GB Group profit marginally ahead of forecasts

13th Jul 2009 07:31

Identity management specialists GB Group said interim pre-tax profit was marginally ahead of the same period last year, adding its prospects remain good.Profit before taxation stood at £135,000 for the interim period to 13 July 2009 compared with £41,000 the same time a year earlier. Revenue for the period fell to £5m from £5.7m in 2008 after a one-off settlement of £0.4m for licence arrears. Underlying revenue from operations were £0.3m lower than the same period last year. Cash balances were £5.3m at 30 June 2009, up from £4.5m previously ended 31 March 2009.Like-for-like demand for GB services has been lower in the early months of this year compared to last year, it said in a company statement. "The impact of this has been partially offset by gaining new customers and strong business efficiencies," it added."Our prospects remain good and this is reflected in the proposed increase to this year's final dividend." The board has recommended a 15% increase in the final dividend to 1.15p per share.