City shorts: GB Group profits to rise 40%; McBride ‘in line’
CHESTER-based IT security, data and indentification company GB Group is set to report strong half year results with operating profits showing a 40% uplift.
In a trading update for the six months to the end of September, the AIM-listed company said adjusted operating profits would be “not less than £3.7m”, up from £2.6m in the first half of last year.
Chief executive Richard Law said: “The performance in the first half of the year has been very pleasing across the entire group. DecTech, which was acquired in April 2014 and which provides fraud detection and prevention solutions, is integrating well and making a strong contribution towards group performance.
“We have maintained our strategy of investing to extend our identity intelligence capabilities together with leveraging the opportunities provided by our increasing global reach. The proposed acquisition of Transactis, announced on October 13 2014, further enhances our prospects and we expect our strong performance to continue through the second half of the year.”
The company will report its interim results on November 24.
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WASHING-up liquid and shampoo manufacturer McBride has made a “solid start” to the year, an update covering July 1 to October 19, said.
The Middleton-based company, Europe’s leading provider of private label household and personal care products, announced a major cost-cutting exercise in June , which will see it slash 400 jobs in the UK to save £12m over the next two years.
It said: “The trading performance of the group has been in line with the board’s expectations. The group has made a solid start to the year, with Group revenue at constant currency returning to modest growth.
“The UK business restructuring project, announced in June 2014, is fully on track to generate planned savings of £12m by June 30 2016, of which £3m will benefit the year ended 30 June 2015.”
