16th May 2014 11:19
LONDON (Alliance News) - Tribal Group PLC said Friday that it remained confident of its medium and long-term growth prospects, and noted its profits would be more heavily weighted towards the second-half of the year compared to 2013, in a statement ahead of its annual general meeting.
The education technology company had an order book of GBP113 million, as at April 30, down from GBP127 million at the end of 2013 as its Ofsted inspection contracts matured. Its net debt was GBP13.4 million as at the same date, up from GBP4.6 million, due to its acquisition of Sky Software Pty Ltd in March.
Tribal said that as a result of the timing of some contract closures and software installations, its profits would be second-half weighted.
In the higher education market it saw good momentum, signing a contract extension with the University of Kent, and working on projects with Anglia Ruskin University and St Andrews University.
Outside of the UK it also won a contract with the University of South Africa, which it said secured its market entry in the region.
In the vocational learning market, it continued its work with the New South Wales Student Administration and Learning Management development programme. Sky Software performed in line with expectations since its acquisition, winning a contract with Griffith University in Australia.
"The early months of the year have seen continued encouraging progress," said Chief Executive Keith Evans in a statement.
Shares in Tribal were trading down 6.6% at 184.63 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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