Post-warning Tribal purchase

Tribal non-executive director John Ormerod's wife Pamela has taken advantage of the post-profit warning fall in the share price to buy an initial 50,000 shares at 69.25p each.

The share price of the public sector and education services provider was more than 100p three weeks ago.

Ormerod was appointed to the board six days before the 27 October profit warning which came in the form of an interim management statement.

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Tribal said that trading conditions are becoming more challenging. The majority of the regeneration division is being closed because of poor market conditions and lack of recovery prospects. These activities lost £1m in the nine months to September 2009 and it will cost £2.5m to close them plus £4m in goodwill write-offs.

Tribal believes that its underlying 2009 profit, excluding the regeneration business, will be similar to the £17.8m, before discontinued activities, reported last year.

Company secretary Richard Collins acquired 5,000 shares at 69.231p each on 3 November. That took his stake to 14,981 shares.

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