|British identification verification firm GB Group has issued a positive trading update for its financial year that ended last month, reporting revenues rose by 17 percent.|
The report stated that the Chester-based company had continued to invest in technology and skilled staff, offsetting the additional costs with strong growth in revenues.
Richard Law, Chief Executive Officer for GB Group, said that the company had substantially improved future prospects with revenues of $29.41 million alongside enhancements to its DataAuthentication offering. However, he announced that the firm expected to report losses before tax of $2.35 million, approximately $1.56 million greater than the estimate, for the year due to delayed recognition of revenues within the DataAuthentication business alongside other factors.
The update indicated that the firm’s cash balance was ahead of market estimates at $10.21 million with strong trading and revenues for the year expected to more than double to $9.41 from 2006’s $3.72 million.
'This continues to be a business with real and substantial prospects and the directors are excited by the present opportunities,” said Law.