Tribal Group flags 'positive start' to trading year

Software firm Tribal Group said on Tuesday that it has had "a positive start" to the year, maintaining sales momentum enjoyed in the second half of 2020 and making "good progress" towards its goal of becoming a pure-play education technology software-as-a-service outfit.

Tribal stated it remained focused on winning new customers, the migration of existing customers to the Tribal Cloud, the delivery of its second native cloud-based Tribal Edge module, and the growth of annual recurring revenues.

The AIM-listed group highlighted that trading had continued to be "buoyant", as flagged at the time of its preliminary results in March, with the company currently trading in line with expectations.

Tribal added that it had continued to make positive progress on its product expansion strategy, recently securing a new £2.4m contract with a UK university. The contract was said to be for an initial five-year period, with an option for the unnamed client to extend to 15 years.

As of 0855 BST, Tribal shares were up 1.75% at 104.80p.