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Tribal returns to profit and dividends

By BFN News | 08:53 AM | Thursday 22 March, 2018


Tribal, a provider of software and services to the international education management market, returned to a statutory profit of £2.6m in 2017, from a loss of £1.2m the year before. Adjusted operating profit rose 82% to £8.5m on revenue of £84.9m, down from £90.3m a year ago. During the year, the group secured significant new contract wins in the higher education sector, including Sheffield University and Glasgow Caledonian University in the UK, and its third win in Malaysia, at the University of Malaya. It also finalised a AUD$27.5m (approx. £16.8m) four-year extension to the Callista contract, which provides student information systems to 11 Australian universities. Annual recurring revenue increased by 5% to £37.5m. The company is returning to dividend payment with the board recommending 1p per share dividends to be paid annually going forwards. Ian Bowles, chief executive, commented: "I am very pleased with the 2017 results as they clearly demonstrate that the changes driven by management are having the positive impact anticipated. Representing 22 months of a three year turnaround, it is my view that we are very much on track. Our customers, partners and the broader team at Tribal are seeing the benefit of a clear long-term strategy and commitment to the education sector." At 8:53am: (LON:TRB) Tribal Group PLC share price was +2.7p at 80.7p Story provided by StockMarketWire.com

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