Consultant announces a first half pre-tax loss but predicts strong performance to December
UK consultant Tribal Group has announced a first half pre-tax loss for but said it was confident performance would be ahead of expectations for the nine months to December.
The company posted losses of £3.8m for the six months to 30 September, compared to a £100,000 profit for the same period last year.
Turnover for the period was £120.4m, up 12% from £107.2m in 2006.
Tribal said it had taken an impairment charge of £9m for a group review following the appointment of CEO Peter Martin.
It said the sale of Mercury health for £27m had reduced its debts to £6.9m.
Tribal chairman Strone Macpherson said the group would bring in measures to push up profits over the next year.
He said: “Over the next 12 months, we will be introducing measures to improve profitability, including applying stricter commercial criteria to our new business activity.
“We will also be developing systems and processes that will encourage greater collaboration and accelerate growth across the Group.”
The news comes after Building revealed problems in Tribal’s further education business.
The company has been axed from a number of projects including Brighton City College and Suffolk New College in Ipswich.