27th Nov 2018 11:06
LONDON (Alliance News) - GB Group PLC on Tuesday reported a drop in interim profit, on increased operating expenses, as the company believes it made "pleasing progress" in the first half and maintained its full-year expectations.
For the six months to September 30, the identity management company's pretax profit decreased 29% to GBP2.5 million from GBP3.5 million.
The company's revenue, however, increased 8.9% to GBP57.3 million from GBP52.6 million. It said organic revenue increased 11%.
GB Group's operating expenses before amortisation of acquired intangibles, share-based payments and exceptional items increased 12% to GBP34.5 million from GBP30.9 million.
"We've made pleasing progress over the period, balancing good organic revenue growth across the business with strategic investments in our products, technology and people to maintain competitive advantage," said Chief Executive Officer Chris Clark.
GB Group helps businesses validate and verify the identity and location of their customers.
Clark added: "Looking at the big picture, with good customer gains in the faster-growth markets in Asia, the rich potential in the USA and steady progress in Europe, there's a lot to be pleased about. We're continuing to deliver on our strategy of growing the business both organically and through acquisitions and in October we acquired VIX Verify in Australia and New Zealand. We are on track to meet our full-year revenue and profit expectations."
For the financial year ended March, GB Group recorded profit of GBP13.4 million on revenue of GBP119.7 million.
Shares in GB Group were up 5.9% Tuesday at 464.27 pence each.
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