Shares in London-listed tech group GB Group jumped 11 per cent on Thursday morning after its interim trading results beat estimates.
The software company, which provides identity verification and location intelligence services, said first half revenue was around £137m, compared to £132.4m in the first half of last year.
This was slightly ahead of Peel Hunt’s £135.5m estimate. Adjusted operating profit grew 21 per cent year on year to £29m, two per cent ahead of the analyst forecast.
GB Group’s two largest divisions, identity and location, were together up 6.8 per cent on a constant currency basis.
When Dev Dhiman became chief executive at the start of the year, he outlined four focus areas: removing complexity; being globally aligned; driving a performance culture; and accelerating the pace of innovation.
“We have made encouraging progress in each of these areas,” he said today, “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 added.
The board reiterated its full year 2025 outlook. It expects to deliver mid-single-digit revenue growth on a constant currency basis, leading to high single-digit growth in adjusted operating profit.