1st Dec 2015 09:09
LONDON (Alliance News) - GB Group PLC Tuesday said it expects its trend of profitable growth to continue, and anticipates meeting market expectations for its full year, as it reported a rise in pretax profit in its first half.
The identity data products and services company posted a pretax profit of GBP2.6 million for the half year to end-September, up from GBP1.4 million a year before, as a rise in revenue to GBP32.4 million from GBP23.2 million was partly offset by a step-up in operating expenses.
According to broker forecasts provided by Morningstar, Peel Hunt expects GB Group to report a pretax profit of GBP11.7 million for its full year to end-March 2016, whilst FinnCap forecasts GBP11.5 million, and Edison forecasts GBP11.8 million.
Revenue growth in the first half was boosted by GB's acquisition of Loqate Inc in April, although the company said that almost half of its revenue increase came from organic growth.
"The group continues to perform well and this reflects our focus on delivering the group's vision, objectives and strategies. As we build upon our market-leading position and the strong differentiation we have against our competitors, I expect this progressive trend of profitable growth to continue," said Chief Executive Officer Richard Law in a statement.
Shares in GB Group were up 0.1% at 277.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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