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Nothing but positive news from identity management specialist GB Group this morning. Its trading update for the year to 31st March 2013 shows revenues up 24% to 39.4m, adjusted operating profit up 49% to £5.5m, an increased in deferred revenue up from £1.0m to £5.3m, and cash balances up from £4.8m to £6.3m after payment of a final dividend and an acquisition.
It’s not clear exactly how much of the revenue growth is organic, though the statement does speak of “positive growth both organically and via acquisition”. At the half year, total revenues were up 44% with organic growth of 14%. We’ll learn more on the breakdown for the full year when the results are announced in June. During the second half (in November), GB Group acquired TMG CRB (see GB Group acquired criminal records supplier), which had annual revenues of c£1.75m. This business was integrated into the DataAuthentication business – both the DataAuthentication business and the DataSolutions business have grown revenues 20%+ in the year.
We spoke to GB Group’s management teams just after the interim results in November – see More on GB Group’s exciting times. We highlighted then that market conditions were favourable but noted that the competitive landscape remained busy. So far GB Group has been the acquirer rather than the acquiree and its business appears to be strengthening. The share price has been pushed up 4% in early trading.
