Daily NewsView All News
Tribal Group (TRB:LSE), the outsourcing specialist focused on the public service in the UK and internationally, reports an 11% increase in revenues from 113.3 million Pounds to 125.2 million Pounds in the second quarter of 2009 compared to the same period in 2008. Profit before tax was down by 11% from 9.1million Pounds to 8.1 million Pounds. Interim dividend was up by 9% from 1.7p to 1.85p.
Peter Martin, Tribal's Chief Executive, commented "despite a more challenging trading eenvironment, Tribal has made good progress during the period. We have increased our committed income substantially, largely completed our restructuring programme and our sales pipeline remains healthy. Financial pressures on public sector organisations will increase. "Tribal is well-placed to support clients that will be required to develop and implement plans to reduce costs and enhance productivity and efficiency. We continue to see a good flow of new opportunities to grow our business both in the UK and internationally."
On future prospects Mr. Martin said further "the pressures on public sector spending in the UK will increase and it will become ever more important for organisations in the public sector to deliver savings and efficiency gains at the same time as maintaining and enhancing the quality and timeliness of service delivery. Whilst our marketplace will face challenges and we can expect competitive pressures to increase, the public sector change agenda will be substantial and will create opportunities for the Group to deliver innovative and cost-effective solutions to its growing customer base."
"During the first half of the year, we substantially raised our committed income
levels and our pipeline of new business is healthy. As a result of our success
in securing new contracts, restructuring the business and developing our
international activities, the Board is confident that the Group will trade in
line with its expectations for the full year."
In early trading shares were up by 6.25% to 85.00 Pence..