GB Group's shares fall on sluggish GOV.UK Verify roll-out
By Andrew Schonberg
Date: Thursday 20 Oct 2016
(ShareCast News) - Shares in GB Group are down more than 12% after it reported a slower than expected roll-out of the GOV.UK Verify project, and despite expressing a confident FY outlook.
It said first-half trading was robust with revenue of £37.5m, up 16% on the year.
Organic growth was about 9%, which would have been higher but for the roll out the GOV.UK Verify project across central Government departments being slower than originally forecast by the Government Digital Service.
Directors said that overall the business had continued to perform well in the first six months of the financial year.
They expected to report profits for the period in line with expectations. An adjusted operating profit of at least £5.0m was anticipated, from £4.5m previously.
"The market opportunities for our identity data intelligence products remain compelling and we are well positioned to take advantage of them," the company said.
"The Board remains confident in the outlook for the full year."
At about 14:44 BST, shares in GB Group were down 12.74% to 279p.
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