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Education services provider Tribal Group (TRB:LSE) saw robust trading conditions in the fourth quarter of 2012 with the firm generating good cash flow, the company said in a brief trading update on Wednesday.
Tribal supports the delivery of education, learning and training services around the world and approximately 16% of its revenue is derived from outside the UK. Among its portfolio of services is Tribal Interim Recruitment Service which provides educational staffing services to schools and local authorities.
The firm reported that international activities performed strongly last year, particularly in Australia.
Tribal now projects to meet market expectations for the 2012 financial year with current trading showing “good progress.”
“Taking into account the Group's good progress with key contracts during 2012 and the early part of 2013, and excluding business activities closed during 2012, the Board now anticipates reporting revenue for the year ended 31 December 2012 in line with expectations, and adjusted profit before tax for the year ended 31 December 2012 of approximately £12.8 million,” the Group said.
Shareholders welcomed the news with the company’s share price jumping +17% in early trading to 134 pence, up a sharp +75% from a year ago. Based on its stock price, Tribal has a market value of £107.75 million.