Tribal Group PLC Trading Statement (4009D)
28 Ottobre 2020 - 08:00AM
UK Regulatory
TIDMTRB
RNS Number : 4009D
Tribal Group PLC
28 October 2020
28 October 2020
Tribal Group plc
("Tribal" or "the Group")
Trading Update and Dividend Reinstatement
Tribal (AIM: TRB), a leading provider of software and services
to the international education market, today provides an update on
trading for the year ending 31 December 2020 ("the Year") and
information regarding the reinstatement of the dividend.
The Group has performed well in the second half of the Year to
date. Despite sales cycles being protracted as a result of the
pandemic, the Group has recently announced two contract wins, with
universities in the UK and Australia, and contract implementations
continue to progress well. As a result of the uplift in revenue
from the two new contracts, the ongoing benefit of cost reduction
measures introduced at the start of the COVID-19 pandemic, the
increased efficiency of the remote delivery of Professional
Services and Education Services, and the strength of the Group's
recurring revenue model, the Board now anticipates reporting
profits for the Year comfortably ahead of current market
expectations (1) , at approximately GBP14.8m adjusted EBITDA(2) and
GBP11.5m adjusted EBITA. Total revenue is expected to be in the
region of GBP72m. Annual Recurring Revenue has increased to
GBP44.5m.
The Group retains a strong balance sheet, with a net cash
position as at 23 October 2020 of GBP11.2m. The positive trading
has enabled the Group to repay all furlough benefits received
(approximately GBP80k) and all temporary tax deferrals.
The Board believes it is appropriate to reinstate a dividend and
has resolved to pay an interim dividend of 1.1 pence per share,
being the same level as that paid in 2019. The dividend is expected
be paid on 8 December 2020 to shareholders on the register as of 6
November 2020.
Mark Pickett, CEO of Tribal Group, commented: "During the third
quarter, we have continued to make positive progress against our
strategic objectives, winning new customers, retaining and growing
our existing customers, while investing in the transition of our
offerings to the cloud. The has resulted in a good trading
performance and Annual Recurring Revenue has increased to GBP44.5m,
due to continued focus on SaaS and Tribal:Cloud sales.
"We are pleased to have paid back all government support
received during the COVID-19 period and to reinstate our dividend.
I would like to thank all of our team for their continued hard work
and commitment to Tribal and our customers through this difficult
time.
"Our priorities for the remainder of 2020 are to continue to
protect the business from the impact of COVID-19, win new
customers, retain and grow existing customer relationships, and
deliver on the Tribal Edge strategy.
"Never has the need for cloud-based solutions for the Education
market been more pressing. The investments we have made position us
at the forefront of this evolution in our industry, providing for
an exciting future for Tribal."
(1) In so far as the Board is aware, prior to this announcement,
market expectations for the year ending 31 December 2020 were for
revenue of GBP72.1m, adjusted EBITDA of GBP13.7m and adjusted EBITA
of GBP10.5m.
(2) Adjusted EBITDA is in respect of continuing operations
excluding restructuring costs, share based payments and
amortisation of acquired (IFRS3) intangibles.
Tribal Group plc Tel: +44 (0) 117 311 5293
Mark Pickett, Chief Executive Officer
Paul Simpson, Acting Chief Financial
Officer
Ken Lewis, Company Secretary
Investec Bank plc (NOMAD & Joint Tel: +44 (0) 20 7597 5970
Broker)
Sara Hale, Virginia Bull, Will Godfrey
N+1 Singer Capital Markets Limited Tel: +44 (0) 20 7496 3000
(Joint Broker)
Shaun Dobson, Tom Salvesen, Alex
Bond,
Alma PR Tel: +44 (0)203 405 0205
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.
This Statement has been prepared for and is addressed only to
our shareholders as a whole and should not be relied on by any
other party or for any other purpose. Tribal, its directors,
employees, agents or advisers do not accept or assume
responsibility to any other person to whom this Statement is shown
or into whose hands it may come and any such responsibility or
liability is expressly disclaimed. This Statement may contain
forward-looking statements. Any forward-looking statement has been
made by the directors in good faith based on the information
available to them up to the time of approval of this Statement and
should be treated with caution due to the inherent uncertainties,
including both economic and business risk factors, underlying such
forward-looking information. To the extent that this Statement
contains any statement dealing with any time after the date of its
preparation, such statement is merely predictive and speculative as
it relates to events and circumstances which are yet to occur and
therefore the facts stated and views expressed may change. Tribal
undertakes no obligation to update these forward-looking
statements.
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