2026 | 2025 | ||||||
| Normalised | |||||||
| and | Normalised and | ||||||
| exceptional | exceptional | ||||||
| Adjusted | items¹ | Total | Adjusted | items¹ | Total | ||
| Note | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Revenue | 3, 4 | | | | | ||
Cost of sales | ( | | ( | ( | ( | ||
Gross profit | | | | ||||
Operating expenses | ( | ( | ( | ( | ( | ( | |
Operating profit/(loss) | 4, 5 | | ( | ( | ( | ||
Finance income | 9 | | | | | ||
Finance costs | 10 | ( | ( | ( | ( | ( | |
Profit/(loss) before tax | | ( | ( | ( | |||
Income tax (charge)/credit | 11 | ( | | ( | ( | | ( |
| Profit/(loss) after tax for the year attributable to equity holders of the Parent | ( | ( | | ( | |||
Earnings per share | 13 | ||||||
- basic earnings/(loss) per share for the year | ( | | |||||
- diluted earnings/(loss) per share for the year | ( | |
| 2026 | 2025 | ||
| Note | £’000 | £’000 | |
(Loss)/profit after tax for the period attributable to equity holders of the Parent | ( | | |
| Other comprehensive (expense)/income: | |||
| Items that may be reclassified to profit or loss in subsequent periods: | |||
Exchange differences on retranslation of foreign operations (net of tax) | ( | ( | |
Total items that may be reclassified to profit or loss in subsequent periods | ( | ( | |
| Items that will not be reclassified to profit or loss in subsequent periods: | |||
Fair value movement on investments | 20 | | |
Total items that will not be reclassified to profit or loss in subsequent periods | | ||
Total other comprehensive expense | ( | ( | |
Total comprehensive expense for the period attributable to equity holders of the Parent | ( | ( |
| Other reserves | ||||||||||
| Foreign | (Accumulated | |||||||||
| Equity | Capital | currency | Total | losses)/ | ||||||
| share | Share | Merger | redemption | translation | Treasury | other | retained | Total | ||
| capital | premium | reserve | reserve | reserve | shares | reserves | earnings | equity | ||
| Note | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Balance at 1 April 2024 | | | | | ( | ( | ||||
Profit for the period | | | | | | | | |||
Other comprehensive (expense)/income | | | | | ( | | ( | ( | ||
Total comprehensive (expense)/income for the period | | | | | ( | | ( | | ( | |
Issue of share capital | 24 | | | | | | | | | |
Capital reduction | 24 | ( | | | | | | |||
Investment in own shares | 32 | | | | | ( | ( | ( | ||
Cost of employee benefit trust shares issued to employees | 32 | | | | | | | | ( | |
Share-based payments | 31 | | | | | | | |||
Tax on share options | | | | | | | | |||
Net share forfeiture receipt | 24 | | | | | | | | ||
Equity dividend | 12 | | | | | | | ( | ( | |
Balance at 31 March 2025 | | | | | | ( | | |||
Loss for the period | | | | | | | | ( | ( | |
Other comprehensive expense | | | | | ( | | ( | | ( | |
Total comprehensive expense for the period | | | | | ( | | ( | ( | ( | |
Issue of share capital | 24 | | | | | | | | | |
Share buyback | 24 | ( | | | | | | | ( | ( |
Investment in own shares | 32 | | | | | | ( | ( | | ( |
Cost of employee benefit trust shares issued to employees | 32 | | | | | | | | ( | |
Share-based payments | 31 | | | | | | | | | |
Tax on share options | | | | | | | | (12 4) | ( | |
Net share forfeiture receipt | 24 | | | | | | | | | |
Equity dividend | 12 | | | | | | | | ( | ( |
Balance at | | | | | | ( | | |
| 2026 | 2025 | ||
| Note | £’000 | £’000 | |
| Assets | |||
| Non-current assets | |||
Goodwill | 14 | | |
Other intangible assets | 15 | | |
Property, plant and equipment | 18 | | |
Right-of-use assets | 19 | | |
Investments | 20 | | |
Deferred tax asset | 11 | | |
Other receivables | 22 | | |
| |||
| Current assets | |||
Inventories | 21 | | |
Trade and other receivables | 22 | | |
Current tax | | ||
Cash and cash equivalents | 23 | | |
| |||
Total assets |
| 2026 | 2025 | ||
| Note | £’000 | £’000 | |
| Equity and liabilities | |||
| Capital and reserves | |||
Equity share capital | 24, 32 | | |
Share premium | 24, 32 | | |
Other reserves | 32 | | |
Retained earnings | | ||
Total equity attributable to equity holders of the Parent | |||
| Non-current liabilities | |||
Loans | 25 | | |
Lease liabilities | 26 | | |
Provisions | 28 | | |
Deferred revenue | | | |
Deferred tax liability | 11 | | |
| |||
| Current liabilities | |||
Lease liabilities | 26 | | |
Provisions | 28 | | |
Trade and other payables | 27 | | |
Deferred revenue | | | |
Current tax | | | |
| | ||
Total liabilities | | ||
Total equity and liabilities | |
| 2026 | 2025 | ||
| Note | £’000 | £’000 | |
(Loss)/profit before tax: | ( | | |
Adjustments to reconcile (loss)/profit before tax to net cash flows | |||
Finance income | 9 | ( | ( |
Finance costs | 10 | | |
Depreciation of plant and equipment | 18 | | |
Depreciation of right-of-use assets | 19 | | |
Amortisation of intangible assets | 15 | | |
Impairment of goodwill and intangible assets | 14, 15 | | |
Loss on disposal of plant and equipment and intangible assets | 5 | | |
Unrealised loss/(gain) on foreign exchange | | ( | |
Share-based payments | 31 | | |
Increase in inventories | ( | ( | |
(Decrease)/increase in provisions | ( | ||
Increase in trade and other receivables | ( | ( | |
Increase/(decrease) in trade and other payables | | ( | |
Cash generated from operations | |||
Income tax paid | ( | ( | |
Net cash generated from operating activities | | ||
| Cash flows (used in)/from investing activities | |||
Acquisition of subsidiaries, net of cash acquired | 16 | ( | |
Disposal of investment | 20 | | |
Purchase of plant and equipment | 18 | ( | ( |
Purchase of software | 15 | | ( |
Proceeds from disposal of plant and equipment | | | |
Interest received | 9 | | |
Net cash flows used in investing activities | ( | ( |
| 2026 | 2025 | ||
| Note | £’000 | £’000 | |
| Cash flows (used in)/from financing activities | |||
Finance costs paid | 10 | ( | ( |
Proceeds from issue of shares | 24 | | |
Purchase of shares for Employee Benefit Trust | 32 | ( | ( |
Purchase of shares through the Share Buyback | 24 | ( | |
Proceeds from share forfeiture | 24 | | |
Proceeds from new borrowings, net of arrangement fee | 25 | | |
Repayment of borrowings | 25 | ( | ( |
Repayment of lease liabilities | 26 | ( | ( |
Dividends paid to equity shareholders | 12 | ( | ( |
Net cash flows used in financing activities | ( | ( | |
Net increase in cash and cash equivalents | | | |
Effect of exchange rates on cash and cash equivalents | ( | ( | |
Cash and cash equivalents at the beginning of the period | |||
Cash and cash equivalents at the end of the period | 23 | | |
| (Represented) | |||
| 2026 | 2025 | ||
| £’000 | £’000 | ||
| Subscription revenues: | |||
Consumption-based | 40,185 | 43,195 | |
Term-based | 119,535 | 114,298 | |
Total subscription revenues | 159,720 | 157,493 | |
Consumption | 110,5 | 99 | 109,654 |
Hardware | 5,767 | 7,545 | |
Other | 8,958 | 8,025 | |
Revenue | 285,044 | 282,717 |
| (Represented) | (Represented) | ||||||||
| Location | Identity | Fraud | Total | ||||||
| Year ended 31 March 2025 | £’000 | £’000 | £’000 | £’000 | |||||
| Subscription revenues: | |||||||||
Transactions/consumption-based | 18,044 | 25,151 | - | 43,195 | |||||
Term-based | 58,967 | 37 | ,936 | 17 | ,395 | 114,298 | |||
Total subscription revenues | 77 | ,011 | 63,087 | 17 | ,395 | 157 | ,493 | ||
Transactions/consumption-based | 7,536 | 102,118 | - | 109,654 | |||||
Hardware | - | 7,545 | - | 7,545 | |||||
Other | 1,089 | 3,160 | 3,776 | 8,025 | |||||
Total revenue | 85,636 | 175,9 | 10 | 21,171 | 282,717 | ||||
Adjusted operating profit before central overheads | 36,059 | 49,271 | 8,204 | 93,534 | |||||
Central overheads | (26,496) | ||||||||
Adjusted operating profit | 67 | ,038 | |||||||
Amortisation of acquired intangibles | (34,843) | ||||||||
Share-based payments charge | (5,078) | ||||||||
Exceptional items | (4,467) | ||||||||
Operating profit | 22,650 | ||||||||
Finance income | 280 | ||||||||
Finance costs | (7,203) | ||||||||
Income tax expense | (7,096) | ||||||||
Profit for the year | 8,631 | ||||||||
Revenues from external customers | Non-current assets | |||||||
| 2026 | 2025 | 2026 | 2025 | |||||
| £’000 | £’000 | £’000 | £’000 | |||||
United Kingdom | 100,7 | 16 | 93,8 | 92 | 100,823 | 102,2 | 40 | |
United States of America | 94,104 | 97 | ,916 | 427 | ,630 | 558,060 | ||
Australia | 38,935 | 3 | 9,222 | 57 | ,976 | 43,430 | ||
Others | 51,289 | 51,687 | 22 | 1 | ||||
285,044 | 28 | 2,717 | 586,451 | 703,7 | 31 | |||
| Location | Identity | Fraud | Total | |||||
| Year ended 31 March 2026 | £’000 | £’000 | £’000 | £’000 | ||||
| Subscription revenues: | ||||||||
Transactions/consumption-based | 16,771 | 23,414 | - | 40 | ,185 | |||
Term-based | 62,373 | 38,237 | 18,925 | 119,535 | ||||
Total subscription revenues | 79,144 | 61,651 | 18,925 | 159,720 | ||||
Transactions/consumption-based | 7,627 | 102,972 | - | 110,5 | 99 | |||
Hardware | - | 5,767 | - | 5,767 | ||||
Other | 1,741 | 4,574 | 2,643 | 8,958 | ||||
Total revenue | 88,512 | 17 | 4,964 | 21,568 | 285,044 | |||
Adjusted operating profit before central overheads | 37,7 | 41 | 48,163 | 10,546 | 96,450 | |||
Central overheads | (28,926) | |||||||
Adjusted operating profit | 67 | ,524 | ||||||
Amortisation of acquired intangibles | (33,158) | |||||||
Share-based payments charge | (4,442) | |||||||
Exceptional items | (97,994) | |||||||
Operating loss | (68,070) | |||||||
Finance income | 445 | |||||||
Finance costs | (6,911) | |||||||
Income tax expense | (551) | |||||||
Loss for the year | (75,087) | |||||||
| 2026 | 2025 | |
| This is stated after charging/(crediting): | £’000 | £’000 |
| Total research, development and technology related costs | ||
recognised as an operating expense | 43,399 | 46,613 |
Amortisation of intangible assets (note 15) | 33,163 | 34,888 |
Depreciation of property, plant and equipment (note 18) | 805 | 915 |
Depreciation of right-of-use assets (note 19) | 1,231 | 993 |
Foreign exchange loss/(gain) | 97 | (694) |
Expense relating to short term leases | 524 | 485 |
Expense relating to low value leases | 23 | 8 |
Loss on disposal of plant and equipment | - | 6 |
| 2026 | 2025 | ||
| £’000 | £’000 | ||
(a) Acquisition-related costs | 203 | - | |
(b) Costs to move to the Main Market | 1,907 | - | |
(c) Costs of simplification and global organisational realignment | 1,932 | 2,540 | |
| (d) Business transformation initiatives: global systems and data | |||
harmonisation | 4,333 | - | |
(e) Compliance platform retirement | 16,474 | - | |
(f) Impairment of goodwill | 73,145 | - | |
(g) Costs associated with strategic review | - | 1,927 | |
97 | ,994 | 4,467 |
| 2026 | 2025 | |
| No. | No. | |
Sales and marketing | 548 | 596 |
Technology | 367 | 369 |
General and administration | 167 | 167 |
1,132 |
| 2026 | 2025 | |
| b) Directors’ emoluments | £’000 | £’000 |
Wages and salaries | 1,384 | 1,576 |
Pension | 23 | 22 |
Bonuses | 972 | 801 |
2,379 | 2,399 | |
Aggregate gains made by Directors on the exercise of share options | - | 134 |
| 2026 | 2025 | |
| £’000 | £’000 | |
Wages and salaries | 483 | 463 |
Pension | 23 | 22 |
Bonus | 536 | 416 |
1,042 | 901 |
| 2026 | 2025 | |||
| a) Team member costs (including Directors) | £’000 | £’000 | ||
Wages and salaries | 91,687 | 93,908 | ||
Social security costs | 10,2 | 07 | 9,435 | |
Other pension costs | 3,983 | 4,151 | ||
Share-based payments | 4,442 | 5,078 | ||
110,3 | 19 | 110,996 | ||
| 2026 | 2025 | |
| £’000 | £’000 | |
Bank interest receivable | 226 | 93 |
Interest income on non-current accrued revenue | 219 | 187 |
445 | 280 |
| 2026 | 2025 | |
| £’000 | £’000 | |
Bank interest payable | 5,826 | 6,678 |
Amortisation of bank loan fees | 789 | 341 |
Other interest payable | 148 | 104 |
Lease liability interest | 148 | 80 |
6,911 | 7,203 |
| 2026 | 2025 | |
| £’000 | £’000 | |
Consolidated (loss)/profit before tax | (74,536) | 15,727 |
| Consolidated (loss)/profit before tax multiplied by the standard rate | ||
of corporation tax in the UK of 25% (2025: 25%) | (18,634) | 3,932 |
| Effect of: | ||
Permanent differences¹ | 18,794 | 2,623 |
Non-taxable income | - | (1,455) |
Rate changes | 571 | 1,157 |
Movement in unrecognised deferred tax assets | (134) | 470 |
Adjustments in respect of prior years | (134) | 159 |
Research and development incentives | (319) | (631) |
Patent Box relief | (915) | (710) |
Share option relief | 580 | 228 |
Effect of higher taxes on overseas earnings | 742 | 1,323 |
Total tax charge/(credit) reported in the consolidated statement of profit or loss | 551 | 7,096 |
| 2026 | 2025 | |
| £’000 | £’000 | |
Intangible assets | 24,353 | 35,439 |
Land and buildings | 115 | 104 |
Accelerated capital allowances | 629 | 650 |
25,097 | 36,193 |
| 2026 | 2025 | |
| £’000 | £’000 | |
Opening balance | 36,193 | 43,753 |
Acquired on acquisition | 1,014 | - |
Foreign currency adjustments | (759) | (780) |
Impact of change in tax rates | 961 | 1,887 |
Origination and reversal of temporary differences | (12,312) | (8,667) |
25,097 | 36,193 |
| 2026 | 2025 | |
| Deferred tax asset | £’000 | £’000 |
Pre-offset of balances | 18,421 | 19,654 |
Offset of balances within countries | (16,755) | (19,042) |
1,666 | 612 |
Recognised | Unrecognised | |||
| 2026 | 2025 | 2026 | 2025 | |
| £’000 | £’000 | £’000 | £’000 | |
Decelerated capital allowances | 4,286 | 4,984 | 1,327 | 1,327 |
Share options | 1,762 | 1,821 | - | - |
Long service award | 329 | 259 | - | - |
Accrued bonuses | 666 | 365 | - | - |
Provision for bad debt | 230 | 133 | - | - |
Interest | 3,064 | 3,509 | - | - |
Other temporary differences | 1,934 | 1,565 | - | - |
R&D capitalisation | 5,147 | 6,122 | - | - |
Leases | 15 | 13 | - | - |
Capital losses | - | 1 | 775 | 743 |
Trading losses | 988 | 882 | 3,099 | 3,197 |
18,421 | 19,654 | 5,201 | 5,267 |
| 2026 | 2025 | |||
| £’000 | £’000 | |||
Opening balance | 19,6 | 54 | 20,8 | 71 |
Acquired on acquisition | 460 | - | ||
Foreign currency adjustments | (359) | (444) | ||
Impact of change in tax rates | 390 | 729 | ||
Origination and reversal of temporary differences - charged to consolidated profit or loss | (1,775) | (1,608) | ||
Origination and reversal of temporary differences - credited to equity | 51 | 106 | ||
18,421 | 19,654 |
| 2026 | 2025 | ||
| £’000 | £’000 | ||
| Gross tax losses | |||
US - State | 17 | ,175 | 16,242 |
UK | 11,753 | 11,899 | |
Other | 174 | 81 | |
29,102 | 28,222 |
| 2026 | 2025 | ||
| £’000 | £’000 | ||
| Declared and paid during the year | |||
Final dividend for 2025 paid in July 2025: 4.40p (final dividend for 2024 paid in July 2024: 4.20p) | 10 | ,927 | 10,599 |
Proposed for approval at AGM (not recognised as a liability at 31 March) | |||
Final dividend for 2026: | 10,17 | 5 |
| Basic | Diluted | Adjusted Basic | Adjusted Diluted | |
| 2026 | 2026 | 2026 | 2026 | |
| Profit attributable to equity | ||||
holders of the Company from continuing operations | (30.7)p | (30.7)p | 19.2p | 19.0p |
| Adjusted | ||||
| Basic | Diluted | Adjusted Basic | Diluted | |
| 2025 | 2025 | 2025 | 2025 | |
| pence per share | pence per share | pence per share | pence per share | |
(Loss)/profit attributable to equity holders of the Company | ||||
from continuing operations | 3.4p | 3.4p | 17.5p | 17.4p |
| 2026 | 2025 | ||
| No. | No. | ||
Basic weighted average number of shares in issue | 244,721,513 | 252,801,2 | 76 |
Basic weighted average number of shares held by the EBT | (443,972) | (328,352) | |
Dilutive effect of share options | 2,647,935 | 2,673,120 | |
Diluted weighted average number of shares in issue | 246,925,476 | 255,146,044 |
| 2026 | 2025 | ||
| £’000 | £’000 | ||
| Cost | |||
At 1 April | 719,415 | 7 | 34,356 |
Additions - business combinations (note 16) | 4,103 | - | |
Foreign currency adjustment | (10,149) | (14,941) | |
At 31 March | 713,369 | 719,415 | |
| Accumulated impairment | |||
At 1 April | 169,154 | 17 | 2,734 |
Impairment (note 17) | 73,145 | - | |
Foreign currency adjustment | (2,855) | (3,580) | |
At 31 March | 239,444 | 169,154 | |
| Net book value | |||
At 31 March | 473,925 | 550,261 |
| Fair value | |
| recognised | |
| on acquisition | |
| £’000 | |
| Assets | |
Technology intellectual property | 1,792 |
Customer relationships | 3,357 |
Right-of-use assets | 307 |
Deferred tax asset | 460 |
Trade and other receivables | 207 |
Cash | 935 |
Trade and other payables | (1,296) |
Lease liability | (280) |
Provisions | (464) |
Deferred tax liabilities | (1,014) |
Total identifiable net assets at fair value | 4,004 |
Goodwill arising on acquisition | 4,103 |
Total purchase consideration transferred | 8,107 |
| Purchase consideration: | |
Cash | 7,833 |
Completion adjustment | 274 |
Total purchase consideration | 8,107 |
| Analysis of cash flows on acquisition: | |
| Transaction costs of the acquisition (included in cash flows from operating | |
activities) | (113) |
Net cash acquired with the subsidiary | 935 |
Cash paid | (8,107) |
Acquisition of subsidiaries, net of cash acquired (included in cash flows from investing activities) | (7,172) |
Net cash outflow | (7,285) |
| Carrying Value | Remaining | Remaining | ||||
| of Customer | Amortisation | Carrying Value | Amortisation | |||
| Relationship | Period | of Technology | Period | |||
| £’000 | £’000 | £’000 | £’000 | |||
ID Scan Biometrics Limited | 98 | 0.25 | - | - | ||
| Postcode Anywhere (Holdings) | ||||||
Limited | 2,694 | 1.08 | - | - | ||
VIX Verify Global Pty Ltd | 1,743 | 2.50 | - | - | ||
IDology Inc | 18,140 | 2.83 | - | - | ||
Acuant Intermediate Holding Corp | 27 | ,746 | 5.75 | 38,944 | 3.17 | |
Verifi Identity Services Limited | 1,691 | 5.83 | 264 | 0.83 | ||
Data Tools Pty Ltd | 3,404 | 9.58 | 1,753 | 4.58 | ||
55,516 | 40 | ,961 |
2026 | 2025 | |||
| Pre-tax | Growth rate | Pre-tax | Growth rate | |
| Discount rate | (in perpetuity) | Discount rate | (in perpetuity | |
| Name | % | % | % | % |
Location Unit | 14.8% | 2.0% | 14.6% | 2.0% |
Identity - EMEA Unit* | 14.7% | 2.0% | 14.4% | 2.0% |
Identity – APAC Unit* | 13.7% | 3.0% | 12.7% | 3.0% |
Identity – Americas Unit* | n/a | n/a | 12.3% | 2.5% |
Fraud - Investigate Unit | 15.3% | 2.0% | 14.7% | 2.0% |
Fraud – APAC Unit | 14.8% | 3.0% | 13.4% | 3.0% |
| 2026 | 2025 | ||||
Base Case 1 | Base Case 1 | ||||
| Name | £’000 | £’000 | |||
Location Unit | 186,833 | 299,7 | 69 | ||
Identity - EMEA Unit | 80 | ,568 | 42,37 | 5 | |
Identity – APAC Unit | 6,701 | 20,660 | |||
Identity – Americas Unit | n/a | 4,867 | 2 | ||
Fraud - Investigate Unit | 60,520 | 55,699 | |||
Fraud – APAC Unit | 40,3 | 99 | 42 | 54,2 | |
2026 | 2025 | |||||||||||||
| Acquired | Acquired | |||||||||||||
| Goodwill | intangibles | Total | Goodwill | intangibles | Total | |||||||||
| Name | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||||||||
Location Unit | 67 | ,890 | 8,112 | 76,002 | 63,554 | 5,540 | 69,094 | |||||||
Identity - EMEA Unit | 100,188 | 10,7 | 69 | 110 | ,957 | 101,659 | 17 | ,546 | 119,205 | |||||
Identity – APAC Unit | 71,156 | 11,43 | 9 | 82,595 | 70,7 | 04 | 17 | ,105 | 87 | ,809 | ||||
| Identity – Americas | ||||||||||||||
Unit | 217 | ,458 | 66,157 | 283,615 | 298,061 | 101,850 | 399,9 | 11 | ||||||
Fraud - Investigate Unit | 3,608 | - | 3,608 | 3,608 | 693 | 4,301 | ||||||||
Fraud – APAC Unit | 13,625 | - | 13,625 | 12,67 | 5 | - | 12,67 | 5 | ||||||
473,925 | 96,477 | 570,402 | 550,261 | 142,734 | 692,995 | |||||||||
| 0.1% change in | 0.1% change in | ||
| annual revenue | 0.1% change in | long-term | |
| growth forecast | discount rate | growth rate | |
| Name | £’000 | £’000 | £’000 |
Location Unit | (4,792) | (2,797) | (2,056) |
Identity - EMEA Unit | (1,795) | (2,126) | (1,223) |
Identity – APAC Unit | (894) | (1,213) | (768) |
Fraud - Investigate Unit | (299) | (618) | (450) |
Fraud – APAC Unit | (304) | (653) | (503) |
2026 | 2025 | |||||||
| Change in | ||||||||
| headroom | ||||||||
| decreasing | ||||||||
| annual | ||||||||
| Change | revenue | Change in | ||||||
| in headroom | growth rates | headroom | ||||||
| increasing | during the | decreasing | ||||||
| discount | forecast | long-term | ||||||
| Base case | rate | period | growth rates | |||||
| headroom | by 50bps | by 100 bps | by 25bps | Sensitised 1 | Sensitised 1 | |||
| Name | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||
Location Unit | 186,833 | (13,423) | (19,199) | (4,104) | 150,107 | 250,371 | ||
Identity - EMEA Unit | 80,568 | (10,195) | (16,392) | (2,349) | 51,630 | 17,181 | ||
Identity – APAC Unit | 6,701 | (5,773) | (8,070) | (1,442) | (8,584) | 8,697 | ||
Fraud – Investigate Unit | 60 | ,520 | (2,969) | (2,781) | (930) | 53,840 | 49,501 | |
Fraud – APAC Unit | 40 | ,399 | (3,108) | (2,476) | (1,018) | 33,79 | 7 | 43,503 |
2026 | 2025 | |||||
| Revenue | Revenue | |||||
| Pre-tax | Decrease in | Growth Rate | Decrease in | Growth Rate | ||
| Discount | Base Case | (2031 to | Pre-tax | Base Case | (2030 to | |
| Name | rate | Cash Flows | 2034) | Discount rate | Cash Flows | 2033) |
Location Unit | 45.0% | (70.5%) | n/a | 75.1% | (81.1%) | n/a |
Identity - EMEA Unit | 23.2% | (41.8%) | (12.5%) | 18.4% | (26.1%) | (1.4%) |
Identity – APAC Unit | 14.5% | (7.5%) | 7.4% | 14.7% | (19.0%) | (4.7%) |
Identity – Americas Unit | n/a | n/a | n/a | 12.9% | (5.8%) | 14.2% |
Fraud - Investigate Unit | 618.8% | (93.9%) | n/a | 331.2% | (92.6%) | n/a |
Fraud – APAC Unit | 57.3% | (74.1%) | n/a | 59.0% | (80.6%) | n/a |
| Right-of-use | |
| assets | |
| £’000 | |
| Cost | |
At 1 April 2024 | 3,928 |
Additions | 717 |
Disposals | (233) |
Foreign currency adjustment | (29) |
At 31 March 2025 | 4,383 |
Additions | 3,287 |
Acquired on acquisition (note 16) | 307 |
Disposals | (599) |
Foreign currency adjustment | 55 |
At 31 March 2026 | 7,433 |
| Accumulated depreciation and impairment | |
At 1 April 2024 | 2,363 |
Provided during the year | 993 |
Disposals | (233) |
Foreign currency adjustment | 9 |
At 31 March 2025 | 3,132 |
Provided during the year | 1,231 |
Disposals | (599) |
Foreign currency adjustment | 14 |
At 31 March 2026 | 3,778 |
| Net book value | |
At 31 March 2026 | 3,655 |
At 31 March 2025 | 1,251 |
At 31 March 2024 | 1,565 |
| 2026 | 2025 | |
| £’000 | £’000 | |
| Cost | ||
At 1 April | 1,926 | 1,426 |
Disposal of investment | (38) | - |
Changes in fair value recognised in OCI | - | 500 |
At 31 March | 1,888 | 1,926 |
| Proportion of | ||||
| voting rights | Country of | |||
| and shares held | incorporation | Registered office address | ||
| Name of company | ||||
Acuant Inc 1 | 100% | United States | 2300 | Windy Ridge Parkway, Atlanta |
GA, 30339, | United States | |||
Acuant Israel 1 | 100% | Israel | Levinstein Tower, 23 Menachem | |
| Begin Road, Tel Aviv-Yafo, Israel | ||||
6618356,c/ | o TMF Management and | |||
| Accounting Services (Israel) Ltd | ||||
Acuant Mexico S de RL de CV 1 | 100% | Mexico | Lago Alberto 442 Int 403 Suit 572 | |
| Col. Anahuac II Seccion | ||||
DataTools Pty Ltd | 100% | Australia | Suite 1, Level 3, 62 Lygon Street, | Carlton South, Melbourne VIC 3053, |
| Australia | ||||
| Proportion of | ||||
| voting rights | Country of | |||
| and shares held | incorporation | Registered office address | ||
Green ID Limited 1 | 100% | New Zealand | Level 11 Sovereign House, 34-42 | |
| Manners Street, WELLINGTON 6011, | ||||
| New Zealand | ||||
Hello Soda Inc 1 | 100% | United States | 2300 | Windy Ridge Parkway, Atlanta |
GA, 30339, | United States | |||
IDology Inc 1 | 100% | United States | 2300 | Windy Ridge Parkway, Atlanta |
GA, 30339, | United States | |||
| IDscan Research Bilisim | 100% | Türkiye | Mersin Universitesi Çiftlikköy | |
| Teknolojileri Sanayi Ve Ticaret | Kampüsü, Teknopark İdari Bina No: | |||
Limited Sirketi 1 | 106 | Yenişehir – Mersin, Türkiye | ||
Loqate Inc 1 | 100% | United States | 2570 | N. First Street, 2nd Floor, San |
| Jose, CA 95131, United States | ||||
Loqate Ltd 1, 2 | 100% | United | The Foundation, Herons Way, Chester | |
| Kingdom | Business Park, Chester CH4 9GB | |||
| GBG Loqate (New Zealand) | 100% | New Zealand | Level 11 Sovereign House, 34-42 | |
Limited 4 | Manners Street, WELLINGTON 6011, | |||
| New Zealand | ||||
GBG Loqate (Australia) Pty Ltd 4 | 100% | Australia | Suite 1, Level 3, 62 Lygon Street, | |
| Carlton South, Melbourne VIC 3053, | ||||
| Australia | ||||
PT Fraud Solutions Indonesia 1 | 100% | Indonesia | Karinda Building, 2nd Floor, Suite 4, | RT/RW.004/002, JL.Palmerah Selatan |
| No. 30A, Kel. Gelora, Kec. Tanah | ||||
| Abang, Central Jakarta, Indonesia | ||||
Verifi Identity Services Limited 1 | 100% | New Zealand | Level 5, 79 Queen Street, Auckland, | |
1010, | New Zealand | |||
Verifi International Limited 1 | 100% | New Zealand | Level 5, 79 Queen Street, Auckland, | |
1010, | New Zealand | |||
VIX Verify Global Pty Ltd 1 | 100% | Australia | Suite 1, Level 3, 62 Lygon Street, | |
| Carlton South, Melbourne VIC 3053, | ||||
| Australia | ||||
VIX Verify International Pty Ltd 1 | 100% | Australia | Suite 1, Level 3, 62 Lygon Street, | |
| Carlton South, Melbourne VIC 3053, | ||||
| Australia | ||||
| Beijing GBG Information | 100% | China | Room 308-2, 3rd Floor, Building 3, No. | |
Technology Co., Ltd 1 | 128 | South 4th Ring West, Fengtai | ||
| District, Beijing, China | ||||
| Proportion of | ||||||
| voting rights | Country of | |||||
| and shares held | incorporation | Registered office address | ||||
GBG (Australia) Holding Pty Ltd | 100% | Australia | Suite 1, Level 3, 62 Lygon Street, | |||
| Carlton South, Melbourne VIC 3053, | ||||||
| Australia | ||||||
GBG (Australia) Pty Ltd 1 | 100% | Australia | Suite 1, Level 3, 62 Lygon Street, | |||
| Carlton South, Melbourne VIC 3053, | ||||||
| Australia | ||||||
GBG (Europe) S.L.U. 1 | 100% | Spain | Calle Fernandez de la Hoz, 7. 28010, | |||
| Madrid, Spain | ||||||
GBG (Malaysia) Sdn Bhd 1 | 100% | Malaysia | Level 7 Menara Millenium, Jalan | |||
| Damanlela Pusat Bandar, Damansara, | ||||||
| Damansara Heights, 50490 Kuala | ||||||
| Lumpur, Wilayah Persekutuan, | ||||||
| Malaysia | ||||||
GBG (Singapore) Pte Ltd 1 | 100% | Singapore | C/O S.S. Corporate Management Pte. | |||
Ltd, 138 | Cecil Street, #12-01A Cecil | |||||
Court, | 069538 | Singapore | ||||
GBG (Thai) Co. Ltd 1 | 100% | Thailand | 7E1-16 and 8E1-16, 7th and 8th Floor, | No. 88 The Parq Building, Room No. | ||
| Subdistrict, Khlong Toei District, | Ratchadaphisek Road, Khlong Toei | |||||
Bangkok , 10110, | Thailand | |||||
GBG (US) Holdings LLC | 100% | United States | 2300 | Windy Ridge Parkway, Atlanta | ||
GA, 30339, | United States | |||||
GBG ANZ Pty Ltd 1 | 100% | Australia | Suite 1, Level 3, 62 Lygon Street, | Carlton South, Melbourne VIC 3053, | ||
| Australia | ||||||
GBG Solutions Limited 2 | 100% | United | The Foundation, Herons Way, Chester | |||
| Kingdom | Business Park, Chester CH4 9GB | |||||
GBG Tech Limited 2 | 100% | United | The Foundation, Herons Way, Chester | |||
| Kingdom | Business Park, Chester CH4 9GB | |||||
GBG Tech Solutions Limited 2 | 100% | United | The Foundation, Herons Way, Chester | |||
| Kingdom | Business Park, Chester CH4 9GB | |||||
GBG Technologies Limited 2 | 100% | United | The Foundation, Herons Way, Chester | |||
| Kingdom | Business Park, Chester CH4 9GB | |||||
GBG Technology Limited 2 | 100% | United | The Foundation, Herons Way, Chester | |||
| Kingdom | Business Park, Chester CH4 9GB | |||||
| GBG Technology Solutions | 100% | United | The Foundation, Herons Way, Chester | |||
Limited 2 | Kingdom | Business Park, Chester CH4 9GB | ||||
| Proportion of | ||||
| voting rights | Country of | |||
| and shares held | incorporation | Registered office address | ||
| Name of company | ||||
CredoLab Pte Ltd | 10.53% | Singapore | 111 | North Bridge Road #08-18, |
| Peninsula Plaza, Singapore 179098 | ||||
Prove Inc (formerly Payfone Inc.) 1, 3 | 0.32% | United States | 215 | Park Avenue South New York, |
NY 10003 | United States | |||
| 2026 | 2025 | |
| £’000 | £’000 | |
Finished goods | 2,533 | 1,578 |
2,533 | 1,578 |
| 2026 | 2025 | ||
| £’000 | £’000 | ||
| Current | |||
Trade receivables | 64,836 | 54,613 | |
Allowance for unrecoverable amounts | (2,119) | (1,536) | |
Net trade receivables | 62,717 | 53,077 | |
Prepayments | 9,641 | 10 | ,800 |
Accrued income | 11,120 | 9,414 | |
83,478 | 73,291 | ||
| Non-current | |||
Prepayments | 82 | 490 | |
Accrued income | 8,587 | 5,698 | |
8,669 | 6,188 |
| Days past due | ||||||||
| Current | < 30 days | 31 - 60 days | 61 - 90 days | > 90 days | Total | |||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |||
Gross carrying amount | 46,07 | 4 | 11,166 | 2,731 | 1,022 | 3,843 | 64,836 | |
Expected credit loss | (460) | (57) | (54) | (40) | (1,508) | (2,119) | ||
Net carrying amount | 45,614 | 11,109 | 2,677 | 982 | 2,335 | 62,7 | 17 | |
% of total | 73% | 18% | 4% | 2% | 4% | 100% |
| 2026 | 2025 | |||
| £’000 | £’000 | |||
| Authorised | ||||
233,623,451 | (2025: | 252,635,475) ordinary shares of 2.5p each | 5,841 | 6,316 |
| Issued | ||||
Allotted, called up and fully paid | 5,841 | 6,316 | ||
Share premium | 8 | 4 | ||
5,849 | 6,320 |
| 2026 | 2025 | |
| No. | No. | |
Number of shares in issue at 1 April | 252,635,475 | 252,598,473 |
Shares purchased and cancelled during Share Buyback | (19,064,760) | - |
Issued on exercise of share options | 52,736 | 37,002 |
Number of shares in issue at 31 March | 233,623,451 | 252,635,475 |
2026 | 2025 | ||||||
| Share | Share | Share | Share | ||||
| Capital | Premium | Total | Capital | Premium | Total | ||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||
Number of shares in issue at 1 April | 6,316 | 4 | 6,320 | 6,315 | 567 | ,581 | 573,896 |
Capital reduction | - | - | - | - | (567,581) | (567,581) | |
| Shares purchased | |||||||
and cancelled during share buyback | (476) | - | (476) | - | - | - | |
| Consideration | |||||||
| received on exercise | |||||||
of share options | 1 | 4 | 5 | 1 | 4 | 5 | |
Number of shares in issue at 31 March | 5,841 | 8 | 5,849 | 6,316 | 4 | 6,320 |
| Days past due | ||||||
| Current | < 30 days | 31 - 60 days | 61 - 90 days | > 90 days | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Gross carrying amount | 35,566 | 12,629 | 1,861 | 943 | 3,614 | 54,613 |
Expected credit loss | (153) | (79) | (15) | (151) | (1,138) | (1,536) |
Net carrying amount | 35,413 | 12,550 | 1,846 | 792 | 2,476 | 53,077 |
% of total | 67% | 24% | 3% | 1% | 5% | 100% |
| 2026 | 2025 | |
| £’000 | £’000 | |
Balance at 1 April | 1,536 | 2,416 |
Increase in provision | 1,562 | 180 |
Write-offs | (660) | (438) |
Release | (344) | (590) |
Foreign exchange | 25 | (32) |
2,119 | 1,536 |
| 2026 | 2025 | |
| £’000 | £’000 | |
Cash at bank and in hand | 31,430 | 25,159 |
| 2026 | 2025 | |
| £’000 | £’000 | |
At 1 April | 1,326 | 1,711 |
Additions | 3,279 | 646 |
Disposals | - | (10) |
Acquired on acquisition (note 16) | 280 | |
Accretion of interest | 148 | 80 |
Payments | (1,306) | (1,071) |
Foreign currency adjustment | 39 | (30) |
At 31 March | 3,766 | 1,326 |
| Analysed as: | ||
Amounts falling due within 12 months | 1,439 | 794 |
Amounts falling due after one year | 2,327 | 532 |
3,766 | 1,326 |
| 2026 | 2025 | |
| £’000 | £’000 | |
At 1 April | 615 | 451 |
Service cost | 100 | 204 |
Benefits taken | (82) | (50) |
Actuarial gain during the year | (82) | (7) |
Net interest charge | 30 | 17 |
At 31 March | 581 | 615 |
2026 | 2025 | |
Discount rate (%) | 4.9 | 4.9 |
Salary increases (%) | 3.3 | 3.7 |
Employee turnover (% probability of leaving depending on age) | 3 - 46% | 3 - 46% |
| 2026 | 2025 | ||
| £’000 | £’000 | ||
Trade payables | 13,493 | 12,598 | |
Other taxes and social security costs | 5,449 | 4,164 | |
Accruals | 30 | ,530 | 27,767 |
49,472 | 44,529 |
| 2026 | 2025 | |
| £’000 | £’000 | |
| Current: | ||
Other provision (see next page) | 429 | - |
| Non-current: | ||
| Provisions can be analysed as follows: | ||
Dilapidation provision (see below) | 387 | 346 |
Long service award (see below) | 581 | 615 |
Other provision | 137 | - |
1,105 | 961 | |
| Dilapidation provision | ||
At 1 April | 346 | 290 |
Acquired on acquisition (note 16) | 39 | |
Provided in year | - | 57 |
Foreign exchange adjustment | 2 | (1) |
Closing balance | 387 | 346 |
| Foreign Currency | ||||||||
Exposure - Group | USD Rate | EUR Rate | AUD Rate | MYR Rate | CNY Rate | NZD Rate | THB Rate | IDR Rate |
Change in rate | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 10% |
| Effect on profit | ||||||||
| before tax | ||||||||
(£’000s) | 415 | 15 | (272) | (2) | 18 | (215) | (75) | 70 |
Change in rate | (10%) | (10%) | (10%) | (10%) | (10%) | (10%) | (10%) | (10%) |
| Effect on profit | ||||||||
| before tax | ||||||||
(£’000s) | (507) | (19) | 333 | 2 | (23) | 262 | 91 | (85) |
| Less than | ||||
| On demand | 12 months | 1 to 5 years | Total | |
| Year ended 31 March 2026 | £’000 | £’000 | £’000 | £’000 |
Loans (note 25) | - | - | 111,576 | 111,576 |
Lease liabilities (note 26) | - | 1,560 | 2,458 | 4,018 |
Trade and other payables (note 27) | 18,942 | 30,530 | - | 49,472 |
18,942 | 32,090 | 114,034 | 165,066 |
| Less than | ||||||||
| On demand | 12 months | 1 to 5 years | Total | |||||
| Year ended 31 March 2025 | £’000 | £’000 | £’000 | £’000 | ||||
Loans (note 25) | - | - | 7 | 3,685 | 73,685 | |||
Lease liabilities (note 26) | - | 836 | 550 | 1,386 | ||||
Trade and other payables (note 27) | 16,7 | 62 | 2 | 7,767 | - | 44,52 | 9 | |
16,76 | 2 | 28,603 | 74,235 | 119,600 |
2026 | 2025 | |||||||
| Fair value | Fair value | |||||||
| Loans and | through profit | Fair value | Loans and | through profit | Fair value | |||
| receivables | or loss | through OCI | receivables | or loss | through OCI | |||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |||
| Financial assets: | ||||||||
Trade and other receivables | 73,837 | - | - | 62,491 | - | - | ||
| Cash and cash | ||||||||
equivalents | 31,430 | - | - | 25,15 | 9 | - | - | |
Total current | 105,267 | - | - | 87 | ,650 | - | - | |
Investments | - | - | 1,888 | 38 | - | 1,888 | ||
Trade and other receivables | 8,587 | 5,698 | - | - | ||||
Total non current | 8,587 | - | 1,888 | 5,736 | - | 1,888 | ||
Total | 113,854 | - | 1,888 | 93,386 | - | 1,888 | ||
| Financial liabilities: | ||||||||
Lease liabilities | 2,327 | - | - | 532 | - | - | ||
Loans | 111,576 | - | - | 73,685 | - | - | ||
Total non-current | 113,903 | - | - | 7 | 4,217 | - | - | |
Trade and other payables | 44,023 | - | - | 40,36 | 5 | - | - | |
Lease liabilities | 1,439 | - | - | 794 | - | - | ||
Total current | 45,462 | - | - | 41,159 | - | - | ||
Total | 159,365 | - | - | 115,376 | ||||
| Interest rate | 2026 | 2025 | |||
% | Maturity | £’000 | £’000 | ||
| Non-current interest-bearing | |||||
| loans and borrowings | |||||
£175,000,000 1 multi-currency | |||||
revolving credit facility | Variable 2 | September 2030 | 111,576 | 73,685 | |
Total non-current interest- bearing loans and borrowings | 111,576 | 7 | 3,685 | ||
Total interest-bearing loans and borrowing | 111,576 | 73,685 |
| Level 1 | Level 2 | Level 3 | Total | ||
At 31 March 2026 | Valuation Technique | £’000 | £’000 | £’000 | £’000 |
Financial asset at fair value through other comprehensive income | |||||
Investment in CredoLab Pte Ltd | |||||
(note 20) | Market-based approach | - | - | 1,888 | 1,888 |
| Level 1 | Level 2 | Level 3 | Total | ||
At 31 March 2025 | Valuation Technique | £’000 | £’000 | £’000 | £’000 |
Financial asset at fair value through other comprehensive income | |||||
Investment in CredoLab Pte Ltd | |||||
(note 20) | Market-based approach | - | - | 1,888 | 1,888 |
| Foreign | ||||||||
| exchange | Other | New | ||||||
| 01/04/2025 | Cash flows | movement | movement | leases | 31/03/2026 | |||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |||
| Current liabilities | ||||||||
Lease liabilities | 794 | (1,306) | - | 1,951 | - | 1,439 | ||
| Non-current | ||||||||
| liabilities | ||||||||
| Interest bearing | ||||||||
loans | 72,931 | 3 | 9,368 | (1,477) | (973) | - | 109,849 | |
Lease liabilities | 532 | - | 39 | (1,523) | 3,279 | 2,327 | ||
| Total liabilities | ||||||||
arising from financing activities | 7 | 4,257 | 38,062 | (1,438) | (545) | 3,279 | 113,615 |
| Foreign | |||||||
| exchange | Other | ||||||
| 01/04/2024 | Cash flows | movement | movement | New leases | 31/03/2025 | ||
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||
| Current liabilities | |||||||
Lease liabilities | 836 | (1,071) | - | 1,029 | - | 794 | |
| Non-current | |||||||
| liabilities | |||||||
| Interest bearing | |||||||
loans | 101,115 | (26,699) | (1,791) | 306 | - | 72,931 | |
Lease liabilities | 875 | - | (30) | (949) | 636 | 532 | |
| Total liabilities | |||||||
arising from financing activities | 102,826 | (27,770) | (1,821) | 386 | 636 | 7 | 4,257 |
| 2026 | 2026 | 2025 | 2025 | ||
| No. | WAEP | No. | WAEP | ||
Outstanding as at 1 April | 8,528,860 | 67.38p | 7,742,891 | 76.30p | |
Granted during the year | 3,882,533 | 36.50p | 3,346,446 | 59.99p | |
Forfeited during the year | (1,624,133) | 40.50p | (1,947,204) | 53.89p | |
Cancelled during the year | (421,314) | 334.04p 1 | (266,948) | 414.57p 2 | |
Exercised during the year | (775,071) | 2.95p | (346,325) | 3.59p | |
Outstanding at 31 March | 9,590,875 | 52.95p | 8,528,860 | 67.38p | |
Exercisable at 31 March | 815,970 | 117.89p | 314,28 | 7 | 208.75p |
2026 | 2025 | |
Dividend yield (%) | 2.0 | 1.2 |
Expected share price volatility (%) | 43 - 49 | 45 - 49 |
Risk-free interest rate (%) | 3.9 - 4.1 | 3.8 - 4.0 |
Lapse rate (%) | 5.0 – 10.0 | 5.0 – 10.0 |
Expected exercise behaviour | See below | See below |
Expected life of option (years) | 3.0 - 5.1 | 3.0 - 5.1 |
Exercise price (p) | 2.50 - 220.0 | 2.50 - 336.0 |
Weighted average share price (p) | 231.81 | 332.31 |
| 2026 | 2025 | |
| £’000 | £’000 | |
At 1 April | 1,473 | 127 |
Own shares purchased | 946 | 2,347 |
Shares issued to employees in satisfaction of share options | (1,929) | (1,001) |
At 31 March | 490 | 1,473 |
| 2026 | 2025 | |
| £’000 | £’000 | |
Short-term employee benefits | 2,379 | |
Fair value of share options awarded | 900 | 1,254 |
3,279 | 1,254 |