StockMarketWire.com - GB Group's international expansion and organic growth combined to drive a rise in profitability in the six months to the end of September.

Revenue grew by 40% year on year to £52.6m, of which 18% was organic, and adjusted operating profits increased by 101% to £10.4m.

The organic revenue growth included £3.5m from the sale of a perpetual licence to a leading European bank.

This was payable in full on signing and therefore was recognised in full under GAAP. Profits after tax were £2.4 million (2016: £1.2 million) after taking account of £6.6 million of costs associated with the amortisation of acquired intangibles, share-based payments and exceptional items (2016: £3.4 million). Of these costs, £5.7 million (2016: £2.6 million) were non-cash items.

Chief executive Chris Clark said: 'I am very encouraged by the progress we have made since April and by the fact that we are on track to meet market expectations for the full year.

'The group continues to perform well, demonstrating the strength of our business and the capability of our people globally.

'With the investments we have made in products, data and technology, we are confident of making further strategic progress in the second half of the financial year.'






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