Identity specialist GB Group is targeting continued international expansion after announcing strong financial results.

The Chester-headquartered firm saw revenues climb 16 per cent to £37.5million, compared with £32.4m in the same period in 2015.

After-tax profit was down at £1.2m, compared with £2.3m in 2015, as a result of what the company termed “increased exceptional costs… relating to reorganisation costs and fees for the acquisition of IDscan”.

David Wilson, GBG finance and operations director, told BusinessCloud: “Internationalisation is key to growth. We have customers in 70 countries and we are winning more international clients.

“Our verification technology covers more than half the global population for the monitoring of potential money laundering activities.

“We brought in IDscan Biometrics this year to give us scanning capability and we have address intelligence in 190 countries… and fraud management software installed in 46 countries.”

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International revenues represented 31 per cent of group turnover compared to 26 per cent for the same period last year.

That was thanks to the signing of a number of global deals, including Barclays, Bank of Beijing and Rizal Commercial Banking Corporation, one of the Philippines’ largest banks.

Chief executive Richard Law said: “The group has continued to perform well and we have increased our identity data intelligence capabilities considerably through the acquisition of IDscan as well as with ongoing product development.

“Our expanded product range now incorporates elements of artificial intelligence and machine learning technology, enhancing our position at the forefront of technology innovation in our rapidly growing markets.”

GBG bought IDscan in July 2016 having acquired Loqate in April last year. It said both are performing well.

Wilson added: “Half of the world’s population is in Asia and the Pacific region, and we deal in information about people – so it’s very important to build our presence there.

“We are a product innovator and we also have an active pipeline of 40 [potential acquisitions] which we are monitoring which could bring innovation in from outside.”

Law will step down from the board in April 2017 after 14 years, with Chris Clark set to replace him. Clark is leaving his role as managing director for Experian UK and Ireland, Europe, Middle East and Africa.

“Chris was top of our list of candidates to replace Richard,” added Wilson. “He’s got a background in business development and sales and has run very large organisations.”

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