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Equity Bottom-Up

<p>GB Group&#8217;s trading has remained robust in H1. Backing out a &#163;3.5m perpetual licence, underlying organic growth was 12%, consistent with our FY estimates and last year. We leave our estimates unchanged, although the perpetual licence will mean that the year will be less significantly H2 weighted than usual. A strong recurring revenue profile (c 70% in FY17), robust organic growth prospects and an accretive acquisition strategy all justify a premium rating. </p>

GB Group&#8217;s trading has remained robust in H1. Backing out a &#163;3.5m perpetual licence, underlying organic growth was 12%, consistent with our FY estimates and last year. We leave our estimates unchanged, although the perpetual licence will mean that the year will be less significantly H2 weighted than usual. A strong recurring revenue profile (c 70% in FY17), robust organic growth prospects and an accretive acquisition strategy all justify a premium rating. 

Robust H1, short-term boost from licensing

GB Group PLC

Robust H1, short-term boost from licensing