British age and identity verification firm GB Group has announced its interim financial results for the previous six months showing revenues for the period up by 43 percent to $17.33 million.
Chester-based GB Group helps organisations realise the full value of their customer base by recognising and verifying all elements of a consumer's identity at every interaction. It stated that its profits before tax improved to $767,100 from a loss of $1.53 million for the same period last year while its cash balance at the end of September was up by $184,000 to $6.44 million.
GB Group revealed that its growth has been driven by the continued move away from paper-based manual methods of age and identity verification to the online electronic techniques provided by its URUTM and ID3 Check systems. It stated that revenues from its DataAuthentication verification business increased to $9.81 million from $4.29 million last year with growth coming from new clients including FCE Bank, Victor Chandler, ASOS and Adecco alongside existing clients increasing their volume usage.
The firm’s providers of identity-based marketing services, DataIntegrity and DataSolutions, generated like-for-like revenues of $7.51 million, which was down on last year’s figure of $7.82 million, while also revealing that it had reinforced its aim of securing future revenues through Internet transaction services by launching an enhanced version of its e-Trace online tracing product.
“GB Group has demonstrated significantly improved profitability and cashflow in the first half of the year compared to the same period last year,” said John Walker-Haworth, Chairman for GB Group.
“Our focus on the identity management market has enabled GB Group to lead this emerging sector and we consider that GB Group is well placed to address this growing market, which despite difficult market conditions, we believe has considerable revenue potential.”