9.30am for sell-side analysts and institutional investors.

To view the event online, use this link: https://www.investis-live.com/gb-group/69dfbf993d1719000fc334db/mgxty

The event will be available to view on demand via our investor website shortly after the event.

In addition, we’ve shared a short video from our CEO, Dev Dhiman’s on this morning update: Click here to open the video