By Ben Abbott
Financialservices training and education providerTribecahas announced a 27 per cent growth in sales revenue and earnings for the first quarter of the financial year, following the continued growth of its education services division.
The results to December 31, 2003, reveal sales revenue and earnings before interest tax depreciation and amortisation (EBITDA) were up 27 per cent to $8.4 million and $960,000 respectively.
Tribeca’s net profit for the period was $390,000 — a 26 per cent increase.
The group says continuing education was experiencing the most rapid growth within its business, with revenue for this division swelling by 41 per cent on the previous financial year to $3.42 million.
The continuing education division contributed 41 per cent of the group’s revenue, while the accredited education courses division was the highest earner at $3.92 million or 47 per cent of revenue.
The compliance services division contributed the remaining 12 per cent or $1.07 million in revenue, experiencing strong growth largely due to a rush of Australian Financial Services Licence applications.
Tribeca says its strategy in the short-term will be to optimise the business within its current market by continuing to increase product sales volume and profitability, while medium-term growth will be achieved by expanding education services into new segments of the financial services sector.
Tribeca adds that its business plan for 2003-04 does not rely on further acquisitions, with the group seeking to assess strategic opportunities within strict financial and strategic parameters.
The group says it expects to record a strong profit in the second quarter of the financial year, as its results in the second half typically outperform the first.
