Profits up 14% at GB Group
CHESTER-based ID checking firm GB Group has beaten full-year earnings expectations.
The company saw pre-tax profits rise by 14% to £4m on sales of £41.8m, up 6%.
After taking into account a revised commercial arrangement with BT, the group said revenues increased by 15% to £41.8m, with 10% attributed to organic growth.
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.
Last year it bought Crewe-based criminal records checking firm CRD and after the year-end it announced it was spending £20.5m on Australian fraud and credit risk software firm DecTech Solutions.
Chief executive Richard Law said: “The group has had a very successful year. Our team of talented people, working to a clear vision of the future, delivered significantly higher revenue, adjusted operating profits and margins through a combination of organic growth and acquisition.
“The new year has started well with the acquisition of DecTech in April giving us greater scale, technical capability and geographic reach. Our priorities for the year will be the continued internationalisation of our product portfolio and leveraging the opportunities that global online trading brings, whilst making sure that we continue to invest wisely and continue to improve margins.”
GB is proposing a 10% full-year dividend increase to 1.65p.
