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Tribal Group plc Half year results for the six months ended 30 June 2008 Peter Martin Chief Executive Simon Lawton Group Finance Director 19 August 2008. Contents. Highlights Financial review Operational review Prospects. Highlights. Revenue growth of 9% to £113.3m (2007: £103.8m)

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slide1

Tribal Group plcHalf year results for the six monthsended 30 June 2008Peter MartinChief ExecutiveSimon LawtonGroup Finance Director19 August 2008

contents
Contents
  • Highlights
  • Financial review
  • Operational review
  • Prospects
highlights
Highlights
  • Revenue growth of 9% to £113.3m (2007: £103.8m)
  • Adjusted operating profit up 10% to £9.5m (2007: £8.6m)
  • Adjusted profit before tax up 38% to £9.1m (2007: £6.6m)
  • Adjusted diluted EPS up 37% to 7.4p (2007: 5.4p)
  • Interim dividend of 1.7p
  • Acquisition of 72% of HELM Corporation completed for £15.1m
  • Net debt £7.3m
slide4
Financial review

Simon Lawton

Group Finance Director

financial performance

Full year

Interim

Note: Historic figures stated for continuing operations only

Financial performance

† Before amortisation of intangibles, goodwill impairment and financial instrument costs

income statement
Revenue increase of 9%

Share-based payments now taken above the line

Operating profit* up 10% to £9.5m

Improved operating margin to 8.4%

Significant fall in interest and bank fees

Effective tax rate of 27.5%

Interim dividend 1.7p

Income statement

* Before amortisation of intangibles, goodwill impairment and financial instrument costs

committed revenue

% of Total

Education

£84m

63%

Consulting

£27m

20%

Support services

£22m

17%

£133m

2008

£68m

2009

£50m

2010 and beyond

£15m

Committed revenue

At 1 July 2008

£39m

£15m

£30m

£5m

£22m

£16m

£6m

current pipeline

Education

Consulting

Support services

Current pipeline

At 1 July 2008

£131m

£15m

£104m

£20m

£22m

£12m

£94m

£16m

£6m

£52m

Jun 08

Dec 07

Total £245m £168m

balance sheet
Balance sheet
  • Intangible assets increased by £18.6m due to acquisitions
  • Strong working capital management
  • Low debt includes benefit from increase in restricted cash of £3.8m
  • Gearing of 3.9% (June 2007: 4.8%)
group cash flow
Group cash flow
  • Operating profit to cash flow conversion (excluding increase in restricted cash) of 207% (2007: 180%)
  • Capital expenditure of £2.0m (2007: £4.0m) includes product development costs of £0.8m (2007: £1.0m)
  • Acquisition of HELM, minority interests and two small bolt-ons aggregate to £18.0m
slide12

Group net debt

  • £40m bank facility until June 2012 with HBoS and HSBC
  • Protected against future interest rate movements by interest rate swap through to 2010 at 4.99%
slide13
Operational review

Peter Martin

Chief Executive

analysis
Analysis

Six months to June 2008

* Before central costs

management
Management
  • Senior appointments made:
    • Andy Field Chief Operating Officer
    • Stephen Harris International Development Director
    • Matthew Swindells Managing Director, Health
  • Seeking Non-Executive Director appointments
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Prospects

Peter Martin

Chief Executive

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Markets

  • Business model proving resilient
  • Tighter budgetary controls in the public sector but:
    • Government priorities remain (particularly in health and education)
    • Continued flow of significant contract opportunities:
      • OFSTED inspections
      • Healthcare commissioning
      • Offender learning
      • Welfare to Work
      • Health facilities
  • Reform agenda continues:
    • Performance improvement
    • Efficiency and quality
    • Value for money
group strategy
Group strategy

Delivery

Consulting

  • Focus on core public sector markets:
    • Education
    • Health
    • Housing & Regeneration
    • Local government
    • Central government
  • Services span consulting, support and delivery
  • Focus on competitive advantages
    • Domain expertise
    • Breadth of capability
    • Enhanced technology offering
  • International development
  • Selective acquisitions

Support

financial objectives 2008 2010
Financial objectives (2008 – 2010)
  • Target of 10% organic growth in annual revenue over the medium-term
  • Progressive improvement in operating margins
  • Increase committed income to 60% of annual revenue
  • Enhance earnings growth through selective acquisitions
  • Progressive dividend
current trading
Current trading
  • Trading continues to be in line with our expectations
  • 87% of 2008 planned revenue secured at 31 July 2008
  • Continued focus on margins
  • Pipeline of opportunities is good
  • Confident about prospects for remainder of 2008 and beyond
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Tribal Group plcHalf year results for the six monthsended 30 June 2008End

This presentation is intended only as a summary of key points from Tribal Group plc\'s announcement of its half year results for the period to 30 June 2008 ("the Half Year Results 2008").  Accordingly, reference should be made to the Half Year Results 2008 and not to this presentation

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