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Tribal Group Plc. (TRB:LSE),the consultancy, professional support and delivery services firm focused on the public sector, today announces preliminary results for the year ended 31 December 2009.
Revenues were up by +5% from 226.7 million Pounds in 2008 to 238 million Pounds in 2009. Adjusted profit before tax fell by -3% from 17.6 million Pounds in 2008 to 17.2 million Pounds in 2009.
However, the company incurred a loss before tax of -45.6 million Pounds in 2009 compared to a profit before tax of 17.1 million Pounds in 2008.
Peter Martin, Chief Executive of Tribal, commented, despite the more challenging conditions experienced by certain parts of the Group, Tribal has continued to make good progress across many of its key areas of activity during 2009. We are pleased by the significant increase in revenue visibility, that will be further enhanced by the recent award of the Ofsted Early Years contract."
"Whilst we expect the first half of the year to reflect the anticipated impact of the general election, particularly in our advisory markets, we remain confident that, with increasing levels of committed income and the benefit of our cost reduction programme, Tribal's trading performance will be in line with its expectations for the full year."
"In the longer-term, the pace of public sector reform will need to accelerate significantly in order to meet the challenges of future spending constraints. The initiatives that we are undertaking and our focus on operational improvements will place Tribal in a strong position to support the change required by our public sector clients in the UK and overseas."
As of last trade Tribal Group traded at 92.00 Pence, 16.74% below its 52-week high of 110.50 Pence, set on 23 March 2009.