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Arbuthnot Securities maintained its "buy" stance on Tribal (TRB), with a target price of 100p. The education group has been under new management for nearly a year and the broker is impressed with its transformation. Arbuthnot notes that balance sheet has been improve - with net debt of 16 million pounds as at 31st December 2011 - and approves of the disposal of the firm's struggling businesses, allowing it to focus on its two core products.
Arbuthnot initiates buy on Tribal Group, target price 100p.
Shore Capital reiterated its "buy" recommendation for Tribal (TRB) following the education group expecting significantly higher pre-tax profits than previously forecast. With the conclusion of its restructuring programme, the broker expects to see a more stable balance sheet, allowing for further investment in sales and business development. With higher expected free cash flows Shore also expects to see a faster rate of debt reduction. Tribal shares dropped 1.25p to 60p.
AUCTION 62.50
and still she climbs
Tribal Group - Buy - 13-Jan-12 £16,999.01 Steve Breach 30,662 @ 55.44p
Tribal Group - Buy - 13-Jan-12 £20,398.88 Steve Breach 36,881 @ 55.31p
Tribal Group - Buy - 13-Jan-12 £96,994.76 Keith Evans 167,811 @ 57.80p
Excellent day for TRB yesterday - up21+%at finish
+14.47%
.....................and adjusted profit before tax for the year ended 31 December 2011 will therefore be significantly ahead of the Board's previous expectations....................Looks like a good day here with that statement and the encouraging positive tone of the RNS
Financial position We have focussed closely on improving working capital management across the Group, and net debt at the end of December 2011 was £16m (1 January 2011: £19m). The Group's bank facilities total £40m, of which £30m is committed until 2015. Outlook The year ended 31 December 2011 has been a period of considerable change for Tribal. The Group has emerged with a stable financial platform and a streamlined organisational structure. As a result, Tribal is now well positioned to take advantage of opportunities to support education and training providers in the UK and internationally as they seek to adapt to changing market conditions. Our committed income at 31 December 2011 was £178m (31 December 2010: £186m), and continues to provide good underpinning to our revenue expectations for 2012 and beyond. International demand for our technology products and services continues to grow and the benefits of our cost reduction programmes are now embedded across the Group. Whilst mindful of continuing uncertain macro-economic conditions, we now plan to increase investment in our sales and business development capabilities in order that we may take better advantage of existing and emerging opportunities. As a result, our overall expectations for 2012 remain unchanged.
Appointment as Preferred Bidder on International Student Management System Programme We are pleased to announce that Tribal has been appointed as preferred bidder to supply its student management systems to the Student Administration and Learning Management (SALM) programme currently being implemented by the Department of Education and Communities (DEC) in New South Wales, Australia. The SALM programme will be deployed across the DEC environment in New South Wales. Subject to conclusion of contractual negotiations, this programme will involve Tribal's student management systems being rolled out, commencing with a series of initial implementations in 2012. If successfully concluded this contract is expected to have a value in excess of Aus$40m over the multiple year contract term. The contract, if signed, will further underpin our expectations for the medium term.
Appointment as Preferred Bidder on Student Management System Programme Trading update Tribal Group plc ("Tribal" or "the Group"), a leading provider of technology products and services to the education, learning and training markets, provides the following update in advance of the preliminary announcement of its results for the year ended 31 December 2011, which will be released on 22 March 2012. Current trading The trading performance of the Group was strong in the final quarter of the year, and adjusted profit before tax for the year ended 31 December 2011 will therefore be significantly ahead of the Board's previous expectations. Our Technology business traded well during the final quarter of 2011. Changes we made during the second half of the year in our sales and business development capabilities are proving effective. Furthermore, our existing UK customer base has continued to show appetite for upgrades and enhancements to our existing installed student management systems albeit, as previously highlighted, we are experiencing longer purchasing cycles on some higher value contracts. Internationally, we have seen continued demand for our software in New Zealand and Australia, and we have extended the roll out of our student management systems under the previously announced framework agreement with seven polytechnic colleges in New Zealand. Our Services business, supported by good revenue visibility from our contract base and a close focus on operational efficiency, traded well during the final quarter of 2011. Across the Group, overheads have remained under tight control, and our cost reduction programme is driving enhancement to our operating margins.
http://www.investegate.co.uk/Article.aspx?id=201201130700114988V
Tribal (TRB) kept its "buy" rating from Shore Capital, at 44.5p, after a major restructuring of the group - making way for a specialist education systems and services business. The broker voices expectations of management to now concentrate on the cost base, increase cash flow and further strengthen the balance sheet in order to achieve sustainable growth and dividends. Shore Capital notes that revenues from continuing operations have increased 10% in the first half to 57.2 million pounds, and urges buying as it expects the group to continue its strong progress, referring to Tribal as "something of a special situation." The shares gained 1.375p to 45.75p
Commentary John Ormerod, Tribal's Chairman, commented: "The first half of 2011 has been a period of continued change for Tribal. We successfully completed the sale of our Health, Government and Resourcing businesses, and the uncertainty surrounding our future ownership was brought to an end. As a result, Tribal is now focused on developing its activities in the education, learning and training markets. "Following these disposals we have organised our business into two clear divisions: Technology and Services. As part of the re-organisation we are also well advanced in the implementation of a further cost reduction programme targeted on management de-layering and central overhead reduction. We expect this programme to deliver annualised savings of approximately £5.1 million. "Throughout this period of change, our staff have remained focussed on delivering excellent service for our clients. I am very grateful for the support and professionalism our staff have demonstrated during this time. "With some continuing uncertainty in our UK market, we have focussed our business development efforts on selective international markets and have made good progress with significant contract wins in Australia, New Zealand and the US. This activity, combined with continuing progress in the UK, has sustained our high levels of committed income at £180.2 million. "Corporately, we have refreshed our banking facilities which are now committed to February 2015, and reduced our level of debt to £17.3 million. "Based on half year revenue of £57.5 million, and adjusted profit before tax of £2.8 million, we have declared an interim dividend of 0.4p per share. We are trading in line with management's expectations for the full year. We emerge from the first half year with a focussed, well structured business, and a growing confidence in our market position which together offer the potential to make progress over the medium term."
Half year results for the six months ended 30 June 2011 Summary § Successful completion of the sale of Health, Government and Resourcing businesses § Business now focused on the education, learning and training markets § Cost reduction programme well advanced, targeting annualised savings of £5.1m § Encouraging development of opportunities in international markets § Sustained high levels of committed income at £180.2m (December 2010: £186.1m) § Bank facilities refreshed and committed to February 2015 § Net debt reduced to £17.3m (December 2010: £18.5m) § Revenue of £57.5m (2010: £52.4m) § Adjusted profit before tax of £2.8m (2010: £3.1m) § Interim dividend of 0.40p (2010: 1.85p)
http://www.investegate.co.uk/Article.aspx?id=201108160700134099M
why the increase in sp today? anybody out there.
http://www.iii.co.uk/articles/15136/stock-watch-tribal-group
Capita buys Tribal divisions Date: Monday 11 Apr 2011 LONDON (ShareCast) - Outsourcing giant Capita has conditionally agreed to acquire public sector service provider Tribal’s health and government divisions for £15.8m. Capita says the acquisition, which must be approved by Tribal’s shareholders, will add new capabilities to its health and consulting businesses. “The government consulting acquisition will strengthen our proposition for service delivery and technical support across central and local government, including policing, justice and housing,” said Capita chief executive Paul Pindar. “In addition, Tribal's health expertise fits with our strategic goal to provide support services to GP commissioning consortia.” Following the sale, Tribal will be focused on the education and training markets. “The board believes that opportunities exist to grow the revenues of the government and health businesses but that both require significant investment over a period of time in order to enable them to generate acceptable levels of profitability,” Tribal chairman John Ormerod said. “In these circumstances, the directors have decided that it would be appropriate for Tribal to consider a sale of the government and health businesses in order to create a group focused on the education and training markets and with significantly reduced levels of financial leverage.” Shares in Tribal jumped after the announcement.
John Ormerod, Chairman, commented: "The Board believes that opportunities exist to grow the revenues of the Government and Health Businesses but that both require significant investment over a period of time in order to enable them to generate acceptable levels of profitability. In these circumstances, the Directors have decided that it would be appropriate for Tribal to consider a sale of the Government and Health Businesses in order to create a group focused on the education and training markets and with significantly reduced levels of financial leverage. The board is very grateful for the loyalty and commitment shown by the employees of the Health and Government businesses and we wish them well for the future. "Our Education Business continued to grow revenues in 2010 and has maintained consistently good levels of profitability. It will benefit from the Group's significantly reduced levels of debt following the sale, providing additional capacity to invest in product development and new business initiatives. The business offers good growth prospects, entering 2011 with high levels of committed income and a strong sales pipeline, particularly in its international markets. We are excited about the opportunities for this business."
Proposed Sale of Government and Health Businesses The Board of Tribal is pleased to announce that it has entered into a conditional agreement with The Capita Group Plc to sell its Government and Health Businesses for a total consideration of up to £15.87 million, of which £13.37 million is payable in cash on Completion with further cash consideration of up to £2.5 million payable on the satisfaction of certain conditions. The sale is conditional upon the approval of Tribal Shareholders. Tribal has been in an offer period under the City Code on Takeovers and Mergers (the "City Code") since 17 December 2010. The Company remains in an offer period and, accordingly, the Board confirms that the Disposal is being undertaken in accordance with note 1 to rule 21.1 of the City Code.
HIGHLIGHTS · Proposed sale of Tribal's Government and Health Businesses for an initial cash consideration of £13.37 million, payable on Completion, and up to a further £2.5 million payable in cash on the satisfaction of certain conditions. · Government Business: Tribal supplies a range of strategic and operational advisory services to government clients in the UK, working principally across the home and foreign affairs, local government and social housing markets. Tribal also provides consultancy services in developing countries on behalf of government funded donor organisations. · Health Business: Tribal provides a range of services to the UK healthcare industry, from strategic advice to the provision of managed services to NHS and private healthcare clients. · In the audited consolidated accounts for Tribal in the year ended 31 December 2010, the Health Business and the Government Business had combined gross assets of £71.7 million and combined operating losses of £2.7 million, before goodwill impairment and exceptionals of £55.8 million, on turnover of £70.8 million. · Following completion of the proposed sale, Tribal will be focused on the education and training markets in the UK and internationally, providing a range of technology, inspection and other professional support services. At 28 February 2011, the Education Business had total committed income of £187 million, 66% of 2011 planned revenue already secured and a sales pipeline of £161 million. · The estimated net cash proceeds on Completion of £12.5 million (after fees and tax) will significantly reduce Tribal's current level of indebtedness and will provide a strong platform for developing and investing in the Education Business. · Following completion, a programme of cost reduction will be implemented to reduce overheads, both centrally and within the Education Business. The Tribal Board expects the overall impact of the Disposal will be broadly neutral for earnings in the current year. · The Board unanimously recommends the Disposal and the Directors (and certain of their connected persons) have irrevocably undertaken to vote in favour of the Disposal Resolution in respect of their own and their connected persons' beneficial holdings, which amount in aggregate to 587,206 Ordinary Shares and represent approximately 0.63 per cent. of Tribal's issued share capital as at 8 April 2011 (the latest practicable date prior to publication of this announcement).