GB Group H1 operating revenues and adjusted profits grow

20th Oct 2022 08:54

(Sharecast News) - Software firm GB Group said it had delivered interim operating revenue and adjusted operating profit growth on Thursday despite battling against "tough" prior period comparatives.

GB expects to post revenues of £133.8m for the six months ended 30 September, up from £109.2m in the prior period, representing growth of approximately 22.5%.

The AIM-listed group stated growth was partly driven by contributions from the recently acquired Acuant and Cloudcheck businesses, which "more than offset" high comparatives that included an £8.8m benefit from Joe Biden's stimulus project and cryptocurrency trading.

GB also stated that its adjusted operating profit margin in the first half was approximately 21% and that it expects margins to further improve in the second half as it closes a number of major opportunities in its pipeline.

Looking ahead, GM added that full-year expectations remained unchanged and that it was "highly confident" in long-term opportunities ahead.

As of 0855 BST, GB shares had sunk 10.35% to 386.20p.

Reporting by Iain Gilbert at Sharecast.com