Following a significant investment in new online products and services, GB Group, the Chester, UK-based data and identity specialist, has unveiled pre-tax profits of £74,000 in the third quarter, compared to a loss of £300,000 in the prior-year period.
GB, which has expertise across a range of sectors and whose technology enables companies to combat identity fraud, said group revenues increased by 45 per cent to £4.8m in the three months ended December 31, 2007.
Revenues from the company’s identity verification business, DataAuthentication, doubled to £2m compared to the comparable period in 2006, while DataIntegrity and DataSolutions, providers of identity based marketing services, generated revenues of £2.8m, an increase of 27 per cent on the previous year.
GB said the news represented an "important milestone" for the business. Commenting on the announcement, CEO Richard Law said: "The group has continued to move towards the online delivery of its solutions, all of which address the issues increasingly faced by businesses in relation to the identity of their customers, in particular identity fraud."
GB’s share price grew 3.5 per cent to 29.25p, raising the company’s market value to almost £25m.
