Business
Preliminary Results for year end 31 December 2024
Preliminary Results for year end 31 December 2024.
About this update from Tribal Group Plc
[{"type":"text","content":"\n\nTribal Group plc\n(\"Tribal\" or \"the Group\")\nPreliminary Results for the year ended 31 December 2024\nTribal (AIM: TRB), a leading provider of software and services to the international education market, today announces its preliminary results for the year ended 31 December 2024.\nFinancial performance\n· A solid trading performance with Group revenue, Adjusted EBITDA and net debt better than market expectations as at the trading update released on 31 January 20251.\n· Annual Recurring Revenue (ARR) increased 6.5%2 to £57.0m (2023: £53.5m at constant currency; £54.5m reported), with a 9.0%2 growth in the Group's strategic core products.\n· Group revenue increased 6.0%2 to £90.0m (2023: £84.9m constant currency; £85.7m reported).\no Student Information Systems (SIS) revenue grew 7.2%2 to £72.7m, with 25.2% growth in Foundation Cloud revenue and an 8.3% increase in Software revenue, partly offset by an expected reduction in non-core Other Software and Services.\no Etio (formerly Education Services) revenue grew 1.3%2 to £17.3m.\n· Adjusted EBITDA3 increased by 17.8%2 to £16.7m (2023: £14.1m constant currency; £14.4m reported), representing an Adjusted EBITDA3 Margin of 18.5% (2023: 16.7% constant currency; 16.8% reported).\no Student Information Systems operating margin grew 8.7%2 to £27.6m (2023: £25.4m constant currency; £25.7m reported)\no Etio operating margin decreased to £0.6m (2023: £2.4m constant currency; £2.4m reported)\no Central overheads and forex decreased to £11.5m (2023: £13.6m constant currency; £13.8m reported)\n· Exceptional costs of £5.6m (2023: £3.3m constant currency; £3.3m reported), comprising £3.0m in respect of the previously announced NTU settlement, Tribal Data Engine development costs being impaired by £1.4m with an alternative Tribal product proving more cost effective for customers and £1.2m of reorganisation and other costs.\n· Statutory Profit before tax for the year decreased to £5.9m (2023: £6.4m constant currency; £6.6m reported) as higher EBITDA performance was offset by increased exceptional costs.\n· Net debt at 31 December 2024 was £3.2m (2023: £7.2m), reflecting a c...