GB surges into profit

IDENTITY management  and marketing company GB Group has moved into profit after making “excellent progress”.

The Chester-based IT business saw pre-tax profits leap to £1.4m in the year to March from a £438,000 loss. Turnover grew 22% to £23.7m.

The company provides its customers, which include utility groups, transport companies and financial groups, with information on who their customers are and how they behave as consumers.

It also provides an identity verification service geared at tackling ID fraud, money laundering and under-age gambling.

GB said its Data Authentication business had seen a 56% rise in revenue and a growth in clients from the core sectors of financial services, mobile telecoms and online gaming.

But lower levels of consumer activity had “moderated” the division’s growth during the year.

Its Data Solutions division, which handles identity-based marketing services for clients, saw revenue rise 1.6% to £12.1m.

Chief exectutive Richard Law said: “GB made excellent progress in the year ending 31 March 2009 and, despite more subdued market conditions, we continue to demonstrate leadership in the emerging market for identity management.

“We believe that identity management is a fundamental enabler of online business and, accordingly, represents an exceptional opportunity for the group.”

The board has proposed a final dividend of 1.15p, up on last year’s 1p.