Stock to Watch: TRIBECA LEARNING LIMITED 07:40, Friday, 30 April...

Stock to Watch: TRIBECA LEARNING LIMITED
07:40, Friday, 30 April 2004

Sydney - Friday - April 30: (RWE)
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OVERVIEW
********

Most of the education companies have been be doing well this year
in an industry that still has great potential.
It's not a high risk business and the biggest outlay involves
professional teachers and the venues for instruction although much of
this today is online.
Tribeca Learning has opted to concentrate on the highly valuable
financial services education sector.
In March the company made a coup in gaining the outsourcing
of the Australian Stock Exchange administration of its accreditation
training regime.
ASX runs a range of accreditation programs as part of its role in
encouraging high standards of industry knowledge and professionalism.
This includes options and warrants adviser accreditation for
which more than 2,000 advisers are currently registered.
Tribeca chief operating officer, John Prowse, said at the time
"Under the Integratec brand, Tribeca has become the leading provider of
online continuing professional development for stockbrokers.
"Administration of the ASX accreditation regime
provides us with a very welcome opportunity to further develop the
services we provide to the stockbroking industry," he declared.
Tribeca claims to be the leading provider of financial services
education, professional development and compliance solutions to
Australian financial institutions.
Its clients include many of Australia's largest and most well
respected banks, insurance companies and securities dealers as well as
many independent financial planning practices.

SHARE PRICE MOVEMENTS
*********************

Shares of Tribeca have found little favour to date in the market.
The shares yesterday rose 1c to 22 cents. Rolling high has been 25c and
low 12c. And the company has announced a 1c dividend which is yielding
4.55 per cent.

Yesterday Tribeca Learning Ltd reported record sales for the
three months to March 31.
During the quarter Tribeca derived sales revenue of $4.7 million,
an increase of 32 per cent over the previous corresponding period.
This result also represents a 12 per cent rise over the quarterly
average revenue derived during the first half of 2004, and is consistent
with earlier stated expectations of a stronger second half.
The record revenue result was driven by strength in accredited
course enrolments, which increased 16 per cent, and continued growth in
subscriptions to Tribeca's online continuing education product, Ontrack,
which rose 373 per cent.
Directors remain confident Tribeca will achieve strong profit
growth in the 2003/04 year.
Accredited course revenue increased by 22 per cent over that
derived in the PCP, with growth in enrolments recorded across all courses
in the Diploma and Advanced Diploma of Financial Services (Financial
Planning) (DFS and ADFS respectively).
Most encouraging was the growth in enrolments in Tribeca's
specialist courses, which increased by 78 per cent over H1 2004, to 583.
The majority of these enrolments were in the Self Managed
Superannuation Fund course, which is gaining strong market acceptance by
both financial planners and accountants.
In keeping with expectations of a stronger second half, course
enrolments in Q3 2004 increased by 50 per cent over enrolments in Q2
2004.
Significantly, during the period, the Financial Planning
Association (FPA), historically Tribeca’s major competitor in the
provision of accredited courses to Australian financial planners market,
announced its intent to cease offering DFS and ADFS courses effective
from July 2004.
This represents a significant shift competitive landscape, and is
expected to support further revenue growth from this business unit during
the current year.
"The overall outlook for the company remains favourable due to
the intrinsic growth of the financial services sector and the
increasingly stringent legislative environment in which financial
institutions must now operate," directors said.
"Tribeca's strategy in the short term is to optimise business
within its current market by increasing product sales volumes and
profitability.
"Medium-term growth will be derived from expanding education
services into new segments of the financial services sector.
"Whilst the company's business plan does not rely on further
acquisitions, Tribeca will continue to assess strategic opportunities
within strict financial and strategic parameters," directors declared.

BACKGROUND
**********

Tribeca was founded in 1998 by current Chief Executive, Adam
Davis, who had a vision for the company to become a leader in the field
of learning.
It was listed on the Australian Stock Exchange in May 2000.
The business initially focused on secondary school learning
resources, but now operates solely within the financial services sector,
providing professional education and compliance solutions to the
financial services industry.
In September 2001, Tribeca acquired Integratec, forming a solid
platform for the company’s expansion plans. Integratec had been
established as a private provider of training to the financial services
sector in early 1988.
The business became a Registered Training Organisation and was
granted Vocational and Educational Training Accreditation Board
accreditation in April 2000.
Over the next two years, Tribeca consolidated its position
through acquiring a series of complementary and competitive businesses,
including THP Services, Paraplanning Professionals, Resnik
Communications, Financial Planning Resources and the Investment Training
College.
The financial services sector has recently been affected by
significant legislative reform.
Driven by an underlying need to protect the investing public, a
raft of new legislation has been introduced in relation to the competency
and conduct of advisers.
This regulatory imperative has paved the way for, and supports
future growth in the provision of professional learning, education and
compliance solutions.
In March 2004 the brands of Tribeca's operating businesses were
aligned under the trading name Tribeca.
Tribeca's head office is in Sydney, with sales offices and
training facilities in Melbourne, Brisbane and Perth and a client service
centre in Brisbane.

Copyright © 2004 RWE Australian Business News. All rights reserved.

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Cheers,

Fig Jam

I don't hold TBC