GB Group proposes to move from the Full List to AIM to save costs and administration.

Identity management specialist GB Group proposes to move from the Full List to AIM to save costs and simplify administration.

The company, whose pre-tax profits slipped by £100,000 to £1.3 million in the year ending March on turnover down by £1.6 million to £22.2 million, says AIM is more appropriate to its size.

Chief executive Richard Law claims that an AIM quote will make it easier for GB, which he has built up into a leading provider of electronic identity verification and data capture, to accelerate revenue growth ‘organically and potentially through acquisition’. The company will use KBC Peel Hunt as its AIM nominated adviser and broker.

To help pursue its growth strategy, GB Group has recruited sector player David Rasche as a non-executive director. Rasche was formerly head of AIM-quoted insurance software concern SSP, which he steered to a successful sale to a private equity group.

Shares in GB Group have risen from 17.5p to 26.25p over the past year, valuing the company at £22.45 million.