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GBG earnings beat the street on strength of biometrics and identity solutions

GBG earnings beat the street on strength of biometrics and identity solutions

GBG has announced revenues of £217 million (roughly US$300.5 million) for its fiscal 2021, which ended on March 31, a 9 percent gain over 2020, and a net cash-positive position, buoyed by its biometrics and identity products.

An increase in fintech business for GBG more than offset declines in fraud products and sectors affected by the pandemic. The growth in fintech and U.S. stimulus payments contributed to the strength of GBG’s digital identity business, according to a preliminary update of its financial results.

GBG expects to report a £58 million ($80.3 million) operating profit for the year when it releases finalized results in June, up 21 percent from the previous year and well ahead of updated market consensus, with analysts’ estimates averaging around £53.5 million ($74.1 million). At the end of 2020, GBG had a net debt of £35 million ($48.5 million).

The company noted in a recent webinar that properly-architected digital KYC checks with selfie biometrics are already increasing customer satisfaction with digital onboarding.

GBG recently added InnoValor document scanning to its biometric onboarding and KYC checks, and signed up challenger back Revolut for selfie biometrics through its ID3Global solution.

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