March 6 (Bloomberg) -- Tribal Group Plc surged to the highest since 2008 after the maker of education support software said 2013 has begun well, following strong international headway in countries including Australia, and that it expects further progress.
The shares rose 16 percent in London to 133.75 pence, the highest price since September 2008. Tribal was the second-best performer in the FTSE All-Share Index. The volume of shares traded was more than 10 times the three-month daily average.
Adjusted 2012 pretax profit, at 12.8 million pounds ($19.3 million), will be about 30 percent higher than the median forecast of 9.9 million pounds of three analyst estimates compiled by Bloomberg, as a result of “good progress” with international contracts, including one in Australia, the London-based company said in a statement today.
The headway Tribal made on its Student and Learning Management contract in New South Wales last year has allowed the company to recognize extra revenue in 2012, Jonathan Imlah, an analyst at Canaccord Genuity, said in a note to clients today.
Imlah, who has a buy rating on Tribal, raised his 12-month price estimate on the stock, which has risen 74 percent in the past year, to 150 pence from 115 pence.
Full-year 2012 revenue will be in line with company expectations, Tribal said. Sales will be 113 million pounds, according to the average of 4 analysts surveyed by Bloomberg.
Tribal is due to release its full 2012 results on March 14.
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