Finance

Half-year revenue rise for ID verification firm as it toasts £547m acquisition

An identity verification specialist has reported a rise in its half-year revenue days after announcing the acquisition of a US counterpart in a deal worth £547m.

Chester-headquartered GB Group (GBG) has posted a revenue of £109.2m for the six months to the end of September 2021, up from the £103.5m it reported for the same period in 2020.

The group’s pre-tax profits dipped slightly from £14.9m to £14.4m, according to the figured filed with the London Stock Exchange.

READ MORE: ID verification specialist GBG wipes out debt as revenue and profits jump

The update comes after GBG snapped up identity verification and KYC/AML compliance provider Acuant.

Chief executive Chris Clark said: “I am extremely pleased with these results and the significant progress we have made strategically.

“These results reflect both the considerable potential in our markets and the commitment and expertise of our highly motivated team at GBG.

“Our goal is to be the global leader in location, identity and identity fraud solutions and the professionalism and hard work of the GBG team has helped us make significant advances this year.

“I am particularly proud that despite so many outside challenges on our people we maintained our focus on engagement and we continue to be recognised as a great place to work.

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“We have strengthened our leadership position in our markets both organically and also, post half year end, by adding new customers, technology and people through welcoming Acuant to the GBG family.

“I am excited by the potential Acuant unlocks for the group, this combination accelerates our strategic progress by some two years and strengthens our solution set addressing the fast-growing problem of identity fraud.

“Looking to the rest of this year we are focussed on executing our plans, optimising the considerable assets now at our disposal and delivering exceptional value to our customers, opportunity to our team members and long-term value to our shareholders.”

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