Organic growth is combining well with acquisitions said Learning Technologies Group PLC (LON:LTG), which is seeing record revenues following its takeover of Netdimensions in March.
The e-learning group has an annual turnover target of £50mln and seems well on track to hit that soon as first half sales rose to 63% to £20.8mln with the traditionally stronger second half to come.
Andrew Brode, chairman, said momentum is strong and the board is confident over the second half and beyond.
NetDimensions and all of the other recent acquisitions had been integrated to plan and accompanied by strong underlying organic growth.
The NetDimensions' proprietary LMS (learning management system) had enhanced the range of services globally, though the full benefits will start to show through in the 2018 trading year.
Changes at NetDimensions have included shifting the customer support teams to local bases, moving the hosting service to LTG’s centre in Nashville, investing in the technical and reselling teams and hiring a new global head of sales.
LTG’s existing businesses have also been going well, with the order book at a new record at the end of the period.
LEO, the original e-learning business increased sales by 50% helped by the Civil Service Learning contract that is being managed with KPMG starting to kick in.
Preloaded, LTG’s 'games with purpose' division, supplied a VR learning simulation for the Science Museum while Rustici has continued to expand its recurring licence business above expectations.
Cashflow was also strong, with the gross total rising to £11.5mln and net debt dropping to £6.1mln from £8.5 mln.