Tribal Positive Trading Update
Tribal Group PLC
Positive trading update
We are pleased to announce a positive trading update in respect of our financial year ending 31 December 2017.
Following positive trading momentum, Tribal's Board anticipates that revenues will be slightly ahead of expectations and the financial performance of Tribal will be materially ahead.
The outperformance has been driven by continued and effective cost control and a balanced improvement across all lines of business. The new efficient operating model and organisational structure introduced in 2016 is working effectively. The new product strategy in the Higher and Further Education sectors has been well received by customers and prospective customers, supporting sales momentum in both sectors. QAS has once again performed well and i-graduate revenues will be broadly in line.
Tribal's balance sheet remains strong, with no long-term debt. As previously indicated, we anticipates ending the year with a larger cash balance than reported in 2016.
We expect to announce full year results in March 2018.
Ian Bowles, Chief Executive, commented:
“I am pleased with the continued progress Tribal is making. Although our end markets face certain challenges, such as Brexit and funding, I remain confident that our team, applications and services will continue to be in demand and I look forward to continued progress in 2018.”
The information contained within this announcement is deemed by Tribal Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. The full release can be found in our Investors area here.