Analyst Research Report Snapshot


Trading update and upgrade




Hardman & Company


06 Mar 2013





Companies referenced:


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Tribal has made another encouraging trading update – a more significant upgrade than the series of earlier ones. We note the 2012E PBT is £12.8m which compares with our £9.5m estimates for this 2012 year which we formulated at the end of 2011. Like-for-like (the £12.8m 2012E excludes certain closed business’ losses) this is a 25% upgrade for the 2012 PBT over the past 14 months. Half this like-for-like upgrade dates from today.

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