20th Oct 2016 08:07
LONDON (Alliance News) - Identity data company GB Group PLC on Thursday said it performed well in the half-year to the end of September but said the roll-out of a project with the UK government was slower than originally forecast.
GB said revenue for the six months to September 30 was GBP37.5 million, up 16% year-on-year.
Organic revenue growth, excluding acquisitions, was 9.0%, GB said. It said this would have been higher but for the roll out of the Gov.UK Verify project across UK central government departments, which progressed at a slower pace than originally expected.
GB said it expects profit for the first half to be in line with its expectations.
"I am pleased with the performance of GBG in the year to date. IDscan Biometrics, acquired in June of this year, has settled in well; we continue to expand our business internationally; and we remain very positive about the future prospects for the group," said Richard Law, GB's chief executive.
Law will leave next year after 14 years as CEO to be replaced by Chris Clark, the former UK, Ireland and Europe, Middle East & Africa region managing director at FTSE 100 information services company Experian PLC.
GB Group shares were down 12% to 282.81 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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