Identity data specialist GB Group Plc (LON:GBG) has reported 28% revenue growth and profits ahead of expectations for the financial year ended March 31 2016.
GB Group highlighted that Loqate, a business acquire last April, achieved profitability earlier than expected and helped drive the strong performance.
Group revenue amounted to £73.4mln, up from £57.3mln last year, and organically it had increased by around 16%. Pre-tax profit was reported as £9.3mln, up from £5.9mln in the prior year.
The company, an identity software specialist which counts the UK government among its clients, described its balance sheet as ‘solid’ and highlighted a cash balance of £12.4mln at the end of March.
A 2.08p dividend is planned, and that will mark a 12.4% increase on last year.
GB Group noted a deferred revenue balance of £13.8mln at year end and said this gives ‘strong visibility’ for the current financial year.
Richard Law, chief executive, said: "GBG has had another strong year achieving record revenues and delivering profitability ahead of market expectations.
“This was achieved whilst simultaneously increasing our operating expenditure on the development of new products, expanding our international operations and strengthening our management team.
“As a result we enter the new financial year with strong momentum and excellent prospects and I'm pleased to report that trading since the start of the year is in line with the board's expectations."