Tribal Group plc
("Tribal" or "the Group")
Update on TAFE Queensland
As noted in the Group's preliminary results announcement of 16 March 2016, the Group has been in discussions in relation to its contract with TAFE Queensland. Tribal now confirms that it has agreed with TAFE Queensland to end the contract with immediate effect. This is an amicable arrangement.
No current year or future years' revenues or cash receipts have previously been assumed to be received by the Group in its forecasts. Tribal will receive a final payment from TAFE Queensland referable to year to date costs relating to this contract. Therefore the Group's expectations for 2016 and beyond remain unchanged.
Tribal leads the student management system market across Australia and New Zealand, including supplying nearly 40% of all universities, over 50% of New Zealand's Institutes of Technology and Polytechnics, all of TAFE New South Wales and TAFE Tasmania in Further Education, and over 4,000 schools and schools oversight bodies in Australia. Tribal is committed to expanding its offerings to the education market in Australia and New Zealand and will continue to invest in both its software and local presence.
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Enquiries: |
|
Tribal Group plc Ian Bowles, Chief Executive |
Tel: 0117 311 5293 |
Investec Bank plc Rowena Murray Sara Hale Daniel Adams |
Tel: 020 7597 4000 |
N+1 Singer Shaun Dobson |
Tel: 020 7496 3006 |
Weber Shandwick Financial Nick Oborne Tom Jenkins |
Tel: 020 7067 0700 |
Editors' note:
Tribal is a leading provider of software and services to the education management market. We build world-leading student management software, and provide performance improvement and quality assurance solutions across universities, colleges and schools, in the UK and internationally.
More information about Tribal is available online at www.tribalgroup.com.
