Tribal Group has today, as expected, announced an excellent set of results for the year to 31 December 2008, with revenue up 12% to £234M and adjusted profit up 21% to £18.6M. More importantly, net debt is just under £20M, and EPS up 20% at 14.7p. The current share price is 109p (up 5% today).
Looking forward, Tribal notes that “general economic conditions remain very challenging and the Group anticipates further tightening in overall public sector spending in the UK, particularly following the next general election. However, key areas such as education and health will remain priorities for government and we believe that we are well-positioned to support reform and changes in the implementation and delivery of public policy.”
But, as I noted a few weeks ago, I would fully expect Tribal to use its “resilient” business model to help it avoid cost wherever possible and achieve some profit growth in 2009. Tribal has made great steps forward since the disposal of it Mercury Health venture, and I remain a strong supporter of its abilities in the UK Public Sector.