GB Group moves into profit

IDENTITY management company GB Group today said it expects to move out of the red and record a £300,000 profit during the first half of its trading year.

The Chester-based IT business, which runs the National Register database of 48m people and households in the UK, said in a trading update that it expects to report like-for-like revenues of £11.2m in the six months to September 30 compared to £7.9m for the same period last year.

GB, headed by chief executive Richard Law, said that like-for-like group profit before tax and share-based payments will come in at £300,000 compared to a loss of £930,000 previously.

It said it has “traded well and profitably throughout the first half of the financial year” and has continued to build on its leading position in the identity management market.

It 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.

GB Group, which has cash balances of £4.2m, is due to report its half year results on November 26.