(Alliance News) - Tribal Group PLC on Friday said it anticipates a "solid" annual trading performance, with earnings and revenue ahead of analyst forecasts.
For the year ended December 31, the Bristol-based educational software and services provider said adjusted earnings before interest, tax, depreciation and amortisation is "comfortably ahead" of current market expectations of GBP12.6 million, up from GBP7.4 million a year ago.
Meanwhile, Tribal expects revenue to be "marginally" ahead of consensus of GBP84.2 million, an increase from GBP83.6 million in 2022.
"Tribal's performance in the year demonstrates the strength of the business, with its established customer base and enhanced [software as a service] product set," the firm said.
Net debt at December 31 was GBP7.2 million, more than doubled from GBP3.4 million the year before. Market consensus stands at GBP9.5 million.
Looking ahead, Tribal said it has a significant pipeline and is confident in the"effectiveness" of its cloud strategy and continued growth in 2024.
Chief Executive Officer Mark Pickett said: "Notwithstanding the various corporate developments during the year, the group's positive performance reflects the enduring strength of our businesses, the team's ability to retain existing customers and win new ones, and the effectiveness of transitioning customers to the cloud.
"We have been, and remain, focused on delivering an outstanding service to our customers, and with high levels of recurring revenues, the Board is confident in its ability to evolve Tribal to become a global pure-play EdTech SaaS business."
Shares in Tribal were up 7.3% at 45.50 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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Tribal Grp. (TRB)