New broom(s), solid floor
Tribal has reported its 2015 results this morning, along with the announcement of a £21m placing, fully underwritten. The group saw an almost perfect storm during 2015, with loss of management direction, customer delays and difficulties recognising revenue, as well as a lacklustre sales performance. The re-start is under way, with a new CEO and Chairman, and the balance sheet is underpinned through today’s news. We reset our forecasts, and look forward to hearing the new CEO’s plans in detail, in due course.