Update: Solid growth continues; outlook positive
GB Group’s (GBG) H116 results show strong performance in line with the October trading update. Group revenue rose 39%, aided by organic growth of 18%, with contributions from both of the group’s business segments. Normalised operating profit was up 21% after investing c £1.3m in product and business development capabilities, and diluted EPS after our notional 21% tax charge increased 19%. Revenue from international clients continues to rise strongly, now accounting for 26% of the group’s business up from 21% in H115. The balance sheet remains solid with £1.2m net cash.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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