Tribal Group annual recurring revenues on the rise

Software and services firm Tribal reported a strong full-year sales performance on Thursday, resulting in annual recurring revenues increasing 12% to £47.5m.

Tribal said it had shown "great resilience" in the year and now anticipates reporting results in line with current market expectations, with revenues in the region of £73.0m and adjusted underlying earnings of approximately £14.9m.

The AIM-listed firm stated it had experienced "a positive end to the year", demonstrating the successful ongoing execution of its Software-as-a-Service transition strategy.

Tribal also added that strong cash balances had been maintained and ended the year with a net cash position of £9.5m, with no debt drawn.

Chief executive Mark Pickett said: "I am very proud of how the Tribal team performed in 2020 adding a number of significant new customers against the challenging backdrop of Covid-19 while delivering on our product expansion strategy.

"The growth of our annual recurring revenue provides us with a strong platform as we enter 2021 and the board is confident in the outlook for the year ahead."

As of 1040 GMT, Tribal shares were down 0.75% at 88.82p.