Time to keep the faith
Tribal has delivered H1 results which, while largely heralded in the May trading update, will test investors’ nerves over the deliverability of the full year result. Despite the headline declines, the RNS describes the Board’s expectations for the full year as unchanged. Notably the dividend, a strong signal of management confidence, is up 17% y/y. We make no changes to forecasts, and our note focuses on reasons to keep the faith in the full-year result.