LONDON (ShareCast) - Educational services firm Tribal revealed a 15 per cent increase in adjusted operating profit and said it is currently trading is at least in line with company expectations for the year.

Adjusted operating profit rose to £5.4m for the six months ended June 30th from £4.7m before. Adjusted revenue climbed to £62.1m from £55.4m.

Adjusted operating margin was held at 9% while the interim dividend has been increased 25% to 0.50p from the previous year.

The education software provider said it continued progress towards strategic objectives, including first major university customer in North America

CEO Keith Evans commented: "Tribal continues to make strong progress. Our business in the UK is continuing to perform well. Our activities in Asia Pacific are growing strongly, we are seeing encouraging momentum in the Middle East, and importantly we have secured our first major university customer in North America."

"Tribal is making good progress towards its strategic objectives. Whilst there remain uncertainties, in particular arising from the challenges of unpredictable procurement cycles, we are seeing generally good opportunities in our existing geographic markets, and we have increasing visibility of further potentially attractive opportunities in new international markets."

Tribal said, due the seasonality in its business, it expects profits to be weighted towards the second half of the year, adding that it has good potential to make further progress over the medium term.

Shares of Tribal rose 3.62% to 207.75p at 09:30 in London.



CJ

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