Tribal Group PLC (AIM:TRB) shares slipped 7% to 49p after the company swung to a net debt position in 2022.
The software and services group reported a net debt position of £3.4mln for the year ended 31 December 2022, compared to a cash position of £5.9mln in 2021.
This reflected an adverse movement in working capital as a result of issues surrounding the delayed Singapore contract and continued product investment, according to a statement.
“While the delays with the Singapore contract have impacted our overall trading position in 2022, the positive performance across the wider business demonstrates the effectiveness of our cloud strategy and provides the board with confidence in a return to profitable growth in 2023,” said chief executive Mark Pickett.