GB Group PLC (LON:GBG), the global identity data intelligence specialist, has seen strong growth in like-for-like revenues.
In a trading statement covering the six months to the end of September, GB said total revenue is expected to be up 64% year-on-year at £93.7mln when the numbers are properly totted up.
On a constant currency basis, like-for-like revenues – i.e. excluding the impact of the Vix Verify and Idology acquisitions – were up 18% year-on-year.
Operating profit clocked in at around £20.9mln, up 138% on the same period of last year.
Reflecting the aforementioned acquisitions, net debt at the end of September stood at £53.8mln, compared to a positive cash balance of £18.6mln a year earlier.
Net debt levels have improved by £12.5mln since the end of March, including a £10.4mln repayment of borrowings in the period, the company noted.
“In the period, we delivered a strong organic performance in each of our three core solutions (Location, Identity and Fraud) and across each of our target geographies. This organic performance has been complemented by the successful integrations of Vix Verify and IDology. We're excited about how both can further strengthen the GBG customer proposition and help grow the business further,” said Chris Clark, the chief executive officer of GB Group.
“The positive first-half performance was additionally helped by the favourable timing of some contracts for our Fraud division, which have been brought forward into H1 [first half]. So far H2 has begun well and at this stage, we remain confident in meeting full-year consensus revenue and profit expectations," he added.
Shares in GB shot up 8.2% to 570p in early deals.