Software giant GBG reports revenue climb as online security becomes top priority

GBG, one of the UK’s largest listed software companies announced a strong first half performance across all three segments with organic constant currency revenue growth of 12.6 per cent to £108.7m.

Leading in location intelligence, identity verification, and fraud detection, GBG helps facilitate online experiences, and has over 20,000 customers, including the likes Nike, Paypal and Nestle UK.

The past year has online commerce to boom, and a recent study showed 42 per cent of Britons would never return to a retailer with a bad online checkout experience. Identity fraud scams also accounted for $43bn worth of losses globally.

To strengthen its position, the group recently completed the acquisition of Acuant for $736m, a “highly complementary addition in terms of geography, customers and technology”.

On this, Chris Clark, chief executive, said: “I am excited by the potential Acuant unlocks for the Group, this combination accelerates our strategic progress by some two years and strengthens our solution set addressing the fast-growing problem of identity fraud.”

He said he was “extremely pleased” with the results and stated: “Looking to the rest of this year we are focussed on executing our plans, optimising the considerable assets now at our disposal and delivering exceptional value to our customers, opportunity to our team members and long-term value to our shareholders.”

Shares were up over two per cent this morning on the London Stock Exchange to 798p.