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AIM-listed education support outfit Tribal (LON:TRB) has seen its shares drop by 10.83% to 64.20p (as of 10:20 BST) as its revenues for the six months to 30th June contracted by 4%. As a results of this, operating cash flow fell sharply into the red as falling overheads failed to keep up with the drop in income.
CEO Mark Pickett Commented: “Tribal continued to make good progress against its strategic objectives in the first six months of the year. First half performance overall was encouraging – recurring revenue and operating margin were both up. We completed the acquisition of Crimson Consultants, boosting our next generation cloud solution Tribal Edge’s functionality and accelerating its speed to market as well as bringing new customers and relationships into the Group. Our outlook for the full year remains unchanged subject to successfully winning the Middle East inspections work in H2, we continue to work on a number of new revenue opportunities, and we remain very excited about the longer-term growth opportunities available to us through the transition to Tribal Edge“.