GB Group’s (GBG) H116 results show strong performance in line with the October trading update. Group revenue rose 39%, aided by organic growth of 18%, with contributions from both of the group’s business segments. Normalised operating profit was up 21% after investing c £1.3m in product and business development capabilities, and diluted EPS after our notional 21% tax charge increased 19%. Revenue from international clients continues to rise strongly, now accounting for 26% of the group’s business up from 21% in H115. The balance sheet remains solid with £1.2m net cash.
