GB Group enjoy half-year sales surge
Identity checking firm, GB Group have enjoyed positive half-year sales and earnings, with the Chester-based business continuing their upward trajectory through organic growth and acquisitions.
In the six months to the end of September revenues grew by 28% to £23.2m while pre-tax profits jumped by 47% to £3.75m, after stripping out one-off costs. The bottom line pre-tax profit figure was marginally higher at £1.4m.
GB has two main divisions; DataAuthentication, which offers an identity verification service aimed at tackling ID fraud, money laundering, under-age gambling; and DataSolutions, which provides clients with information on their customers.
In April this year, GB Group spent £20.5m on Australian fraud and credit risk software firm DecTech Solutions and since the end of the half-year period it bought Transactis from Shop Direct which specialises in accumulating transaction data and identifying consumer trends and fraud.
DecTech generated £2.6m of revenue and contributed £800,000 of adjusted operating profits to the Group. Organic growth contributed to 13% of the revenue increase.
Chief executive Richard Law said:
“We have made strong progress against our strategy throughout the first half of the year and expect this positive momentum to continue through to the year end and beyond.”
“With the added capabilities, markets and clients bought to the group by the acquisitions of DecTech and Transactis, we are confident of our continued growth and for the prospects of the group which we feel are very positive.”
Source: The Business Desk
Words: Daniel Pearce