30th Jun 2020 11:25
(Alliance News) - Identity management firm GB Group PLC on Tuesday said its profit was significantly higher in its most recent financial year with Identity segment revenue almost doubling.
Chester-headquartered GB Group reported a GBP20.6 million pretax profit for its financial year that ended March 31, up 40% from GBP14.7 million, as revenue rose 39% to GBP199.1 million from GBP143.5 million.
This revenue rise was seen across the Fraud, Location, and Identity segments but especially in Identity, where revenue nearly doubled to GBP105.5 million from GBP58.2 million.
No final dividend was declared, after a 2.99 pence per share payout in financial 2019, in light of the Covid-19 pandemic.
At present, the impact of the pandemic on GB Group is unknown with guidance and dividends both suspended.
Chief Executive Chris Clark said: "I am extremely proud of our performance in the last 12 months, which saw profit and revenues exceed market expectations. This was driven by GBG's international expansion and innovative product offerings. Although it is hard to predict the full impact of Covid-19, we remain well-positioned to support our customers through the current environment and in the longer term. "
Shares in GB Group were down 3.4% at 649.91p in London on Tuesday morning.
By Anna Farley; [email protected]
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