Outlook: Strong H115 results
GB Group’s (GBG's) H115 results show strong performance with revenue of £23.2 (up 28%, of which 13% was organic growth), and normalised operating profit of £3.75m (H114: £2.55m), an increase of 47%. Diluted EPS after our notional 21% tax charge rose 35% to 2.3p versus 1.7p in H114. Both of the group’s divisions contributed to this performance. These results and management’s encouraging outlook add comfort to our FY15 estimates, which we raised in October following the Transactis purchase. Operating cash flow remains strong and the balance sheet is robust with £8.6m net cash at 30 September 2014.GB Group is engaged in the provision of identity data intelligence services. Co. has two operating segments: Identity Proofing, which provides electronic ID Verification services for combating ID fraud, money laundering and under-age gambling, ID Employ & Comply services for employee authentication and screening, and ID Fraud & Risk Management services; as well as Identity Solutions, which provides ID Registration, ID Engage and ID Trace & Investigate software and services that provide consumer information and facilitate understanding, targeting and retention of profitable consumers. Between them, the segments have six complementary lines of business including ID Verification and ID Engage.
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