ID verification group on target for full year targets
Turnover and profits both significantly improved in the first half for Chester-based identity data intelligence specialist, GB Group.
Releasing its interim results for the six months to September 30 this morning, it revealed revenues of £94.338m, up 62% from £58.329m, while pre-tax profits of £8.622m compared with £3.574m the previous year.
For the first time international revenues were higher than UK operations, said GB, increasing from 35% to 57% of its total business.
During the six month period the group entered into an exclusive partnership with NavInfo Europe to provide address data for mainland China.
GB also reported good progress with the integration of the two acquisitions made in the second half of last year, VIX Verify and IDology.
It said both businesses are growing well with sales, data and product integration delivering benefits.
Following key hires in the group’s three core regions of Europe, North America and APAC – covering sales, marketing, product & technology – its overall headcount has now exceeded 1,000 staff.
On the basis of its half year performance, GB said the full-year outcome for both revenue and profit is expected to be in line with its expectations.
Chief executive Chris Clark said: “I am pleased with the progress we have made against our strategic objectives in the first six months, which has seen us deliver good growth.
“This was driven by a strong organic performance – helped in part by the accelerated timing of some contracts for our fraud division – the successful integrations of our acquisitions and ongoing investment to support our differentiation.
“We had a strong organic growth performance across each of our three key solutions of location, identity and fraud across our core geographies.
“This performance has also been supported by the successful integrations of VIX Verify and IDology and we are excited about our future prospects and how these businesses will develop and strengthen our propositions.”
He added: “So far, the second half of the year has begun in line with our expectations and we remain confident in meeting full-year market consensus.”
GB Group offers a series of solutions that help organisations quickly validate and verify the identity and location of their customers.
It says its technology leads the world in location intelligence and fraud detection and its products help to verify the identity of 4.4 billion people globally.
