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(Alliance News) - GB Group PLC on Thursday said its Chair David Rasche will step down in September as the company posted a lower annual profit following the purchase of identity verification provider Acuant in November 2021.
Pretax profit in the financial year ended March 31 fell to GBP21.7 million from GBP34.2 million a year ago, the Chester, England-based identity data intelligence firm said. Revenue rose to GBP242.5 million from GBP217.7 million.
GB Group shares were 9.6% lower at 442.63 pence each in London on Thursday morning.
Statutory profit is down as the company bought Acuant for GBP555 million in November. Adjusted operating profit climbed 1.6% to GBP58.8 million from GBP57.9 million a year ago.
The firm proposed a final dividend of 3.81 pence per share, up from 3.40p a year ago.
GB Group said it sees "sustainable growth opportunities" and is confident in its ability to capitalise on these given "the significant strategic progress of the last few years and additional capability presented by the acquisition of Acuant."
"In financial year 2023 we will continue to manage the business tightly through the current climate of rising inflation and interest rates," the company cautioned.
Meanwhile, Chair David Rasche will be replaced as chair by Richard Longdon on September 1. Rasche will stay with the board until September 30 for an orderly transition, GB Group explained.
Incoming Chair Richard Longdon was the Chief Executive Officer of Cambridge-based technology consulting firm AVEVA Group PLC for 17 years.
By Tom Budszus; tombudszus@alliancenews.com
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