Tribal Group reported revenue of £48.9m for the six months to 30 June, up 7.1% on a constant currency basis from £45.7m in the first half of 2025.
The AIM-listed education software provider said annual recurring revenue rose 9.7% to £66.5m, with net revenue retention improving to 109% from 105%, reflecting stronger up-sell and cross-sell to existing customers.
Student Information Systems revenue grew 6.6% to £38.9m, while Etio revenue increased 9.4% to £10m, boosted by an Attendance Monitors contract with the Department for Education.
Adjusted EBITDA held broadly flat at £8.7m, though margin slipped 1.2 percentage points to 17.8%, largely due to a £0.9m adverse foreign exchange swing on intercompany balances. Statutory profit after tax fell to £3.9m from £4.3m, mainly reflecting higher amortisation following a £0.7m one-off charge from a periodic review realigning the platform's amortisation with product go-live dates.
Net cash improved by £4.5m to £0.6m at period end, against a net debt position of £3.9m a year earlier, despite paying out £6m in dividends during the half.
Chief executive Mark Pickett said the group delivered "another half of solid strategic and operational progress, with continued growth in recurring revenues, improving operational efficiency and important milestones in our transition to a fully cloud-enabled SaaS business".
The Higher Education Full-Service subscription model now has 67 customers signed up, and Tribal launched Admissions, an as-a-service version of its SITS Admissions product, in the UK market during the period.
Tribal said it expects to deliver FY26 revenue and adjusted EBITDA comfortably in line with current market expectations, which stand at revenue of £93.6m and adjusted EBITDA of £17m.
