Tribal Group (LSE:TRB) reported preliminary revenue of £92.5 million for the 2025 financial year, representing a 4% increase compared with the previous year.
Adjusted EBITDA rose 8% to £17.5 million, reflecting improved operating performance across the company’s business units.
The growth was largely driven by stronger recurring revenue from cloud-based and subscription services. Revenue from subscriptions and cloud offerings increased 32%, supporting expansion within the Student Information Systems division as customers continued migrating away from traditional support and maintenance contracts.
The introduction of the HEFS subscription model further boosted recurring revenue and annual recurring revenue, with most higher education customers now adopting the platform. Annual recurring revenue reached £63.3 million for the year.
Within the Etio division, operational improvements and cost efficiencies introduced during 2024 helped support margin expansion despite softer demand conditions. Gross profit for the year totalled £46 million, while net income amounted to £8.9 million.
Looking ahead to fiscal 2026, Tribal expects revenue of approximately £93 million and adjusted EBITDA of around £17 million. The company said trading in the new financial year has begun in line with the board’s expectations.
However, Tribal noted that developments in the Middle East could affect the timing of certain Etio contracts.
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