- Tribal Group
- 31 January 2025 08:41:49
Source: Sharecast
The company said that adjusted EBITDA for 2024 would be "substantially ahead" of current market expectations, with analysts currently forecasting no change on the £14.4m made in 2023.
Annual revenues are also expected to be ahead of the £85.6m consensus forecast, which was also flat on the year before.
Tribal said that a strong performance by the software-led Student Information Systems division has offset a softening in markets for its education consultancy business, Etio.
Annual recurring revenue (ARR) of the core business was up 9% on the year before at £54.8m, and the company expects continued ARR growth in 2025.
Meanwhile, the company ended the year with net debt of just £3.2m, down from £7.2m in 2023 and well below the £9.4m expected by the market.
"I am pleased with the performance delivered in FY24 as we focus on the transformation of Tribal into a leading cloud provider to the education market. We have delivered EBITDA and revenue ahead of expectations, alongside a material reduction in our debt, all amidst a challenging market environment," said chief executive Mark Pickett.
Ahead of Tribal's full-year results at the end of March, the group revealed it would take a £1.4m write-down related to Tribal Data Engine with an alternative Tribal product proving more cost effective for customers.