Chester-based identity data company GB Group (GBG) said on Tuesday it swung to a loss despite increasing its reported revenue, while its start to the second half of the financial year was in line with guidance.

The digital location and identity specialist said it swung to a pretax loss of £24,000 in the six months that ended September 30 from a profit of £14.4 million a year earlier.

This was despite reported revenue increasing 22.6% to £133.8 million.

GB Group said this was due to tough first half comparators driven by the US government’s stimulus programme and exceptional cryptocurrency volume.

“The macro uncertainties have been well publicised, but with world class technology, a diversified blue chip customer base and our strong cash generative business model, the board remains confident in the long-term prospects of the business,” said GB Group CEO Chris Clark.

Reporter: Greg Rosenvinge

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