REG - Tribal Group PLC - Singapore Contract Update and Revised Results Date

TribalAnnouncement

20/03/2023 07:00

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RNS Number : 4943T  Tribal Group PLC  20 March 2023

20 March 2023

Tribal Group plc

("Tribal" or "the Group")

 

Singapore Contract Update and Revised Date for Full Year Results

 

Further to the announcement released on 23 February 2023, regarding the
Nanyang Technological University ("NTU") contract, Tribal received
notification on 17 March 2023 that NTU has purported to terminate the contract
and reserved its rights to claim damages.

Tribal rejects NTU's right to terminate and is considering its options
regarding appropriate next steps.  The contract requires the parties to
participate in mediation in an attempt to achieve a resolution.  A further
update will be provided as and when appropriate.

Revised Date for Full Year Results

The Company now expects to release its audited results for the year ended 31
December 2022 on 24 March 2023. This allows appropriate time to consider the
impact of the contract termination, in particular the accounting treatment of
a £4.5m onerous contract provision contained within previous expectations,
set out at the time of the trading update released on 23 February 2023.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR. Upon the publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the public domain.
The person responsible for making this disclosure on behalf of the Company is
Diane McIntyre, Chief Financial Officer.

 

 Tribal Group plc                                       Tel: +44 (0) 117 311 5293
 Mark Pickett, Chief Executive Officer

 Diane McIntyre, Chief Financial Officer

 Investec Bank plc (NOMAD & Joint Broker)             Tel: +44 (0) 20 7597 5970
 Virginia Bull, Will Godfrey, Nick Prowting

 Singer Capital Markets (Joint Broker)                Tel: +44 (0) 20 7496 3000
 Shaun Dobson, Tom Salvesen, Alex Bond

 Alma PR                                              Tel: +44 (0)203 405 0205
 Caroline Forde, Hannah Campbell, Will Ellis Hancock

 

About Tribal Group plc

 

Tribal Group plc is a pioneering world-leader of education software and
services. Its portfolio includes Student Information Systems; a broad range of
education services covering quality assurance, peer review, benchmarking and
improvement; and student surveys that provide the leading global benchmarks
for student experience. Working with Higher Education, Further and Tertiary
Education, schools, Government and State bodies, training providers and
employers, in over 55 countries; Tribal Group's mission is to empower the
world of education with products and services that underpin student success.

 

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