Chairman’s statement The Group had a successful year in 2008. We made further progress in Our financial and operational performance and took a number of steps to strengthen Tribal’s position as a leading provider of consultancy, support And delivery services to the public sector in the UK and internationally. Performance During the year, our revenue grew by 12% to £234.0m and adjusted operating profit rose by 14% to £19.8m. Adjusted profit before tax was up 21% to £18.6m and adjusted earnings per share increased by 20% to 14.7p. Our cash performance was excellent and we Were particularly pleased to achieve an operating cash conversion of 136%. Tribal’s financial performance has improved substantially over the past two years. We now have a strong balance sheet, low levels Of debt and considerable headroom against our bank facilities, placing us in a good position to address both opportunities and challenges over the coming year. Dividend The Board is recommending a final dividend of 2.65p per share, bringing the total dividend for the year ended 31 December 2008 to 4.35p per share. This represents an increase of 11% on a pro rata annualised basis. Subject to approval at Tribal’s 2009 Annual General Meeting (AGM), this dividend will be paid on 17 July 2009 to shareholders on the register at 19 June 2009. Strategy The next two years will be very challenging for the general economy and our expectation is that public sector spending will come under increasing pressure. The outcome of the general election, which will take place in the next 14 months, will also have an influence on the direction of public policy. However, Tribal operates in a public services industry that is now a substantial and permanent feature of the UK economy. Our core markets, such as education and health, will remain priorities for reform and improvement and the requirement for government to increase efficiency and identify cost savings will continue to create opportunities for our business. Our priority for 2009 is to build further resilience into our business model by increasing the levels of committed income. We have taken steps to improve our business development processes, with the aim of improving account management, sales qualification and our contract win rate. The award in February 2009 of our new £75m Ofsted contract was a major step in achieving our objectives.
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