Business
AGM and IMS
AGM and IMS.
About this update from Gb Group Plc
[{"type":"text","content":"\n RNS Number : 1441Z GB Group PLC 16 July 2008 \n \n\n16 July 2008\nGB Group PLC\n('GB', 'Group' or 'the Company') \n\nAGM AND FIRST QUARTER INTERIM MANAGEMENT STATEMENT\n\nGB, the UK's leading identity management business, will hold its Annual General Meeting in Chester today at 11 a.m. At that meeting, the following update will be given on the Group's trading performance after the first quarter of the new financial year.\n\nThis update also serves as the Interim Management Statement of the Company for the period 1 April 2008 to 16 July 2008 in line with the UK Listing Authority's Disclosure and Transparency Rules.\n\nTrading Update\n\nThe Group has continued to trade well during the first quarter ended 30 June 2008. Highlights for the quarter were as follows:\n\n\n\nGroup revenues rose 57% to £5.75 million compared to £3.67 million in same period last year. This revenue included a one-off settlement for licence arrears ('Settlement') of £350,000 and, therefore, revenues from operations conducted during the period were £5.40 million, 47% ahead of the same period last year.\n\n\n\n\n\nGroup profit before taxation, excluding the effect of the Settlement, was £41,000 compared to the first quarter loss of last year of £665,000. Group profit before taxation including the Settlement was £374,000.\n\n\n\n\nExcluding the Settlement, the year-on-year improvement in revenue and profitability was £1.73 million and £706,000, respectively. This illustrates the favourable effect of operational gearing since the Group became profitable in the second half of the last financial year.\n\n\n\n\nCash balances at 30 June 2008 were £5.0 million (March 2008: £4.31 million). This is before the payment of the proposed final dividend of 1p per share, an increase of 33% on last year's payment of 0.75p per share.\n\n\n\nCommenting on the results GB's CEO Richard Law said:\n\n'GB's focus on the identity management market has enabled the Group to lead in an emerging sector, which has all the appearances of showing substantial and sustained growth. The ability to prove age and identity electronically and subsequently to manage customers effectively over the internet is a prerequisite for every on line b...