GB back in the black

IDENTITY management group GB has bounced back into the black after signing up a number of new clients.

The Chester-based group, which is headed by chief executive Richard Law, said its investment in infrastructure and people to develop its identity management business will see turnover for the year to March 2009, rise 23% to £23.8m, while pre-profits are expected to come in at £1.66m, compared to a loss of £210,000.

It said growth primarily came from a strong performance in its  DataAuthentication business, which provides electronic age and identity verification services, and recorded an increase in revenue of 55%.  Revenue growth came both from new clients signed up during the year and increased usage from its existing client base.

Profits at its DataIntegrity and DataSolutions businesses, which provide identity-based marketing and tracing services, also improved following cost restructuring.
In a statement BG said: “The group’s longer term growth prospects are underpinned by an increasing need for businesses to verify and manage their customers online.

“In addition, a new industry sector of “identity management” is emerging that deals not only with how businesses verify and manage the identity of their customers online, in order to minimise fraud and regulatory risk, but also with how they develop relationships with those customers to maximise revenue opportunities. 

“GB has the capability to continue its lead in this emerging industry sector and will invest accordingly to maximise this opportunity over the long term.”

In early trading shares rose almost 8% to 20.5p.

The group will announce its full year results May.