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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
-
Cash hoarders take total UK savings to £2 trillion – why aren’t we investing?Investment-shy Brits are hoarding huge amounts of cash in their savings accounts. We look at the case for saving versus investing.
-
The MoneyWeek Christmas Charity Appeal: who are we supporting and how to donateThis year MoneyWeek is supporting YoungMinds, tackling mental health for children and young people. Here’s why we are partnering with YoungMinds and how you can help.
