AGM Trading Statement

RNS Number : 6520W

Tribal Group PLC

27 April 2021

 

27 April 2021

Tribal Group plc

("Tribal" or "the Group")

AGM Trading Statement

Tribal (AIM: TRB), a leading provider of software and services to the international education market, is pleased to provide an update on trading ahead of its Annual General Meeting taking place at 9.00 a.m. today. 

Current Trading

Tribal has had a positive start to the year, maintaining the sales momentum it enjoyed in the second half of 2020 and making good progress towards our goal of becoming a pure-play education technology 'SaaS' company. We remain focused on winning new customers, the migration of existing customers to the Tribal Cloud, the delivery on our second native cloud-based Tribal Edge module, and growth of Annual Recurring Revenue (ARR). Trading has continued to be buoyant, as flagged at the time of the Preliminary Results in March, and the Group is currently trading in line with expectations.

Product Expansion and Customer win

We continue to make positive progress on our product expansion strategy, t o provide complete, integrated Student Information Systems managed in the public cloud, covering the complete student journey, from pre-admission through to graduation . Our customers are increasingly taking products as a managed service in the public cloud and planning migration to our cloud-native Tribal Edge modules as they are released.

We are pleased to announce that the Group has recently secured a new £2.4m SITS contract, including Tribal Cloud with a UK university. The contract is for an initial 5 year period, with an option for the client to extend to 15 years and has an ARR value of approximately £0.2m per year.

The development of our second Tribal Edge module, Tribal Edge Admissions, is progressing as expected and has been well received by the market. It remains our intention to officially launch Edge Admissions by July 2021.  

Semestry Acquisition

We were delighted to announce earlier this month, the acquisition of Semestry Limited, adding cloud based Scheduling and Timetabling capability to our Tribal Edge ecosystem software. The acquisition will provide additional cross and upsell opportunities, expanding our addressable market in the UK, Australasia and South East Asia, as well as in other markets as Tribal drives the adoption of Tribal Edge products in new geographies. Initial discussions with existing Tribal customers have been extremely positive and we anticipate good levels of uptake of these new modules.

We continue to see an influx of new opportunities entering the sales pipeline across both existing and new customers, validating Tribal's strategy and providing the Board with confidence  in the continued strong performance of the business.

Tribal Group plc	Tel: [phone]
Mark Pickett, Chief Executive Officer
Paul Simpson, Acting Chief Financial Officer
Investec Bank plc  (NOMAD & Joint Broker)	Tel: [phone]
Sara Hale, Virginia Bull, Will Godfrey
N+1 Singer Capital Markets Limited  (Joint Broker)	Tel: [phone]
Shaun Dobson, Tom Salvesen, Alex Bond
Alma PR	Tel: [phone]
Caroline Forde, Robyn Fisher, Josh Royston, Molly Gretton

About Tribal Group plc

Tribal Group plc is a pioneering world-leader of education software and services. Its portfolio includes Student Information Systems; a broad range of education services covering quality assurance, peer review, benchmarking and improvement; and student surveys that provide the leading global benchmarks for student experience. Working with Higher Education, Further and Tertiary Education, schools, Government and State bodies, training providers and employers, in over 55 countries; Tribal Group's mission is to empower the world of education with products and services that underpin student success.

 

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