Identity screening company GB Group driven by online demand
(City A.M. (UK) Via Acquire Media NewsEdge) THE INCREASING need for security checks in online banking, gambling and shopping has driven identity screening firm GB Group to a 44 per cent rise in sales in the first half of its financial year.
The Chester-based business, whose software checks online registrations and logins against databases of information in order to verify them, has made a number of acquisitions in the last year, but said its biggest driver of growth was the shift from paper forms to electronic filing systems.
The company reported turnover of £17.7m in the six months to the end of September, up from £12.3m in the same period last year. Profit was up 58 per cent to £1.5m with acquisitions stripped out.
"As online and cross-border trading continues to increase, we remain confident that there is a corresponding demand for our identity management services which are designed to 'enable' online business and make it safe and easy for consumers and businesses," the firm's chief executive Richard Law said.
The six months of trading was the first complete period to include three recent acquisitions of Data Discoveries, Advanced Checking Services and Capscan, and the group has continued its shopping spree since September, spending up to £3m on CRB check software TMG.
(c) 2012 City A.M.
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