Identity management specialist GB Group delivered on the positive messages it has been pumping out over the last 12 months, despite operating in a competitive landscape.
It ended the year to March 31 2013 with 24% revenue growth to £39.4m. Although this was aided by its TMG CRB acquisition and the full effect of its previous Capscan and Data Discoveries acquisitions, it managed a creditable 7% growth on an organic basis. Adjusted operating profit grew 51% to £5.5m and even on a PBT level profit was up 40% to £3.5m.
The company has several growth drivers. It is benefitting from growth in online commerce, which is being given more impetus by mobile populations and mobile adoption. Plans to further exploit these areas over the coming year include additional investment in its international verification network (ID3global) in order to widen capabilities and strengthen its position in this global market. It is also boosting business via cross sales and is opening up new market sectors - there has been high revenue growth in the insurance sector over the past year. Its ability to address both employee and customer identify management enables it to benefit from two areas of a ‘hot’ market and its acquisitions are helping generate the scale it needs, including its global footprint. It plans further acquisitions but needs to manage these with care as high frequency acquisitions can easily turn into distractions.
It tagged its previous year as “significant” (see here) and the most recent year has been similarly notable and has included a rebranding – the DataAuthentication division has been rebranded as Identify Proof and DataSolutions has become Identify Solutions. Overall, 2012 was a positive year, as it goes through 2013 a higher rate of organic growth would be good to see.