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Tribal Group swings to loss in H1

Tribal Group PLC said its normalized net income for the first half amounted to a loss of £400,000, compared with income of £710,000 in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue decreased 22.1% year over year to £45.2 million from £58.0 million, and total operating expenses decreased 19.6% year over year to £45.4 million from £56.4 million.

Reported net income totaled a loss of £2.6 million, or a loss of 2 pence per share, compared to a loss of £6.2 million, or a loss of 7 pence per share, in the year-earlier period.