Published: Thursday October 20, 2016
Written by on Investor News
GB GROUP PLC
("GBG" or the "Group")
Pre-close Trading Update and Notice of Results
GBG, the identity data intelligence specialist, provides the following trading update for the six months ended 30 September 2016 in advance of the release of its half year results.
Group Trading Performance
The Board is pleased to report that the business has continued to perform well in the first half of the financial year.
Trading during the first six months of the year has been robust with revenue of £37.5 million which represents year-on-year growth of approximately 16%. Organic growth was approximately 9% which would have been higher but for the roll out the GOV.UK Verify project across central Government departments being slower than originally forecast by GDS (the Government Digital Service).
We expect to report profits for the 6 months ended 30 September 2016 in line with expectations, with an adjusted† operating profit of at least £5.0 million (2015: £4.5 million), an increase of over 11% on last year.
The market opportunities for our identity data intelligence products remain compelling and we are well positioned to take advantage of them. The Board remains confident in the outlook for the full year.
Richard Law, CEO of GBG, commented:
“I am pleased with the performance of GBG in the year to date. IDscan Biometrics, acquired in June of this year, has settled in well; we continue to expand our business internationally; and we remain very positive about the future prospects for the Group.
I am pleased that GBG has managed to secure the appointment of Chris Clark as its new CEO, who will join us in April 2017. I’m very proud of the substantial international business that the GBG Team has built during my time as CEO and I’m confident that Chris will continue the strong progress made to date and lead the Group to its next stage of growth and advancement. I will continue as CEO until Chris’s arrival.
I would like to extend my very grateful thanks to our shareholders for their support of GBG and our team.”
Further information will be provided in the Group's half year results which is expected to be announced week commencing 24 November 2016.
† Adjusted operating profit means profits before amortisation of acquired intangibles, share based payment charges, exceptional items, share of results from associates, net finance costs and tax.
For further information, please contact:
Richard Law, Chief Executive
Dave Wilson, Group Finance Director & Operations Director
Peel Hunt LLP (Nominated Adviser and Broker)
020 7418 8900
020 7653 9850
GBG is a global specialist in Identity Data Intelligence. We help organisations make decisions about the customers they serve and the people they employ.
Through our fundamental belief that the digital economy relies on everyone having access to data they can trust, GBG enables companies and governments to fight fraud and cybercrime, to improve the customer experience and help to protect the more vulnerable people in our society.
Headquartered in Chester (UK) and with 24 locations in 15 countries, GBG provides solutions to many of the world’s biggest organisations, from established brands like HSBC, Barclays and Zurich Insurance to disruptive newcomers such as Xpress Money and Stripe.