Last checked at 20 Mar 2023 07:00
20 March 2023
Tribal Group plc("Tribal" or "the Group")
Singapore Contract Update and Revised Date for Full Year Results
Further to the announcement released on 23 February 2023, regarding the Nanyang Technological University ("NTU") contract, Tribal received notification on 17 March 2023 that NTU has purported to terminate the contract and reserved its rights to claim damages.
Tribal rejects NTU's right to terminate and is considering its options regarding appropriate next steps. The contract requires the parties to participate in mediation in an attempt to achieve a resolution. A further update will be provided as and when appropriate.
Revised Date for Full Year ResultsThe Company now expects to release its audited results for the year ended 31 December 2022 on 24 March 2023. This allows appropriate time to consider the impact of the contract termination, in particular the accounting treatment of a £4.5m onerous contract provision contained within previous expectations, set out at the time of the trading update released on 23 February 2023.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for making this disclosure on behalf of the Company is Diane McIntyre, Chief Financial Officer.
Tribal Group plc | Tel: +44 (0) 117 311 5293 |
Mark Pickett, Chief Executive Officer Diane McIntyre, Chief Financial Officer | |
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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.