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Tribal's loss

By BFN News | 07:29 AM | Wednesday 16 March, 2016

Tribal Group has widened its FY statutory pretax loss to GBP47.3m, from a loss of GBP6.3m. Revenue was GBP106.7m, from GBP123.7m. It has also proposed a 1-for-1 rights issue at 22p to raise GBP21m. The fully underwritten rights issue is subject to shareholder approval. This and last month's Synergy disposal were hoped to restore Tribal's balance sheet. Meantime, no final dividend was recommended, but a progressive policy remained in place once financial performance returned. Tribal's FY dividend was thus 0.7p, from 1.8p. CEO Ian Bowles said 2015 was a challenging year for Tribal. "However, following my recent appointment, I have now had the opportunity to take an early look at the opportunities available to the Group. "Tribal serves a strong installed software customer base including many leading universities and colleges, and its services are used by high profile institutions and government agencies around the world. "The proposed Rights Issue and disposal of Synergy will significantly strengthen our balance sheet, enabling us to look to the future with confidence. "We must now bring greater focus to ensure we deliver value for our customers, enhance our operational efficiency, target our investment programmes to enable our long term success and drive returns for shareholders." Story provided by

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