GB Group identifies a significant upturn

CUSTOMER monitoring software firm GB Group expects to swing to a pre-tax profit in the second half, thanks to "significant" revenue growth.

Pre-tax profit is expected to come to about 600,000 in the half-year compared to a loss of 600,000 previously on revenue up 45 per cent to around 11.5 million.

Results for the full year to the end of March, due to be released in May, are expected to show revenue growth of about 30 per cent to 19.4m and a "significant" narrowing of full-year losses to around 400,000.

The group, which has a market cap of 26.38m, said in a trading statement yesterday: "The group's investment in infrastructure and people, to continue the development of its electronic age and identity verification business, has continued." It added: "The substantial uplift in revenue from this business has more than offset these additional costs."

It said the outlook for the current financial year was positive, adding that it would lead the way in an emerging sector based on how businesses verify and manage the identity of their customers to minimise fraud and regulatory risk.