Tribal earnings slip on pandemic hit to revenue

Wed, 17th Mar 2021

Education software provider Tribal swung to a full-year profit on lower one-off costs, though its underlying earnings fell on lower sales. Pre-tax profit for the year through December amounted to £8.5 million, compared to a year-on-year loss of £2.9 million owing to the cost of a 'platform dispute'. Revenue fell 6.6% to £782 million and adjusted operating profit fell 3.2% to £14.9 million. Tribal declared a final dividend of 1.2p, in addition to a previous one-off interim dividend of 1.1p, which replaced the cancelled 2019 proposed final dividend. 'We have entered the current financial year with increased levels of revenue visibility,' chief executive Mark Pickett said. The visibility, he said, was due to a strong sales performance in the latter part of 2020, a strengthened position in South East Asia market and product launches. 'The group has traded in line with Board expectations at the start of the year and we are confident in our ability to execute against our strategic roadmap,' Pickett said. Story provided by StockMarketWire.com

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