Cautious ahead of time
Tribal has issued a scheduled trading update, and although there is a significant slew of good news, the overall tone is one of caution. Despite a number of contract wins, and good delivery to existing customers, the wording of the statement suggests that the balance of risk is to the downside. We reflect this with a reduced FY15 outlook and introduce hopefully-cautious FY16 forecasts. Our new FY15E EPS is still some 47% above the 2011 figure, and hopefully sets a realistic and achievable base from which the group can grow.