Tribeca benefits from stringent regulation
Financial services training and education providerTribeca Corporationhas posted strong revenue growth for the September quarter on the back of the rising education and compliance standards required to operate in the industry.
“The overall outlook for the company remains favourable due to the growth of the financial services sector and the increasingly stringent legislative environment in which financial institutions must now operate,” says Tribeca managing director Adam Davis.
The group’s sales were fuelled largely by a 90 per cent rise in revenue for its continuing education (CE) division, and an 8 and 22 per cent rise in revenue for the group’s accredited course and compliance divisions respectively, which helped push Tribeca’s sales out to $4.3 million - a 32 per cent increase compared to the corresponding period last year.
The performance of the CE division was due in part to an almost doubling of the number of its video products sold over the quarter, which rose from 12,534 units to 24,315.
“Tribeca's strategy in the short term is to optimise the business within its current market by increasing product sales and profitability. Medium term growth will be derived from expanding education services into new segments of the financial services sector,” he adds.
The results were also bolstered by a 10 per cent increase in course enrolments compared to the corresponding period last year, Davis says.
Revenue in the accredited course and compliance divisions rose from $1.9 million and $436,000 to $2.1 million and $1.6 million respectively.
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