Business
Interim Results for six months ended 30 June 2024
Interim Results for six months ended 30 June 2024.
About this update from Tribal Group Plc
[{"type":"text","content":"\n\n Tribal Group plc\n(\"Tribal\" or \"the Group\")\nInterim Results for the six months ended 30 June 2024\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 2024.\n\n\n\n\nResults\n6 months to 30 June\n\n\n2024 H1\n\n\n \n2023 H1 Reported\n\n\n2023 H1\nConstant Currency3\n\n\nChange\n(Constant Currency)\n\n\nChange %\n(Constant Currency)\n\n\n\n\nRevenue\n\n\n£44.9m\n\n\n£43.4m\n\n\n£42.7m\n\n\n£2.2m3\n\n\n5.2%3\n\n\n\n\nAdjusted EBITDA 2\n\n\n£7.4m\n\n\n£8.1m\n\n\n£7.9m\n\n\n£(0.5)m3\n\n\n(6.8)%3\n\n\n\n\nAdjusted EBITDA Margin 2\n\n\n16.4%\n\n\n18.6%\n\n\n18.5%\n\n\n(2.1)pp3\n\n\n-\n\n\n\n\nAnnual Recurring Revenue (ARR)\nat period end 1 (versus 31 Dec 2023)\n\n\n£54.4m\n\n\n£54.5m1\n\n\n£54.2m1\n\n\n£0.2m3\n\n\n0.4%3\n\n\n\n\nNet (Borrowing)/Cash\n\n\n£(10.0)m\n\n\n£(12.9)m\n\n\n£(12.9)m\n\n\n£2.9m\n\n\n22.4%\n\n\n\n\nStatutory Profit after Tax\n\n\n£1.4m\n\n\n£4.7m\n\n\n£4.5m\n\n\n£(3.1)m\n\n\n(68.9)%\n\n\n\n\nStatutory Earnings per Share (basic)\n\n\n0.6p\n\n\n2.2p\n\n\n2.1p\n\n\n(1.5)p\n\n\n(71.4)%\n\n\n\n\n \nFinancial performance\n\n\n\n\n· \n\n\nSteady overall financial performance, delivering revenue growth, stable adjusted EBITDA margins on an underlying basis (ex Nanyang Technology University (NTU) provision release), a return to positive operating cash inflow and reduction in net debt.\n\n\n\n\n· \n\n\nARR remained stable, with core product ARR increasing from £50.9m to £52.1m on a constant currency basis, offsetting the anticipated decline in non-core business.\n\n\n\n\n· \n\n\nNRR increased to 107% (H1 2023: 101%) given lower churn, successful upsell to existing customers and growth in cloud recurring revenues as previously won ARR on cloud contracts flows through into the P&L. \n\n\n\n\n· \n\n\nRevenue increased 5.2% to £44.9m on a constant currency basis:\n\n\n\n\n\n\n\no \n\n\nStudent Information Systems revenue grew 6.1% to £35.2m, driven by growth in Cloud revenues and new modules and inflationary increases to Tribal's Foundation products.\n\n\n\n\n\n\n\no \n\n\nEtio (formerly Education Services) revenue grew 2.2% to £9.7m f...