20th Apr 2016 07:17
LONDON (Alliance News) - Identity data company GB Group PLC on Wednesday said its adjusted operating profit for the year to the end of March is set to outpace market expectations, while its chief executive is set to step down.
GB expects to post an adjusted profit, which strips out one-offs, of GBP13.4 million, up from GBP10.8 million a year earlier.
GB said international revenue rose over the year while the Loqate business it acquired a year ago reached profitability earlier than expected, finishing the year ahead of GB's expectations.
The trading update came as GB said Richard Law, who has been its CEO for 13 years, has decided to retire. "Richard has family matters that need his attention and these can be best served by him following a more flexible portfolio career once his commitments to GBG have been fulfilled," GB said.
The company has hired recruitment consultants to identify a new CEO.
GB shares were up 6.2% to 290.00 pence early Wednesday, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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