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16 Nov 2011 07:00
16 November 2011
Tribal Group plc
Interim Management Statement
Tribal Group plc (Tribal), a leading provider of technology products and services to the education, learning and training markets in the UK and internationally, provides the following update on trading, covering the period from 30 June 2011 to date.
Trading in our continuing business in the period since our half year results has been in line with our expectations for the full year.
Technology
Our Technology business continues to make good progress. Domestically, although we are experiencing longer purchasing cycles, our Technology business' pipeline remains resilient. Internationally, our activities in Australia and New Zealand are continuing to develop well with a strong pipeline of opportunities.
Services
Our Services business has performed well since the half year. Internationally, we have commenced our recently announced schools turnaround programme for the Metropolitan Board of Public Education in Nashville, and our pipeline of future opportunities in the US is developing well.
Other matters
We have completed our cost reduction programme, which will deliver annualised savings in excess of £5m. We are now seeing the benefits of this programme in our operating margins.
Our committed income levels remain strong. At 31 October 2011, total committed income stood at £176.6m, compared to £180.2m at 30 June 2011.
Increases in working capital requirements due to the phasing of our larger international contracts mean that net debt at the year end is likely to be higher than previously expected, but the group's financial position remains robust.
End
Tribal Group plc | Tel: 020 7323 7100 |
Keith Evans, Chief Operating Officer | |
Steve Breach, Group Finance Director | |
Weber Shandwick Financial Nick Oborne Stephanie Badjonat Robert Cook | Tel: 020 7067 0700
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Editors' note:
Tribal Group plc (Tribal) is a leading provider of technology products and services to the education, learning and training markets in the UK and internationally.
Our people are sector experts and we work in partnership with a wide range of organizations, including schools, colleges, universities, local authorities and government departments, as well as employers in the private sector. Tribal has over 1,300 staff, and operates in the UK, Australasia, US and Middle East. Tribal's shares are quoted on the London Stock Exchange (TRB). Links: Tribal Group plc website: www.tribalgroup.com
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 and the financial information is unaudited. 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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