Investment summary

On 12 April GB announced it has expanded its electronic ID suite to incorporate Germany, Austria, Switzerland and the Netherlands – the group can now provide in-depth identity verification in 14 countries that represent 44% of global GDP. Last month, we increased our FY12 normalised EPS to 3.5p, up 0.5p after the very positive trading update that said GB expects to report a very strong set of results for FY12, achieved through organic and acquisitive growth. The group’s balance sheet remains robust, with £3.5m cash at 31 March 2012. We will review our FY13 estimate at the time of the group’s prelims in early June.

Last updated on 23/04/2012

Industry outlook

Growth in internet trading, regulatory pressure and the need for checks for money-laundering, age and anti-fraud are behind growing interest in increasingly complex and comprehensive verification of personal data. More and more companies are switching to electronic verification from manual (and expensive) methods.

Last updated on 23/04/2012