Consultant sees profits soar after strategy review, with turnover also up strongly
Tribal Group has released a strong set of financial results, with turnover growing 13% to £188.7m in the last nine months of 2007, up from £166.7m for the same period in 2006, despite a turbulent year.
The results are for the nine-month period ending 31 December, as the group has this year changed its year end from 31 March.
The UK consultant, which provides project management, QS, planning and architectural services, has been undergoing a “strategy review” following poor trading conditions in its resourcing division.
But the review appears to have worked; group pre-tax profits have jumped almost 100%, from £5.6m in the last nine months of 2006 to £11.1m in the nine months to 31 December 2007. The group says that the challenging conditions in resourcing were offset by strong performances in its architectural practice and communications businesses.
Strone Macpherson, chairman of the group, said: “We have been pleased by the group's trading performance since the start of the year. We have secured a number of important new contract wins and the level of committed revenue and the strength of the pipeline is encouraging. The board is confident about Tribal's prospects for 2008 and beyond.”
Tribal also announced that former chief executive and founder Henry Pitman will be stepping down from his non-executive role on the board.