AIM-listed educational support services firm Tribal Group (LON:TRB) watched its share price rise by 4.78% to 68.11p (as of 13:05 GMT) after the company said that profits for the year ending 31st December would be ahead of market expectations. A combination of new contract wins and more efficient digital delivery have contributed to performance being ahead of forecasts during the second half.
CEO Mark Pickett commented: “During the third quarter, we have continued to make positive progress against our strategic objectives, winning new customers, retaining and growing our existing customers, while investing in the transition of our offerings to the cloud. The has resulted in a good trading performance and Annual Recurring Revenue has increased to £44.5m, due to continued focus on SaaS and Tribal:Cloud sales.
“We are pleased to have paid back all government support received during the COVID-19 period and to reinstate our dividend. I would like to thank all of our team for their continued hard work and commitment to Tribal and our customers through this difficult time.
“Our priorities for the remainder of 2020 are to continue to protect the business from the impact of COVID-19, win new customers, retain and grow existing customer relationships, and deliver on the Tribal Edge strategy”.