Shares of GB Group, the London-listed tech firm, soared 11 percent on Thursday morning following the announcement that its interim trading figures had surpassed expectations.
The identity verification and location intelligence service provider reported first-half revenues of approximately £137m, a modest increase from the previous year’s £132.4m and slightly above Peel Hunt analysts’ projection of £135.5m, as reported by City AM.
Adjusted operating profits showed a robust 21 percent uptick year-on-year, reaching £29m and topping analyst forecasts by two percent.
On a constant currency basis, the combination of GB Groups two main sectors, identity and location, demonstrated a growth of 6.8 percent.
Dev Dhiman, who stepped into the chief executive role earlier this year, had set forth four strategic priorities for the Chester-based company: simplifying operations; achieving global alignment; fostering a culture oriented towards performance; and speeding up the pace of innovation.
“We have made encouraging progress in each of these areas,” Dhiman said, “and this is translating into our performance with strong pipeline execution, ramp-up with a number of important customers, and some significant customer win-backs reinforcing our market leadership position in identity fraud and location software,” he elaborated on the company’s advancements.
Looking ahead, the board confirmed its financial outlook for the full year of 2025, aiming for mid-single-digit revenue growth when adjusted for currency fluctuations, which should result in high single-digit increases in adjusted operating profit.
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