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Tribal Group returns to profit

By BFN News | 07:19 AM | Thursday 07 September, 2017

Tribal Group reported a return to profit of £4.2m in the first half of 2017. The company also said it had a good first half performance and its full year expectations were unchanged. OPERATIONAL HIGHLIGHTS: - Underlying revenue growth of 8%; underlying annually recurring revenue growth of 4.6% - Total cumulative annualised cost reductions of £11.8m from start of programme in 2016, of which £2.8m additional annualised cost reductions achieved in first half of 2017 - Significant contract wins across all business units, including contracts closed at University of Sheffield and University of Malaya, and new QAS contracts in Middle East - Completed acquisition of intellectual property from Wambiz, part of next generation Student Information System, branded as Tribal Edge FINANCIAL HIGHLIGHTS: - Adjusted operating profit increased to £5m (H1 2016: £0.7m) - Statutory profit increased to £1.6m (H1 2016: loss of £2.6m) - Positive earnings per share of 0.8p (H1 2016: loss of 1.8p) - Operating cash flow lower due to the end of the Ofsted "Early Years" contract and invoicing of new contract wins at the end of the period CEO Ian Bowles commented: "I am pleased with the progress we have made since my appointment, demonstrated in the H1 2017 results where, on a like-for-like basis, our revenues have grown by 8% with a significant improvement in profitability. "Our expectations for the full year are unchanged and we look to the future with confidence." Story provided by

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