GB Group - Impressive cash generation in FY21
GB Group (GBG) expects to report revenue, adjusted operating profit and net cash ahead of consensus for FY21, with strength in the Identity and Location businesses outweighing slower business for the Fraud division. We have upgraded our FY21 forecasts to reflect this and revised our FY22 and FY23 forecasts to reflect the disposal of Employ & Comply at the start of FY22.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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