Tribal profit falls, upbeat for year ahead

23rd Mar 2010 08:11

Public sector and education services provider Tribal said full year adjusted pre-tax profit fell but expects trading to be in line with its expectations for 2010. Adjusted profit before tax fell to £17.2m for the year ended 31 December 2009 from £17.6m the year before. Revenue for the period increased 5% to £238.0m."Whilst we expect the first half of the year to reflect the anticipated impact of the general election...we remain confident that Tribal's trading performance will be in line with its expectations for the full year," the group said in a company statement.It added that its cost cutting programme was on track and was likely to save at least £7.5m annually. Tribal raised its total dividend by 6% to 4.60p. Deputy chairman John Ormerod will replace chairman Strone Macpherson when he retires in May.