GB Group plc

For the 6 months ended 30 September 2025, GBG reported revenue of GBP 135.5 million, down 1% reported but up 1.8% in constant currency; underlying constant-currency growth was 4.4% after adjusting for two short-term headwinds. Adjusted operating profit was GBP 29.5 million, up 4.6% in constant currency, gross profit margin improved 40 basis points, adjusted diluted EPS rose 12.6%, and cash conversion was 85.8%. Net debt was GBP 66.6 million, with leverage below 1x. Looking ahead, management reiterated full-year FY26 guidance in line with consensus and said they expect similar revenue growth in H2 as the underlying 4.4% rate seen in H1, with Americas expected to return to growth in H2 and NRR expected to get back to 100% even before adjusting for Santander-related effects.

Dev Dhiman framed the first half as proof that the company’s foundational work is largely done and that the focus is now shifting to accelerating top-line growth. He highlighted three priorities: completing the Americas turnaround, transitioning customers to GBG Go, and simplifying the operating model to unlock synergies and reinvestment. His tone was confident and explicit that these changes should make the business “go faster” and start improving growth rates from H2 onward.

David Ward emphasized that results were in line with the annual plan and that the business is seeing improved momentum underneath some temporary noise. He cited revenue of GBP 135.5 million, adjusted operating profit of GBP 29.5 million, 40 basis points of gross margin improvement, 85.8% cash conversion, and net debt of GBP 66.6 million. He also noted an effective adjusted tax rate of 23% for H1 versus 25% expected for the full year, GBP 3.6 million of exceptional costs, and a balance-sheet position that supports capital returns; including today’s buyback, committed repurchases total GBP 45 million and are expected to represent about 7% of issued share capital with close to 4% EPS accretion on a fully annualized basis.

Analysts pressed on the Americas turnaround, NRR recovery, pricing pressure, legacy platform sunsets, Go’s revenue uplift, competitive differentiation, and capital allocation. Management said Americas new business is coming mainly from financial services, fintech, and gaming, that 8 Q2 renewals were signed with minimum commitments without giving up price, and that NRR should trend back to 100% in H2 and toward 105% over the medium term. On Go, they said it is too early to quantify uplift because migration is not yet the main focus, but they believe the platform’s insights capabilities and broader workflow value will support pricing power and stickiness. They also said two legacy platforms were retired in H1, with 14 remaining to be handled deliberately over 5 to 7 years, and that buybacks are attractive given the share price and debt levels, though they also view bolt-on acquisitions like DataTools as value-accretive.