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Tribal Group warns on FY

By BFN News | 07:17 AM | Monday 19 October, 2015

Tribal Group expects its revenues for the current year to be lower than the prior year, and that its operating profits will be significantly below the company's previous expectations. "In recent years Tribal has been successful in winning large software projects in our chosen markets," the company said in a statement. "The expectations of our larger customers continue to evolve and attract the interest of new competitors, and our success in winning large contracts remains difficult to predict. "At the same time, despite being well positioned in the market, the focus on our larger customers has resulted in Tribal being less successful in building a pipeline of medium-sized and smaller opportunities to complement these large deals. "We have also seen the extension of certain large customer programme timelines, which has resulted in the deferral of revenue and higher project delivery costs. "The Board initiated a review of the Group's operations in the summer. Despite implementing initiatives to drive sales and increase our operating efficiency, we have been impacted by the more difficult trading environment. "We are strengthening our sales leadership, fundamentally reviewing of our sales priorities and processes, and better aligning our cost base with our ongoing activities. "The process to appoint a new Chief Executive is advancing well, and an update will be provided in due course." Story provided by

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