Education software firm saw revenues increase to £51m

A firm which provides of software and services to the international education market says it traded ahead of market expectations last year.

Bristol based Tribal said it enjoyed a solid trading performance with adjusted EBITDA and net debt expected to be comfortably ahead, and revenue marginally ahead, of current market expectations.

The company said in a trading update its performance demonstrates the strength of the business, with its established customer base and enhanced SaaS product set.

Closing Core Annual Recurring Revenue increased by 13 per cent to £51.1m.

The group achieved a solid sales performance during the year, especially in the first half.

Sales momentum slowed in the second half of the year, as customers awaited the outcome of the proposed offer for the Company.

Mark Pickett, chief executive of Tribal Group, said: “Notwithstanding the various corporate developments during the year, the group’s positive performance reflects the enduring strength of our businesses, the team’s ability to retain existing customers and win new ones, and the effectiveness of transitioning customers to the cloud.

“We have been, and remain, focused on delivering an outstanding service to our customers, and with high levels of recurring revenues, the Board is confident in its ability to evolve Tribal to become a global pure-play EdTech SaaS business.”