publication date: May 3, 2007
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author/source: Richard Taylor
With £52m from the sale of their Mercury Health business, Tribal now have a sizeable pot of money to spend on acquisitions. Over the last 18 months they haven’t snapped up any large companies, but we suspect that might be about to change. Post Mercury, Tribal’s OFSTED contract is the company’s single largest piece of business and they will work very hard to retain it. Tribal have had a good year in their traditional stronghold FE, but they have also improved margins by winning more service contracts including in the schools market. They have also moved to a calendar financial year, which will see a large chunk of revenue fall into the first quarter, something we are sure the City will appreciate.
The changes kept on coming in April with a trading update and the surprise announcement that founder and Chief Executive, Henry Pitman was to step down from the start of June. He will be replaced by Peter Martin, who was until recently the CEO at Mercury. Jim Chambers, Chief Executive of Tribal’s Education and Technology Division, will now become Chief Operating Officer.
www.tribalgroup.co.uk
