GB on acquisition trail
CHESTER-based identity management business GB Group is planning to make more acquisitions after recording a sharp rise in sales and earnings.
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.
In a trading update for the six months to September 30 it said last year’s £11.2m acquisition of Capscan had contributed to a 44% growth in half-year sales to £17.7m. Operating profits jumped from £900,000 to £1.4m.
DataSolutions’ revenue was about 60% ahead while DataAuthentications’ was up 25%. The company said “a large proportion” of the increase in revenue in DataSolutions came from Capscan.
“The group continues to explore acquisition opportunities which will add further market or product expertise to complement our organic growth,” said GB.
It has also seen organic growth and said “good strategic progress” had been made with the addition of new country services for the identity verification of individuals from Argentina and China.
Chief executive Richard Law said: “As UK and international business continues to move online and cross border online trading between individuals and businesses increases, the need for our identity verification and engagement services by organisations becomes ever more critical.
“In addition to further improvements and developments of our technologies, we have continued to invest in, and added further countries to, our already extensive international capability to promote long term growth for GB Group.”
