Consultant ends acquisition phase and says it has good growth prospects as an independent company
Troubled outsourcing company Tribal has announced that it is no longer in takeover talks, after it sold its health and government division to Capita for 拢15.8m on 11 April.
Real-time Share Price As a result of the announcement, Tribal鈥檚 share price dropped sharply this morning.
It confirmed that it had 鈥渞eceived confirmations from each party with whom it was in discussions that they are no longer considering an offer for the Company.鈥�
At the end of March Tribal announced that its pre-tax profit had dropped from 拢13.8m in 2009 to 拢5.9m in 2010, and that chief executive Peter Martin would step down in April.
John Ormerod, chairman of Tribal, said: 鈥淚t is in the best interests of the company that the uncertainty surrounding its future ownership has now been brought to an end.
鈥淚t is to management鈥檚 and our employees鈥� credit that during this period of uncertainty Tribal has been successfully transformed into a focused Education business, which has continued to grow and has maintained good levels of profitability. Tribal is today on a sound financial footing and has good growth prospects, underpinned by high levels of committed income and a strong sales pipeline,鈥� he said.
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