LONDON (ShareCast) - (Sharecast News) - Educational software and services provider Tribal Group left its full-year expectations unchanged after revealing a positive first-half performance that saw operating profits increase year-on-year.
Despite revenues slipping 4.9% to £42m, Tribal turned in an adjusted operating profit of £6.3m, for a 27% improvement on the same period a year earlier.

Tribal said 90% of its full-year revenue expectations were either already recognised or committed for the second half of the year, leading it to reiterate its 2018 forecasts despite an anticipated hit to its operating profit of 7-8% due to IFRS 15 revenue recognition.

Diluted earnings per share increased by 76% to 1.4p.

Net cash jumped 67% to £9.2m, while capital expenditure at the AIM-listed firm dropped 17% to £2.4m.

Looking forward, chief executive Ian Bowles, said, "Overall market conditions and demand for student information systems are expected to remain stable in 2018. The timing of deal closures and the achievement of implementation milestones remains hard to predict, but given Tribal's high win-rate, we are well positioned to continue to benefit from the demand for new student information systems and upgrades."

"Overall, we have made good progress in the half-year and continue to execute our strategy focussing on operational efficiencies to deliver continued value for all our stakeholders," he added.

As of 1145 BST, Tribal shares had dipped 1.51% to 88.05p.

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