(Sharecast News) - Location, identity and fraud software specialist GB Group reported an 11.4% improvement in revenue in its preliminary results on Thursday, after a year of "significant" strategic progress.
The AIM-traded firm said its adjusted operating profit was ahead 1.6% year-on-year for the 12 months ended 31 March, at £58.8m, while its adjusted operating profit margin narrowed slightly to 24.3%, from 26.6%.
Its profit before tax slid 36.8% to £21.7m, and diluted earnings per share were 48.9% weaker at 6.9p.
The company reported a deferred revenue balance of £58.8m at year-end, up 37.3% year-on-year, while net assets were 116.1% higher at £787.1m.
GB Group swung to net debt of £107m by the end of the period, from net cash of £21.1m at the end of the 2021 financial year.
Its board declared a final dividend of 3.18p per share, up 12.1% on the 3.4p distribution it made a year ago.
"I am proud of the team's performance this year, their focus on delivering critical digital identity solutions with a great customer experience underpins GBG's strong financial results," said chief executive officer Chris Clark.
"Our excellent customer advocacy and record team engagement scores highlight each team member's huge contribution towards achieving our success and delivering on the considerable potential in our markets.
"The acquisition of Acuant marks a powerful and complementary addition to GBG, accelerating our strategic progress and strengthening our leadership position in the identity verification and fraud markets."
At 1127 BST, shares in GB Group were down 16.02% at 411p.
Reporting by Josh White at Sharecast.com.
Gb Group (GBG)