Tribal Group PLC Year End Trading Update (4131U)
January 18 2017 - 2:00AM
UK Regulatory
TIDMTRB
RNS Number : 4131U
Tribal Group PLC
18 January 2017
18 January 2017
Tribal Group PLC
("Tribal") or "(the Group")
Year end trading update
Tribal Group PLC is pleased to announce that, following a good
second half, the Board anticipates that Group revenues will be in
line with its expectations for the year to 31 December 2016 and the
performance of the Group will be materially ahead.
The outperformance has been driven by QAS, I-Graduate and more
effective cost control as a result of the measures implemented by
the Board and executive management following its review of the
Group's strategy and operations. These measures included a new more
efficient Group operating model and organisational structure, a new
product strategy, as well as a refreshed management team.
Annualised cost savings of GBP8.5m have been delivered by the year
end and further efficiency savings are expected in 2017.
During the year sales in Higher Education regained the momentum
lost in 2015, with an excellent tender success rate; this momentum
has continued into 2017 with Tribal already securing preferred
bidder status with two new Higher Education clients, including an
additional Russell Group University.
Tribal enjoyed a strong end to the year in Further Education and
QAS returned a good performance, including the successful
retendering of the National Centre for Excellence in the Teaching
of Mathematics contract held since November 2005.
The Group's balance sheet remains strong following the fund
raising and sale of the Synergy business early in the year. The
Group ended the year with GBP8.8m of cash, up from the GBP5.7 at
the end of the half year.
The Group expects to announce its full year results on 30(th)
March 2017.
Ian Bowles, Chief Executive, commented:
"I am pleased with the progress Tribal is making. Our team has
responded well to the strategic and operational changes we have
introduced during the year and our new product strategy has been
very well received by our customers. These initiatives and our
strengthened balance sheet position the Group increasingly well to
take advantage of its international market, and I am confident of
continued progress in 2017."
This announcement contains inside information.
Ends
For further information please contact:
Tribal Group plc Tel: 0117 311 5293
Ian Bowles, Chief Executive
Mark Pickett, Chief Financial
Officer
Weber Shandwick Financial Tel: 020 7067 0700
Nick Oborne
Tom Jenkins
Investec Bank plc Tel: 020 7597 4000
Rowena Murray
Sara Hale
Daniel Adams
N+1 Singer Capital Markets Tel: 0207 496 3000
Limited
Shaun Dobson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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