GBG has impressive Q3

30th Jan 2012 10:01

Identity management specialist GB Group impressed investors today, saying it expected full year results would be "at least in line with current market expectations".The firm said it had seen a very encouraging progress in the three months to the end of 2011.Group revenues increased by 20% to £21.2m in GB's third quarter, compared to the same period of 2010.The lion's share of this rise was due to acquisitions; when this income was excluded, revenue rose by 7% to £19.0m, the company said. Operating profit for the period doubled to £2.4m compared to the previous year, while excluding the effect of acquisitions, operating profit increased by 84% to £2.2m."The strong operational performance reported in the first half has continued and the acquisitions have all integrated well," said Richard Law, the group's Chief Executive Officer."I am excited about the future prospects for GB Group and the board remains very confident for the outcome for the year."The firms shares rose 3% following the announcement.