Tribal Group shares (LON: TRB) are up almost 8% this morning after the group released a trading update for the year ending 31 December 2020.

The provider of software and services to the international education market said in the update that it “performed well” in the second half of the year to date, Despite sales cycles being protracted as a result of the pandemic.

Tribal Group now anticipates reporting profits for the year comfortably ahead of current market expectations in the region of £72m.

The firm has said that it will pay an interim dividend of 1.1 pence per share.

“During the third quarter, we have continued to make positive progress against our strategic objectives, winning new customers, retaining and growing our existing customers, while investing in the transition of our offerings to the cloud,” said Mark Pickett, the CEO of Tribal Group.

“We are pleased to have paid back all government support received during the COVID-19 period and to reinstate our dividend. I would like to thank all of our team for their continued hard work and commitment to Tribal and our customers through this difficult time.

“Our priorities for the remainder of 2020 are to continue to protect the business from the impact of COVID-19, win new customers, retain and grow existing customer relationships, and deliver on the Tribal Edge strategy.

“Never has the need for cloud-based solutions for the Education market been more pressing. The investments we have made position us at the forefront of this evolution in our industry, providing for an exciting future for Tribal.”

Tribal Group shares (LON: TRB) are currently +7.69% at 70,00 (1242GMT). 

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Safiya Bashir
Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.