GB Group (GBG) has reported H1 revenue of £135.5m, a figure slightly down from £136.9m last year, but up 1.8% on a constant currency basis.

The software firm said the figures, covering the six months to 30 September, were “in line” with its board’s.

GBB said the performance had reflected two anticipated short-term factors. It said the H1 period had a “tough comparative” from the prior year when its identity segment delivered “exceptionally high” project transaction volume for Santander’s UK consumer bank. The group also highlighted the planned retirement of its legacy compliance platform, as part of the group’s wider strategic simplification, as another reason behind its figures.

As a result, GBB said its underlying revenue growth was approximately 4%, which it said had demonstrated “improving business momentum”.

The company’s CEO, Dev Dhiman, said: “The board and I are pleased with the operational execution delivered in the first half, underpinning our confidence into the second half of the year.

“We successfully delivered our financial plan for the first half and taken together with the strength of our current sales pipeline for the remainder of the year, GBG is well positioned to accelerate growth in the second half and achieve our revenue outlook for the full year consistent with current market expectations.

“At the same time, clear prioritisation of our transformation towards a single global platform and ongoing performance turnaround in the Americas will provide enduring benefit and improved shareholder value.”

GBG is intending to release its interim results on Tuesday 25 November.

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