GB pleased with start to new year

21st Jul 2010 16:13

Identity management company GB Group said the market for its services continued to grow in the company's first quarter covering the three months from 1 April.Group revenues increased 12% year on year to £5.6m from £5.0m the year before, while operating profit before tax jumped 92% to £0.26m from £0.14m. Cash balances at the end of June stood at £5.2m, barely changed from £5.3m a year earlier.The market for identity management has continued to show signs of improvement, while the data solutions business continued to show particularly good progress.The data authentication business showed underlying recovery compared to the previous quarter. A final dividend of 1.20p per share, an increase of 4.3% on last year's payment of 1.15p per share, will be proposed to shareholders at the Annual General Meeting to be held on 29 July 2010."We are pleased with our performance in the early months of the year but remain cautious principally because of the uncertainties surrounding consumer activity and cuts to public sector spending," the company said.