MIDAS SHARE TIPS UPDATE Boss boosts our tip GB Group 165

MIDAS SHARE TIPS UPDATE: Boss who knows half the world boosts our tip GB Group 165%


GB Group is another firm making hay from the IT boom. Using clever software to sift through data that is publicly available, it helps governments and firms ensure people are who they say they are.

Recommended by Midas in February 2013 at 92¼p, the shares have soared to 244p as the firm has expanded globally with customers ranging from Harrods to the NHS to Ikea. And brokers believe the stock has further to go.

Using electoral rolls, utility bills and driving records, chief executive Richard Law says he can verify the identity of half the world’s population quickly and simply online.

GB Group client: Harrods uses the firm's software to help foreign customers send parcels home

GB Group client: Harrods uses the firm's software to help foreign customers send parcels home

The NHS uses this to make sure it does not hire criminals. Harrods uses it to help foreign customers send parcels home and gambling websites use it to make sure customers are not underage and genuine.

Results for the year to March 2015 revealed a 15 per cent rise in turnover to £42 million, and a 14 per cent profit rise to £4 million.

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In a half-year trading update next week, analysts forecast full- year turnover will rise to £57 million, with the dividend rising to 1.9p.

Midas verdict: Investors have seen a 165 per cent return in the past two years and would do well to sell 30 to 50 per cent of their stock to lock in gains. Keep the rest as Law is clever, ambitious and working in a sector with huge growth prospects.

> Midas share tips: Redcentric helps firms make more of the internet 

TOP DIY INVESTING PLATFORMS Logo L&C Low 0.2% funds fee £4.95 fund dealing Logo L&C 5 'free' share deals New client offer Logo L&C £80 flat annual fee Fees back in trades Logo L&C Free fund dealing £7.50 share dealing Logo L&C £2.50 share dealing 0.24% annual fee Read more: GB Group PLC Share Price | This is Money

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