Business
Interim Results
Interim Results.
About this update from Tribal Group Plc
[{"type":"text","content":"\n\n \n24 August 2023\n \nTribal Group plc\n(\"Tribal\" or \"the Group\")\nInterim Results for the six months ended 30 June 2023 (unaudited)\nTribal (AIM: TRB), a leading provider of software and services to the international education market, is pleased to announce its interim results for the six months ended 30 June 2023.\n\n\n\n\nResults\n6 months to 30 June\n\n\n2023 H1\n\n\n \n2022 H1\nRestated 2\n\n\n2022 H1\nConstant Currency3\n\n\nChange\n\n\nChange %\n\n\n\n\nRevenue\n\n\n£43.4m\n\n\n£42.4m\n\n\n£42.7m\n\n\n£0.7m3\n\n\n1.5%3\n\n\n\n\nAdjusted Operating Profit (EBITDA) 2\n\n\n£8.1m\n\n\n£6.5m2\n\n\n£6.7m\n\n\n£1.4m3\n\n\n21.0%3\n\n\n\n\nAdjusted Operating Profit Margin (EBITDA) 2\n\n\n18.6%\n\n\n15.2%2\n\n\n15.6%\n\n\n3.0pp3\n\n\n-\n\n\n\n\nAnnual Recurring Revenue (ARR)\nat period end 1 (versus 31 Dec 2022)\n\n\n£51.9m\n\n\n£51.2m\n\n\n£50.4m\n\n\n£1.4m3\n\n\n2.8%3\n\n\n\n\nFree Cash Out Flow 4\n\n\n£(9.4)m\n\n\n£(10.0)m\n\n\n-\n\n\n£0.6m\n\n\n6.0%\n\n\n\n\nNet (Borrowing)/Cash\n\n\n£(12.9)m\n\n\n£(4.8)m\n\n\n-\n\n\n£(8.1)m\n\n\n(169%)\n\n\n\n\nStatutory Profit after Tax\n\n\n£4.7m\n\n\n£1.6m\n\n\n-\n\n\n£3.1m\n\n\n194%\n\n\n\n\nStatutory Earnings per Share (basic)\n\n\n2.2p\n\n\n0.7p\n\n\n-\n\n\n1.5p\n\n\n214%\n\n\n\n\n \n Operational Performance\n\n\n\n\n· \n\n\nContinued good sales performance, with one new SITS:Vision logo customer and three further Cloud contracts from existing customers, University of Wolverhampton, University of the Arts London, and Royal Veterinary College.\n\n\n\n\n· \n\n\nAs previously announced, the contract with Nanyang Technology University \"NTU\" was terminated in March. Commercial discussions are underway with NTU, but the potential outcome is uncertain.\n\n\n\n\n· \n\n\nFirst customer live on Edge Admissions, a critical system for universities, and built as a cloud-native, next generation SaaS solution.\n\n\n\n\n· \n\n\nStrong performance from the Education Services (ES) business, continuing its post-pandemic growth under new leadership, including additional work with NCETM and a number of US school districts. The Board is continuing to consider the strategic options and opportunities for the ES business.\n\n\n\n\n· ...