ID Verification Sales Going Well At GB Group

Published: Tuesday, April 15, 2008 Online-Casinos.com

ID VERIFICATION SALES GOING WELL AT GB GROUP

URU-provider racks up GBP15 million in revenues - up 17 percent


The UK identification verification firm GB Group has issued a positive trading update on its financial year ended 31 March 2007, reporting that revenues grew 17 percent to GBP15 million.

The company has continued to invest in technology and skilled staff over the year, offsetting the additional costs with strong growth in revenues.

CEO Richard Law says that the company has substantially improved its future prospects over the course of this year. Revenues for the year are expected to show good growth, up 17 percent at GBP15 million compared to the previous year. In addition, the firm has enhanced its DataAuthentication offering to its clients.

However, due to delayed recognition of revenues within the DataAuthentication business and other factors, the group expects to report a loss before tax of GBP1.2 million, approximately GBP 800 000 greater than the current estimates, for the year ending 31 March 2007.

Cash balances at 31 March 2007 are ahead of market estimates at GBP5.2 million, and trading is strong, with revenues for the year expected to more than double to GBP 4.8 million (2006: GBP 1.9 million). Contracted prepaid revenue deferred to future periods at 31 March 2007 was GBP 1.2 million and revenue recognised in the year is below market expectations by a similar amount.

The core DataAuthentication business has enjoyed strong growth and has excellent prospects, the trading update notes. From its inception in 2004, revenue has grown to a current monthly rate of approximately GBP 500 000 and contracted clients now number 154 including many of the leading businesses in Financial Services, Mobile Telecommunications and Gaming.

CEO Richard Law notes that: "This continues to be a business with real and substantial prospects and the directors are excited by the present opportunities."