Half-year earnings up at GB Group
CHESTER-based identity tracking firm has reported strong half-year earnings growth.
In the six months to the end of the September pre-tax profits more than doubled from £500,000 to £1.3m, on revenues of £18.1m, up 2.25%.
GB also gave an adjusted revenue figure showing growth of 12% to £18.1m which it said reflected changes to the terms of a contract it holds with BT.
The improved profit reflects organic growth and the impact of an acquisition – its £1.3m purchase of Crewe-based CRD (UK) in July.
GB has two main divisions, DataAuthentication which offers an identity verification service aimed at tackling ID fraud, money laundering and under-age gambling, and DataSolutions, which provides clients with information on their customers.
Chief executive Richard Law said: “I am very pleased with our performance in the first half and GBG has progressed strategically as planned. Our forward momentum is positive and we continue to invest in the development of our products, services and team to maintain this.
“New versions of our principal tracing and verification services were released at the end of the period under review and we are confident of increased organic growth in the second half of the year and beyond.”
