GB Group appoints Linford non-executive director; posts widening first half losses

Source: GB Group

The Board of GB Group is very pleased to announce that it has appointed Dick Linford as a non-executive director of the Group with effect from 28 November 2006.

Dick who is aged 54, was until recently Chief Financial Officer at News International, a post which he held for 11 years. Prior to this he was Director of Finance at BSkyB. As part of his responsibilities as the CFO of News International, Dick was also a director of the Wireless Group plc and British Sky Broadcasting Group plc.

Dick is a Fellow of the Chartered Institute of Management Accountants and holds a Masters Degree in Business Administration from Boston University.

Commenting on Mr Linford's appointment, John Walker-Haworth, GB Group's Chairman, said: "I am very pleased to announce the appointment of Dick Linford to the Board. His experience, achievements and knowledge will be extremely beneficial to GB Group. My Board colleagues and I welcome the opportunity to work with Dick and look forward to the contribution that he will make to the achievement of the Group's strategy and objectives."

In accordance with paragraph 9.6.13 of the Listing Rules, it is confirmed that there are no additional details to be disclosed in relation to Dick Linford.

Separately, GB Group announced Interim Results for the six months ended September 2006.

The main highlights are as follows:
  • Group revenue increased by 18% to £7.0 million (2005: £5.9 million) due to increased sales in DataAuthentication which provides online age and identity verification solutions.
  • DataAuthentication revenues increased to £2.5 million (2005: £0.9 million).
  • Investment phase in DataAuthentication in the UK is now nearing completion and this business should be cash generative, ahead of schedule, in the final quarter of this financial year.
  • DataAuthentication currently has 138 clients compared to 114 in July.
  • 4 of the top 5 retail banks now have URU either under evaluation or installed in one or more of their divisions. Financial Services sector is now our largest sector.
  • GB is leading the market in the delivery of online data capture services to addressress competition in its traditional business areas.
  • Group loss before tax was £637,000 (2005: £183,000), which included £500,000 increased investment to support growth plans for Data Authentication in the UK and overseas.
  • Cash balances at 30 September were £6.1 million (2005: £6.4 million).
  • Dick Linford has been appointed as a Non-Executive Director.

John Walker-Haworth, Chairman, commented: "The Group's revenue performance during the final half of the financial year was ahead of our expectations and the Board continues to be excited by the future prospects for the Group."

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