14th Mar 2014 09:08
LONDON (Alliance News) - Tribal Group PLC Friday reported an increase in profit and revenue for 2013, boosted by its systems division.
The company, which provides technology-enabled solutions to international education, learning and training management markets, posted pretax profit of GBP13.5 million for 2013, up from GBP10.0 million, as revenue rose 8.7% to GBP125.5 million, from GBP115.4 million a year earlier.
Adjusted revenue, which excludes revenue from closed businesses in 2012 of GBP2.0 million, rose to 11% to GBP125.5 million from GBP113.4 million, underpinned by organic growth in the systems business of 16%, primarily resulting from strong performance in international markets.
The solutions business which grew 4%, also boosted revenue, following the GBP7.5 million acquisition of market research firm i-graduate. It posted revenue of GBP61.6 million, from GBP59.3 million
However, Tribal warned that the UK market in which the solutions business predominantly operates has remained relatively quiet, and comparatively it continues to present fewer growth opportunities than the systems business
Financially, net debt fell to GBP4.6 million, from GBP9.9 million.
Tribal said its total forward order book at the end of December was down 24% to GBP127 from GBP168 million.
However, the company said: "Our order book relates to business we will deliver over the next five years, but includes only two years of software maintenance income. The year-on-year movement primarily reflects the maturity of our Ofsted inspection contracts."
Post the year end, Tribal acquired Australian cloud-based student management systems firm Sky Software Pty Ltd, for AUD4 million.
The company raised its dividend to 1.10 pence from 0.85 pence making a total dividend of 1.60 pence up from 1.25 pence.
Tribal shares were down 3.3% at 194.32 pence early Friday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Tribal Grp.