LONDON (ShareCast) - International growth has driven annual profits higher at education and training software supplier Tribal Group.
Tribal said, however, that the vocational learning market in the UK had been quieter and group profits would be skewed towards the second half.
The company said it had kept its strong UK market positions, but was seeing growing momentum in international markets such as Australia and New Zealand, where major programmes involving products such as student management systems were doing well.
It continued to dominate the UK market for quality assurance through its work with watchdog Ofsted. The business had established a significant presence in the Middle East and a strong entry position in the US.
Its performance improvement business kept strong market positions in the UK and Asia-Pacific and was strengthening its position in the US as well as identifying opportunities in new regions such as the Middle East.
The group's vocational learning business was facing weaker markets in the UK, but it continued to increase customer numbers including Luton College, Rhondda Cynon Taff Council, Devon County Council and Neath Port Talbot College.
Tribal increased adjusted pre-tax profit by 14% to £14.6m on an 11% increase in adjusted revenue to £125.5m. The dividend increased by 28% to 1.60p per share.
Chief Executive Keith Evans said: "Our expectations for 2014 are unchanged.
"As a consequence of seasonality in our business, and our continued programme of international development and investment, we anticipate our profits in 2014 will once again be weighted towards the second half of the year and Tribal has good potential to make further progress over the medium term."
PW
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