Chester identity firm GB revenue soars to £94m

GB Group CEO Chris Clark

Shares of Chester-based identity data company GB Group (GBG) rose 14% on Thursday after it said its revenue for the six months to September 30, 2019, is expected to be up 64% to £93.7 million.

In a trading update in advance of its half-year results, GB Group said the revenue figures reflected its recent acquisitions of Vix Verify and IDology “supplementing positive underlying trading across our key growth areas of Location, Identity and Fraud.”

GBG said it expects to report adjusted operating profit of approximately £20.9 million, a 138% increase on last year.

GBG CEO Chris Clark said: “We are pleased with the progress we have made over the past six months against the GBG growth strategy.

“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.

“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. 

“So far H2 has begun well and at this stage we remain confident in meeting full-year consensus revenue and profit expectations.”