Tribal Group surges following two new contract wins

Shares in Tribal Group surged on Wednesday after new contract wins with the Department of Education and Knowledge (ADEK) in Abu Dhabi and the Health Education Training Institute (HETI) in Australia.

The education software and services provider's contract win with ADEK is for a full inspection of schools against an agreed framework in Abu Dhabi, with the total contract worth AED28.9m (£6.3m) over two years and work set to commence in October.

Meanwhile, the contract with HETI will see the AIM traded company implement student information systems (SITS) using its new Accelerate solution.

The initial software as a service contract is for three years and is worth A$0.5m (£0.3m).

Mark Pickett, chief executive of Tribal, said: "We know we work well with ADEK and are confident that the relationship will continue to flourish as we grow and prosper as a company. It is also pleasing to win a new SITS customer in Australia and we look forward to winning further SITS Accelerate customers. The board's financial expectations for the full year remain unchanged."

The company also announced the appointment of Mike Cope as chief technology officer, effective immediately.

Cope has previously served as chief information officer at University College London and Virgin Airways, as well as chief technology officer at British Airways.

Tribal Group shares were up 10.12% at 69.65p at 1047 BST.