GB Group H1 operating revenues and adjusted profits grow
GB Group
317.80p
14:29 09/05/24
Software firm GB Group said it had delivered interim operating revenue and adjusted operating profit growth on Thursday despite battling against "tough" prior period comparatives.
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GB expects to post revenues of £133.8m for the six months ended 30 September, up from £109.2m in the prior period, representing growth of approximately 22.5%.
The AIM-listed group stated growth was partly driven by contributions from the recently acquired Acuant and Cloudcheck businesses, which "more than offset" high comparatives that included an £8.8m benefit from Joe Biden's stimulus project and cryptocurrency trading.
GB also stated that its adjusted operating profit margin in the first half was approximately 21% and that it expects margins to further improve in the second half as it closes a number of major opportunities in its pipeline.
Looking ahead, GM added that full-year expectations remained unchanged and that it was "highly confident" in long-term opportunities ahead.
As of 0855 BST, GB shares had sunk 10.35% to 386.20p.
Reporting by Iain Gilbert at Sharecast.com