Updates

Tribal - 5 year plan to double ARR

April 2022

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

In 2021, Tribal’s chief executive Mark Pickett set out new five-year objectives: to double Annual Recurring Revenue (ARR) from a base of £47.5m, which includes 1-2 bolt-on acquisitions (implying a 15% annual clip) and to improve EBITDA margin from 20.4% to low-30%. Anyone can make punchy projections but the reason Pickett tells me he’s confident of hitting these is because Tribal has a stable base on which to build: once installed, its SITS systems can stay in place within a university for 20-25 years. Given Tribal’s >65% market share in the UK and >30% in Australia, it forms a stable base while it wins revenues from new customers overseas and makes complementary acquisitions. The education sector is also increasing ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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