Identity technology specialist GB Group slumped to a loss of almost £120m during its latest financial year.
The Chester-headquartered company said its result was due to an annual impairment review which resulted in a £122.2m charge against its identity business, which is formed of its IDology and Acuant acquisitions.
In its prior financial year, GB Group had achieved a pre-tax profit of £21.7m.
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For the 12 months to March 31, 2023, the group's revenue increased from £242.5m to £278.8m.
In April, GB Group said its "resilience" in tough economic conditions would help it to annual results in line with market expectations.
Chief executive Chris Clark said: "GBG continued to make important strategic progress and operational improvements that will have long-term benefits; however, we were impacted by unexpectedly deep post-pandemic corrections in some end markets.
"These corrections were largely felt in the internet economy, notably by cryptocurrency and fintech customers primarily in our Identity business in the Americas, as flagged in our February trading update.
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"Looking ahead to FY24, since our update in February, there has been no material change in market conditions.
"Uncertainty remains; however, we still expect some gradual revenue acceleration in the latter part of the year.
"The board is confident that GBG will deliver its FY24 profit expectations assisted by a group-wide focus on efficiency.
"The business is well-placed to benefit from structural growth, including the increasing proliferation and sophistication of fraud through the advent of generative AI, capitalising on the breadth of its capabilities and global reach to deliver our mid-term growth targets."
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