Update: Strong growth continues
GB Group’s FY14 results are in line with management’s April trading update and again confirm the group’s strong growth trend. Benefiting from organic growth of 10%, FY14 comparable revenue rose 15% leading to a 20% increase in gross profit. Normalised group operating profit before acquired intangibles amortisation rose 30% to £7.2m (FY13: £5.5m), with both the ID Solutions and ID Proofing segments contributing. After FY14 year-end, GB acquired global provider of fraud detection and prevention solutions DecTech, which management expects to be EPS accretive in year one. Our solid growth estimates for FY15 and FY16 reflect this acquisition and continuing operational leverage. Cash flow remains strong and the balance sheet robust with £11.8m net cash at FY14 year-end.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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