GB Group - Factoring in COVID-19 disruption
GB Group’s (GBG’s) year-end trading update confirmed a strong performance in FY20, despite COVID-19 restrictions in Asia Pacific having a modest impact in Q4. Although the lockdown restrictions are boosting demand for online products and services, not all verticals are benefiting (eg travel, transport). We have revised our FY21 and FY22 forecasts to reflect lower levels of usage-based revenues and new business as well as reductions to operating costs. We estimate that the company has ample funds to manage through the disruption and in the longer-term should be a beneficiary of increasing amounts of business shifting online.GB Group is engaged in the provision of identity data intelligence services. Co. has two operating segments: Identity Proofing, which provides electronic ID Verification services for combating ID fraud, money laundering and under-age gambling, ID Employ & Comply services for employee authentication and screening, and ID Fraud & Risk Management services; as well as Identity Solutions, which provides ID Registration, ID Engage and ID Trace & Investigate software and services that provide consumer information and facilitate understanding, targeting and retention of profitable consumers. Between them, the segments have six complementary lines of business including ID Verification and ID Engage.
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