Actualización comercial y notificación de resultados
2 de febrero de 2024
grupo tribal plc
("Tribal" o "el Grupo")
Actualización comercial y notificación de resultados
Cloud expansion driving growth in ARR and results ahead of market expectations
Tribal (AIM: TRB), a leading provider of software and services to the international education market, is pleased to provide an update on trading for the year ended 31 December 2023 ("FY23" or "the Year").
Rendimiento comercial
The Board anticipates a solid trading performance in FY23 with adjusted EBITDA and net debt expected to be comfortably ahead, and revenue marginally ahead, of current market expectations1. This incorporates the Nanyang Technology University ("NTU") provision release disclosed in the Group's half year results.
Tribal's performance in the Year demonstrates the strength of the business, with its established customer base and enhanced SaaS product set. This was achieved despite the backdrop of the lapsed offer for the Company by Ellucian (the "Offer") and the termination of the contract with NTU.
Closing Core Annual Recurring Revenue (ARR)2 se espera que tenga increased by 13% to £51.1m (2022: £45.3m at constant currency), subject to audit, reflecting growth in the Group's strategic products. Overall ARR is expected to have increased by 9% to £54.5m (2022: £50.2m), reflecting the anticipated decline in the non-core Software and Services segment.
While initial exchanges have taken place with NTU, they have not yet reached a resolution and the potential outcome remains uncertain. An update will be provided as and when appropriate.
Deuda neta
The Company closed the Year with a net debt position of £7.2m (2022: net debt of £3.4m), which reflects a net cash outflow as a result of continued investments in its product portfolio, the issues surrounding the NTU contract and exceptional costs in relation to the lapsed Offer and restructuring of the Education Services business, as discussed below.
The Company has renewed its banking facilities for three years, with the option to extend for a further two years until December 2028, which consists of a £20m multicurrency loan facility. The Board is confident it has sufficient funds to execute on its growth strategy.
Rendimiento de las ventas
The Group achieved a solid sales performance during the Year, especially in the first half, including one new SITS:Vision customer (ARR value of £0.5m) and four major Tribal:Cloud migrations (ARR value of £1.7m). Sales momentum slowed in the second half of the Year, as customers awaited the outcome of the proposed offer for the Company.
Servicios de educación (ES)
The Board conducted a strategic review of the ES division during the Year and concluded that the best way to drive further growth in revenue and profitability, and deliver value to shareholders, was to establish ES as a standalone entity within the Group, with its own company structure. The business continues to make progress against its strategy, resetting its operating model and strengthening its business development and marketing functions.
Outlook
As part of the transformation of Tribal to a pure SaaS business, the Board has instigated a restructuring of the core software business and, together with associated headcount reductions, expects this to support future profitability levels.
Whilst sales cycles are still extended, the Group has a significant pipeline across the business, and the Board is confident in the effectiveness of its cloud strategy and continued growth in 2024.
Aviso de resultados
El Grupo espera anunciar sus resultados anuales auditados el 21 de marzo de 2024.
Mark Pickett, CEO de Tribal Group, comentó:
"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."
Notas
1 In so far as the Board is aware, as at the point of this announcement, consensus market expectations for FY23 were for Revenue of £84.2m adjusted EBITDA of £12.6m, excluding share based payments, and Net Debt of £9.5m.
2 'Core ARR' = Foundation, Cloud and Edge product sets.
Consultas: grupo tribal plc |
Tel: + 44 (0) 117 311 5293 |
Mark Pickett, director ejecutivo Diane McIntyre, directora financiera | |
Banco Investec plc (NOMAD y conjunto Broker) | Tel: + 44 (0) 20 7597 5970 |
Virginia Bull, Nick Prowting, Tom Brookhouse | |
Mercados de capitales de cantante (Articulación Broker) | Tel: + 44 (0) 20 7496 3000 |
Shaun Dobson, Tom Salvesen y Alex Bond | |
Alma Comunicaciones Estratégicas | Tel.: +44 (0) 203 405 0205 |
Caroline Forde, Hannah Campbell, Will Ellis Hancock |
Acerca de Tribal Group plc
Tribal Group plc es un líder mundial pionero en software y servicios educativos. Su cartera incluye sistemas de información para estudiantes; una amplia gama de servicios educativos que cubren el aseguramiento de la calidad, la revisión por pares, la evaluación comparativa y la mejora; y encuestas de estudiantes que proporcionan los principales puntos de referencia mundiales para la experiencia de los estudiantes. Trabajar con educación superior, educación superior y terciaria, escuelas, organismos gubernamentales y estatales, proveedores de formación y empleadores en más de 55 países; La misión de Tribal Group es empoderar al mundo de la educación con productos y servicios que sustentan el éxito de los estudiantes.
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