London-listed identity-data-intelligence firm GB Group (GBG) has projected a decrease in revenue for the first half of fiscal 2024, expecting figures to drop to £132.4 million ($160.7 million), down from £133.8 million in the previous year. The forecast was announced on Thursday.
The company anticipates a 3% decline in identity verification revenue, but remains confident in meeting its fiscal 2024 profit expectations. This optimism is backed by predictions of stabilization and growth in monthly transaction volumes later in the year, driven by GBG's emphasis on simplicity and efficiency.
In terms of constant currency, GB Group expects to see a 1.8% growth. The adjusted operating profit is anticipated to be £23.7 million, with a gross margin estimated at 69.2%. This marks a decrease from the previous year's 71.1%, which the company attributes to shifts in the period's revenue mix.
Despite the forecasted dip in revenue, GB Group remains committed to its strategic goals and is confident in its ability to navigate through these financial fluctuations while maintaining its focus on simplicity and efficiency in operations.
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