Tribal Group, a provider of software and services to the international education market, has announced 2020 profit after tax of £6.4 million, compared to a loss of £3 million reported for 2019.
Bristol-based Tribal reported 2020 revenue of £73 million, down from £77.6 million reported for 2019.
Tribal’s chief executive Mark Pickett, said: “I am delighted to report on a year of considerable evolution and operational progress at Tribal. Against the backdrop of Covid-19, we have delivered against all of our strategic goals, while protecting our employees and customers. The swift actions taken to mitigate the impact of Covid-19 on the business resulted in a continued strong financial performance, and we have emerged a stronger business, with an increased customer base and geographic footprint and a growing market opportunity.
“We have entered the current financial year with increased levels of revenue visibility due to the strong sales performance in the latter part of 2020, a strengthened position in the significant Southeast Asia market and a considerably expanded addressable market through the launch of Tribal:Cloud and imminent launch of Tribal Edge Admissions.
“The financial impact of Covid-19 and the changing expectations of students mean that never has the need for cloud-based solutions for the education market been more pressing. We continue to position ourselves at the forefront of this evolution in our industry, providing for an exciting future for Tribal. We have a growing pipeline of opportunities across both existing and new customers. The group has traded in line with board expectations at the start of the year and we are confident in our ability to execute against our strategic road map.”
Tribal Group is acquiring Semestry, which offers cloud-based scheduling and timetabling software to the higher education market for an initial cash consideration of £4.5 million, with a further £1.5 million payable if certain targets are achieved, Insider Media has reported.
Semestry has 21 customers in five European countries, including the University of Cambridge, University of York, Manchester Metropolitan University, Birmingham City University, University of Amsterdam, Aarhus University, Universiteit Hasselt and Reykjavik University.
Pickett said: “We are delighted to welcome the Semestry team to Tribal Group as we deliver on our strategy to provide complete, integrated student information systems delivered as SaaS solutions in the public cloud. Semestry has developed and delivered market-leading SaaS solutions which, with their strong client relationships, will open up an exciting opportunity for Tribal and expand our Tribal Edge ecosystem of best-in-breed student management applications.”
“The group remains selective in its approach to acquisition opportunities which will focus on cloud-based solutions, as well as building a partner ecosystem of best-of-breed solutions which maximises the value-add for our current customers. We look forward to delivering on the opportunity ahead.”
Semestry’s headquarters are in Galashiels on the Scottish Borders.
Investec Bank is Tribal Group’s nominated adviser and, together with N+1 Singer Capital Markets, its joint broker.
Date published: 1 April 2021