Tribal Group PLC Singapore Contract Update and Revised Results Date (4943T)
March 20 2023 - 2:00AM
UK Regulatory
TIDMTRB
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 GBP4.5m
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 Tel: +44 (0) 20 7597 5970
Broker)
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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END
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