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RNS Number : 3638M
Learning Technologies Group PLC
16 September 2019
 

Learning Technologies Group plc

 

HALF YEAR RESULTS 2019

 

Strong sales and margin expansion drives EBIT and cash generation

 

Learning Technologies Group plc ("LTG" or the "Company"), the provider of services and technologies for digital learning and talent management, is pleased to announce its half year results for the six months ended 30 June 2019.

 

Strategic highlights

 

·      Strong Group EBIT margin performance and cash generation

·      Cross-selling initiatives driving sales momentum

·      PeopleFluent progressing well - confident of return to growth in 2020

·      Content & Services displaying significant improvement versus H2 2018, with momentum in LEO and Preloaded, reflecting focussed investment in sales

·      Launch of Instilled Learning Experience Platform ('LXP')

·      Successful acquisition of BreezyHR, integrated swiftly and now delivering impressive revenue growth

 

Financial highlights

 

·      Revenue up 85% to £62.6m (H1 2018: £33.8m), 74% recurring revenue (H1 2018: 51%)

·      Software & Platforms (68% of Group revenue)

Organic revenue up 7%, excluding PeopleFluent

PeopleFluent successfully managing retention rates to stabilise revenues

Growth across Rustici, gomo and Watershed

BreezyHR integration completed and growing strongly

·      Content & Services (32% of Group revenue)

Organic revenue (excluding CSL contract) down 3% but confident of strong organic growth for FY 2019

Excellent sales momentum supports expectation of strong H2 for LEO and Preloaded

Cross-selling supporting recent wins

·      Adjusted EBIT ahead of expectations, up 134% to £19.4m (H1 2018: £8.3m)

·      Strong margin progression, with EBIT margins up 660 basis points to 31.1%

·      Adjusted diluted EPS of 2.228 pence, up 117%

·      Proposed interim dividend of 0.25 pence, up 67%

·      Good cash generation, resulting in net debt of £13.9m following $12.7m acquisition of Breezy and net debt : EBITDA of 0.3x (H1 2018: 0.8x)

·      Robust balance sheet and debt facility supports strong acquisition pipeline

 

Current trading and outlook

 

·      FY2019 in line with upgraded expectations, as announced on 22 July 2019

·      Software & Platforms performing well aided by high growth acquisitions and new product developments

·      Content & Services expected to deliver organic growth of c.8% in FY2019

·      Strong cash generation since period end; net debt at end August 2019 down to £7.8m

·      Active pipeline of strategic acquisition opportunities with significant funding capacity

·      Sales pipeline and high proportion of recurring revenue underpins the Board's confidence for 2019 performance

 

Jonathan Satchell, CEO of LTG, said:

 

"In the first half of 2019 both our divisions have delivered a strong performance, with Software & Platforms delivering an increasing proportion of high margin recurring revenues from software licenses, and organic sales momentum greatly increasing in Content & Services.

 

"The Group continues to deliver excellent shareholder value by efficiently transforming recently acquired businesses, with PeopleFluent successfully integrated and expected to return to growth in 2020 and BreezyHR, acquired in April 2019, achieving significant growth and showing great promise.

 

"Our first half performance increased recurring revenues and robust current trading provides great confidence for the year ahead to deliver further organic growth, strong margins and excellent cash generation. On the back of this momentum, we are investing in H2 2019 to drive sales further, as well as supporting organic growth initiatives into 2020."

 

 

Financial summary:

 

£m unless otherwise stated

H1 2019

H1 2018

Change

Revenue

62.6

33.8

+85%

Recurring Revenue %

74%

51%


Revenue Outside UK %

79%

59%


Adjusted EBIT (pre IFRS16 and SBP adjustments)

20.0

8.9

+125%

Adjusted EBIT

19.4

8.3

+134%

Adjusted EBIT margin

31.1%

24.5%


Statutory PBT

6.8

1.3


Adj. Diluted EPS (pence)

2.228p

1.028p

+117%

Proposed Interim Dividend per share (pence)

0.25p

0.15p

+67%

Net Debt

(13.9)

(15.7)


 

 

Analyst and investor presentation

 

LTG will host an analyst and investor presentation at 8.30 a.m. today, Monday 16 September 2019, at LTG's offices.

 

Enquiries:

 

Learning Technologies Group plc

Jonathan Satchell, Chief Executive

Neil Elton, Chief Financial Officer

 

+44 (0)20 7402 1554

Numis Securities Limited (NOMAD and Corporate Broker)

Stuart Skinner, (Nomad), Nick Westlake, Ben Stoop

 

+44 (0)20 7260 1000

Goldman Sachs International (Joint Corporate Broker)

Bertie Whitehead, Adam Laikin

 

+44 (0)20 7774 1000

FTI Consulting (Public Relations Adviser)

Jamie Ricketts, Chris Birt, Jamille Smith

+44 (0)20 3727 1000

 

 

About LTG

 

LTG is a leader in the growing workplace digital learning and talent management market. The Group offers end-to-end learning and talent solutions ranging from strategic consultancy, through a range of content and platform solutions to analytical insights that enable corporate and government clients to close the gap between current and future workforce capability.

 

LTG is listed on the London Stock Exchange's Alternative Investment Market (LTG.L) and headquartered in London. The Group has offices in Europe, North America and Asia-Pacific.

 

 

Chairman's Statement

 

Introduction

 

The Board is delighted to report that Learning Technologies Group plc ('LTG') has made excellent progress over the period, particularly with its ongoing transition towards a software licence model delivering high margin, recurring revenues. The integration of the transformational acquisition of PeopleFluent Holdings Corp ('PeopleFluent') in May 2018 has been completed successfully and, as planned, the acquired business is on track to return to growth in 2020. It is pleasing to see a significant improvement in Content & Services' performance compared to H2 2018, driven by a greater focus on sales and a number of large contract wins. At the same time the Group has delivered continuing strong operating margins, enabling management to invest further in R&D and incremental sales initiatives, resulting in some notable successes in cross-selling. 

 

Results

 

With effect from 1 January 2019 LTG has adopted the new accounting standard IFRS16 - Leases. In addition, Adjusted EBIT* has been restated to include the impact of share based payments. Further details of these adjustments are provided below.

 

In the six months ended 30 June 2019, revenues increased by 85% to £62.6 million (H1 2018: £33.8 million) with like-for-like revenues on a constant currency basis (excluding the post-acquisition contribution of BreezyHR, the acquired PeopleFluent businesses, and excluding the exceptional contribution from the Civil Service Learning ('CSL') contract) increased by 2% to £27.0 million. The acquired PeopleFluent businesses contributed £35.1 million of revenue for H1 2019, compared to £36.0 million (3% decline) of revenue had they been owned for the entirety of H1 2018.

 

With the acquisition of PeopleFluent, Watershed and BreezyHR, as well as the strong organic growth in the Group's other software licencing businesses, recurring licence fee and support contract revenues increased from £16.5 million in H1 2018 to £41.3 million in H1 2019, an increase of 150%.

 

Adjusted EBIT grew by 134% to £19.4 million (H1 2018: £8.3 million) with margins increasing from 24.5% in H1 2018 to 31.1% in H1 2019, primarily as a result of the inclusion of PeopleFluent for the full period and operational synergies achieved ahead of plan.

 

Operating profit of £8.2 million (H1 2018: £0.9 million) is stated after amortisation of acquired intangibles, various acquisition earnout charges, share-based payments, and integration costs. Following the acquisition of PeopleFluent, amortisation of acquired intangibles increased to £10.2 million (H1 2018: £5.7 million). The share based payment charge increased to £1.0 million (H1 2018: £0.6 million) as a result of increased grants following the acquisition of PeopleFluent. Acquisition-related deferred consideration and earnout charges declined to £1.1 million (H1 2018: £1.5 million) and relate primarily to the anticipated earnout resulting from Watershed's and BreezyHR's incremental revenue growth during the first year of their respective three-year earnout agreements. There were no integration costs of note in H1 2019 (H1 2018: £0.1 million).

 

Transaction costs relating to the acquisition of BreezyHR were £0.3 million (H1 2018: £2.6 million) and interest on borrowings, was £0.9 million (H1 2018: £0.5 million). A finance charge of £0.2 million (H1 2018: £nil) relates to the Group's leases following adoption of IFRS16 (see Note 12).

 

The Group reported a net profit of £6.8 million for the six months ended 30 June 2019 attributable to the owners of the parent company (H1 2018: profit of £1.3 million).

 

The basic earnings per share in H1 2019 was 1.012 pence (H1 2018: 0.221 pence). Adjusted diluted earnings per share as set out in Note 5 increased by 117% to 2.228 pence (H1 2018: 1.028 pence).

 

At the time of the acquisition of PeopleFluent in May 2018, LTG entered into a new debt facility with Silicon Valley Bank ('SVB') and Barclays Bank for $63 million. The facility comprises a $42 million term loan repayable in quarterly instalments of $2.1 million, and a $21 million multi-currency revolving credit facility, both available for five years. The facility is subject to various financial covenants and interest is charged at between 160 and 210 basis points above LIBOR based on the covenant results.

 

LTG maintained strong operating cash flows in the period. Net cash flow from operating activities (excluding deferred consideration payments relating to 2018) was £15.5 million (H1 2018: £11.0 million). Excluding the transaction costs relating to the acquisition of BreezyHR and acquisition related deferred consideration payments, operating cash flow conversion was 79% (H1 2018: 91%).

 

In H1 2019 approximately 79% of LTG's business was undertaken for customers outside of the UK and a growing percentage of the Group's revenues are denominated in USD. Net USD cash inflows are used as an internal hedge against the USD loan capital and interest repayments helping to reduce the business' overall exposure to exchange rate volatility. At 30 June 2019 gross cash was £21.1 million and net debt was £13.9 million (31 December 2018: gross cash was £26.8 million and net debt was £11.5 million). Following the period end net debt as at 31 August 2019 had reduced further to £7.8 million and the Group is on track to be unleveraged by the end of the year.  

 

Overall net assets increased to £172.8 million at 30 June 2019 (31 December 2018: £168.8 million) and shareholders' funds increased from 25.3 pence per share to 25.9 pence per share.

 

Impact of adoption of new accounting policies

 

With effect from 1 January 2019 the Group has adopted a new accounting standard: IFRS16 - Leases. As a result the Group has recognised lease liabilities in relation to leases which had previously been classified as 'operating leases' under the principles of IAS 17 Leases. These liabilities are measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate as of 1 January 2019.

 

Further, with effect from 1 January 2019 the Board has resolved to report Adjusted EBIT inclusive, rather than exclusive, of the share based payment charge. This is to align the Group with guidance from the FRC's Corporate Reporting Thematic Review and to recognise that share based payment charges are a valid cost of the business and relieve the Group of an alternative cash expense.

 

The financial comparatives used for prior periods in this report are restated to reflect the impact on the financial results for the Group as if the new accounting policy with regards share based payments had been adopted in the prior year. The modified retrospective approach has been applied to the prior period changes in respect of IFRS16 with a net charge to retained earnings as at 1 January 2019 of £2.3 million. There was a net credit to retained earnings in H1 2019 of £0.2 million.

 

The table below sets out the effect of these adjustments on Adjusted EBIT:

 


H1 2018

H2 2018

FY 2018

H1 2019


£'000

£'000

£'000

£'000






Adjusted EBIT pre accounting policy changes

8,885

18,360

27,245

20,012

Adjusted EBIT margin (%)

26.3%

30.6%

29.0%

32.0%






Share Based Payment charge adjustment

(588)

(666)

(1,254)

(997)

IFRS16 adjustment

-

-

-

433






Revised Adjusted EBIT

8,297

17,694

25,991

19,448

Revised Adjusted EBIT margin (%)

24.5%

29.4%

27.7%

31.1%

 

Further details are provided in Note 12.

 

The full-year 2019 share based payment charge is expected to be approximately £2.8 million as a result of performance related share option grants made to the extended management team following the acquisition of PeopleFluent in May 2018, and the launch of a new Employee Stock Purchase Plan in the US with effect from May 2019.

 

Operational Review

 

Following the acquisition and successful integration of PeopleFluent, we have made a number of structural improvements to LTG to support our long-term prospects and performance. PeopleFluent's talent software solutions business has been combined with the NetDimensions' LMS software business (acquired in March 2017) to create a leading best-of-breed integrated platform, operating under the PeopleFluent brand. Together this combined business represents approximately half of LTG's revenue. PeopleFluent's workforce compliance and diversity business has been renamed 'Affirmity' and the company's contingent workforce management solutions provider has been renamed 'VectorVMS'. Both these businesses operate under their own management teams. KZO, an exciting video curation tool, was incorporated into the gomo business and rebranded 'gomo video'.

 

The acquired PeopleFluent business had experienced declining revenues for a number of years mainly as a result of low client retention rates on some of their products. LTG management guided in H1 2018 that the acquired business was anticipated to deliver annual revenues of c$98.0 million in 2018, declining to c$91.0 million in 2019 (as restated under IFRS15), and that management had the objective to return the acquired business to net sales and revenue growth by 2020. As a result of higher-than-expected retention rates in H1 2019, the substantial improvements being made to the software products, and encouraging new sales, the Board is increasingly confident that the acquired PeopleFluent business will deliver on its revenue targets in 2019 and return to growth in 2020.

 

Management have sought to address client churn firstly by transferring PeopleFluent's existing LMS customers to the industry leading NetDimensions LMS, and secondly by focussed investment in the talent acquisition platform. LTG has committed significant R&D investment to the acquired and integrated PeopleFluent talent acquisition platform. The acquisition of BreezyHR (see below for further details) whose award winning product features will be incorporated into the PeopleFluent enterprise solution, is further evidence of investment to support long-term organic growth. PeopleFluent will shortly launch the new updated talent acquisition functionality which we are confident will enhance the candidate experience on our platforms. PeopleFluent has invested heavily in developing new product features across its range of products. VectorVMS has also invested substantially in its product features and will launch a new mobile solution this month.

 

LTG's Software & Platforms division (excluding the acquired PeopleFluent business referenced above) continues to deliver good growth with revenue up 6.8% from £13.0 million in H1 2018 to £14.6 million in H1 2019. Watershed, acquired in November 2018, has grown revenues by 28.5% on a like-for-like basis and its software solutions are increasingly sold as part of integrated sales with other Group companies. The Group launched 'Instilled' in May 2019, a 'Learning Experience Platform' ('LXP') that leverages the capabilities of a number of LTG's software solutions including gomo video, Watershed, and Rustici's SCORM Engine. This LXP places the user experience at its heart, enabling learners to create, share and recommend content, empowering them to create their own 'learning journeys'.

 

Content & Services division (excluding the acquired PeopleFluent business referenced above and the CSL contract) revenues of £12.5 million were up 15.2% on H2 2018 and declined by 2.6% against tough prior year comparators. Content & Services projects are typically run on a fixed price, non-recurring basis, with a relatively short sales cycle.

 

Strong sales momentum from LEO and Preloaded has continued from Q4 2018 into H1 2019, with H1 2018 to H1 2019 sales growth of approximately 19% giving confidence that full-year organic revenue growth will be above trend at approximately 8%. Notable sales successes include a large multi-million dollar contract win for LEO in the US which in turn has resulted in a further substantial multi-year contract for the 3 products from the Software & Platforms division.

 

Recurring revenues have increased from £17.3 million (51.0%) in H1 2018 to £46.5 million (74.3%) in H1 2019. As well as high visibility of revenues, the Software & Platforms division generated adjusted EBIT margins of 35.6% in H1 2019 (H1 2018: 32.1%) primarily as a result of the inclusion of the PeopleFluent business for a full period and the successful integration of the business into LTG during the second half of 2018. Content & Services saw adjusted EBIT margins also increase from 16.7% in H1 2018 to 21.1% in H1 2019. Adjusted EBIT margins for both periods are stated inclusive of the share based payment charge.

 

Acquisition and integration of BreezyHR

 

On 17 April 2019, LTG announced that the Company had entered into an agreement to acquire the entire issued and outstanding shares of capital stock of BreezyHR Inc. ('BreezyHR') for cash consideration of $12.7 million. Further performance based payments capped at $18.0 million are payable in cash to BreezyHR management and equity investors based on ambitious revenue growth targets in each of the years ending 31 December 2019, 2020 and 2021. Deferred contingent consideration will be charged to the income statement as the qualifying conditions are met.

 

BreezyHR is a fast-growing talent acquisition software business, providing small to medium sized businesses ('SMB') with feature-rich, intuitive and user-friendly recruitment software to optimise their recruitment processes and maximise productivity. The addition of BreezyHR to LTG's best-of-breed talent and learning businesses is expected to enhance the Group's position in the talent acquisition market. The acquisition extends the Group's existing enterprise client-base to include a new SMB audience, with typically faster self-service sales-cycles. Since its founding in 2014, BreezyHR's software has managed the recruitment of 15 million candidates across 10,000 companies in 72 countries.

 

We are delighted with the revenue growth rate of BreezyHR and expect it to achieve the full amount for the first year of the deferred consideration.

 

BreezyHR is now a business within PeopleFluent, part of LTG's Software & Platforms division. The post-acquisition results for BreezyHR are reported in line with LTG's accounting policies. Prior to acquisition, BreezyHR prepared accounts on a cash accounting basis and did not capitalise R&D. Further details are provided in Note 11.

 

Dividend

 

On 28 June 2019, the Company paid a final dividend of 0.35 pence per share, giving a total dividend for 2018 of 0.50 pence per share. This represented a 67% increase on the dividend paid compared to 2017. Given its confidence in the continuing success of the Group, the Board is pleased to announce that it has approved an interim dividend of 0.25 pence per share (2018: 0.15 pence per share), representing a 67% increase. This will be paid on 8 November 2019 to shareholders on the register at 18 October 2019.

 

Current Trading and outlook

 

The Board is delighted with the progress that the Group has made in the first half of 2019, in particular the acquisition and successful integration of BreezyHR and the launch of 'Instilled'. The Group's recurring software revenue base continues to grow alongside strong operating margin performance and cash generation and we are seeing the increasing success of cross-selling initiatives. Whilst we have not yet completed Q3, we are seeing evidence of this excellent trading momentum into the second half. This, together with retention rates in PeopleFluent and expected progress in Content & Services, underpins confidence in the outlook for the rest of the 2019 financial year.

 

The Board continues to actively pursue acquisition opportunities, particularly in the US, and in sectors that will extend LTG's domain specific expertise and broaden and increase its scale in markets in which LTG already has a leading presence. With continuing robust operating margins and a strong balance sheet the Board considers LTG well placed to achieve our strategic goal of run-rate revenues of £200 million and run-rate Adjusted EBIT** of at least £55 million by the end of 2021.

 

 

 

Andrew Brode

Chairman

16 September 2019

 

 

* 'Adjusted EBIT' is defined as the Group profit or loss before tax, excluding the amortisation of acquisition-related intangible assets, acquisition related deferred consideration and earn-outs, finance expenses, the Group's share of profits or losses in associates and joint ventures and other specific items including exceptional foreign exchange movements.

** 'Adjusted EBIT' target prior to accounting policy changes referenced in Note 12.

 

 

Consolidated statement of comprehensive income



Six months to

30 June 2019

 

 

Six months to

30 June 2018

 

Year to

31 Dec 2018

 

 

 

Note


£'000

£'000

£'000

Revenue

3


62,628

33,805

93,891







Operating expenses (excluding acquisition-related deferred consideration and earn-outs and share based payment charge)



(52,360)

(30,765)

(84,917)







Operating profit (before acquisition-related deferred consideration and earn-outs)



10,268

3,040

8,974







Acquisition-related deferred consideration and earn-outs



(1,055)

(1,504)

(3,761)







Share based payment charge



(997)

(588)

(1,254)

Operating profit



8,216

948

3,959







Adjusted EBIT



19,448

8,297

25,991

Amortisation of acquired intangibles



(10,177)

(5,745)

(15,193)

Acquired intangibles written down



-

-

(681)

Acquisition-related deferred consideration and earn-outs



(1,055)

(1,504)

(3,761)

Integration costs



-

(100)

 

(2,397)

Operating profit



8,216

948

3,959







Fair value movement on contingent consideration



-

-

183

Costs of acquisition



(270)

(2,628)

(2,621)

Share of losses of associates/joint ventures



-

(69)

(132)

Profit/(loss) on disposal of fixed assets



(2)

-

-

Finance expenses:






Charge on contingent consideration



-

(15)

(54)

Unwinding onerous lease



-

-

-

Interest on borrowings



(921)

(530)

(1,512)

Net foreign exchange differences



-

3,591

3,608

Finance Charge



(235)



Interest receivable



30

9

10







Profit before taxation



6,818

1,306

3,441







Income tax credit/(expense)

4


(61)

43

730







Profit after taxation



6,757

1,349

4,171







Profit for the period/year attributable to the owners of the parent

 



6,757

1,349

4,171

Profit for the period/year attributable to non-controlling interests



-

-

-

 

Earnings per share attributable to owners of the parent:

 






Basic, (pence)

5


1.012

0.221

0.655







Diluted, (pence)

5


    0.996

0.216

0.641

 

Other comprehensive income:






Exchange differences on translating foreign operations



460

2,001

6,231

Total comprehensive profit for the period



7,217

3,350

10,402

Attributable to:






The owners of the parent



7,217

3,350

10,402

Non-controlling interests



-

-

-

 

 

Consolidated statement of financial position

Note

 

30 June 2019

 

£'000

30 June 2018

 

£'000

31 Dec 2018

 

£'000

 

ASSETS





 






 

NON-CURRENT ASSETS





 

Property, plant and equipment


1,910

2,352

2,144

 

Right of use assets

12

10,871

-

-

 

Intangible assets

6

244,237

238,851

242,458

 

Deferred tax assets


3,398

2,605

2,858

 

Investments accounted for under the equity method


-

1,619

-

 

Other receivables, deposits and prepayments


421

173

161

 

Amounts recoverable on contracts


-

-

421

 



260,837

245,600

248,042

 






 

CURRENT ASSETS





 

Trade receivables


30,971

21,205

34,314

 

Other receivables, deposits





 

 and prepayments

7

4,217

5,335

3,897

 

Amounts recoverable on contracts


5,282

4,561

3,397

 

Amounts due from related parties


12

6

7

 

Cash and bank balances

8

21,067

32,062

26,794

 

Restricted cash balances


215

323

336

 



61,764

63,492

68,745

 






 

TOTAL ASSETS


322,601

309,092

316,787

 






 

CURRENT LIABILITIES





 

Lease liabilities

12

2,905

-

-

 

Trade and other payables

9

63,573

68,182

72,470

 

Net restricted cash from the consolidation invoice process (CIP)


335

-

-

 

Borrowings

10

6,587

6,499

6,602

 

Corporation tax


2,377

526

1,631

 

Amounts owing to related parties


-

-

-

 



75,777

75,207

80,703

 






 

NON-CURRENT LIABILITIES





 

Lease liabilities

12

10,181

           -

-

 

Deferred tax liabilities


25,229

       26,338

26,299

 

Other long-term liabilities


9,515

3,117

9,008

 

Borrowings

10

28,333

41,304

31,657

 

Provisions


803

273

301

 



74,061

71,032

67,265

 






 

TOTAL LIABILITIES


149,838

146,239

147,968

 

 

NET ASSETS


172,763

162,853

168,819

 

EQUITY





Share capital


2,506

2,498

2,501

Share premium account


147,998

147,517

147,560

Merger relief reserve


31,983

31,983

31,983

Reverse acquisition reserve


(22,933)

(22,933)

(22,933)

Share-based payment reserve


2,442

983

1,608

Foreign exchange translation reserve


4,401

(289)

3,941

Accumulated retained earnings/(losses)


6,366

3,094

4,159

TOTAL EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT


172,763

162,853

168,819

Non-controlling interests


-

-

-

TOTAL EQUITY


172,763

162,853

168,819


Consolidated statement of changes in equity



   Share

capital

Share

Premium

Merger relief reserve

Reverse acquisition reserve

Share based

payments

reserve

Foreign

exchange

reserve

Retained profits/(losses)

Total equity



£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 1 January 2018

 


2,145

64,208

31,983

(22,933)

1,092

(2,290)

1,220

75,425

Profit for period


-

-

-

-

-

-

1,349

1,349

Exchange differences on translating foreign operations


-

-

-

-

-

2,001

-

2,001

Total comprehensive income for the period


-

-

-

-

-

2,001

1,349

3,350

Issue of shares net of share issue costs


353

83,309

-

-

-

-

-

83,662

Share based payment charge / credited to equity


-

-

-

-

588

-

-

588

Tax credit on share options


-

-

-

-

-

-

1,224

1,224

Transfer on exercise and lapse of options


-

-

-

-

(697)

-

697

-

Dividends payable


-

-

-

-

-

-

(1,396)

(1,396)

Balance at 30 June 2018


2,498

147,517

31,983

(22,933)

983

(289)

3,094

 

162,853

Profit for period


-

-

-

-

-

-

2,822

2,822

Exchange differences on translating foreign operations


-

-

-

-

-

4,230

-

4,230

Total comprehensive income for the period


-

-

-

-

-

4,230

2,822

7,052

Issue of shares net of share issue costs


3

43

-

-

-

-

-

46

Share based payment charge / credited to equity


-

-

-

-

666

-

-

666

Tax credit on share options


-

-

-

-

-

-

(799)

(799)

Transfer on exercise and lapse of options


-

-

-

-

(41)

-

41

-

Dividends paid


-

-

-

-

-

-

(999)

(999)

 

Balance at 31 December 2018

 


2,501

147,560

31,983

(22,933)

1,608

3,941

4,159

168,819

1 January 2019 restatement due to IFRS 16


-

-

-

-

-

-

(2,314)

(2,314)

Profit for period


-

-

-

-

-

-

6,757

6,757

Exchange differences on translating foreign operations


-

-

-

-

-

460

-

460

Total comprehensive income for the period


-

-

-

-

-

460

6,757

7,217

Issue of shares net of share issue costs


5

438

-

-

-

-

-

443

Share based payment charge / credited to equity


-

-

-

-

997

-

-

997

Tax credit on share options


-

-

-

-

-

-

(62)

(62)

Transfer on exercise and lapse of options


-

-

-

-

(163)

-

163

-

Dividends payable


-

-

-

-

-

-

(2,337)

(2,337)

Balance at 30 June 2019


2,506

147,998

31,983

(22,933)

2,442

4,401

6,366

172,763


Consolidated statement of cash flows


Note

Six months to

30 June 2019

 

Six months to

30 June 2018

 

Year to

31 Dec 2018

 



£'000

£'000

£'000

Cash flow from operating activities





Profit before taxation


6,818

1,306

3,441

Adjustments for:-





Loss on disposal of PPE


2

-

-

Share options charge


997

588

1,254

Amortisation of intangible assets


11,175

6,162

16,300

Depreciation of plant and equipment


1,841

263

1,000

Share of losses of investments


-

69

132

Finance expense


-

15

54

Finance expense - interest portion of lease liabilities (IFRS 16)


235

-

-

Finance interest on borrowings


921

530

1,512

Net foreign exchange difference on bank loan


-

17

-

Fair value movement on contingent consideration


-

-

(183)

Acquisition-related deferred consideration and earn-outs


1,055

1,504

 

3,761

 

Payment of acquisition-related deferred consideration and earn-outs


(2,321)

(2,613)

(3,166)

Impairment of acquired intangibles


-

-

681

Interest income


(30)

(9)

(10)

Operating cash flow before working capital changes


20,693

7,832

24,776

(Increase)/decrease in trade and other receivables


4,098

1,208

(9,740)

(Increase) in amount recoverable on contracts


(1,886)

(182)

424

(Decrease)/increase in payables


(7,171)

(559)

5,064



15,734

8,299

20,524

Interest paid


(837)

(235)

(1,224)

Interest received


30

9

10

Income tax received/(paid)


(1,700)

299

422






Net cash flow from operating activities


13,227

8,372

19,732






Cash flow used in investing activities





Purchase of property, plant and equipment


(731)

        (262)

(778)

Development of intangible assets


(2,793)

(1,195)

(3,304)

Acquisition of subsidiaries, net of cash acquired


(8,764)

(106,585)

(107,436)

 

Net cash flow used in investing activities


(12,288)

 

(108,042)

(111,518)






Cash flow used in financing activities





Dividends paid


(2,337)

-

(2,395)

Cash generated from issue of shares, net of share issue costs


443

83,662

83,708

Proceeds from borrowings


-

47,219

47,110

Repayment of bank loans


(3,248)

(14,871)

(25,803)

Contingent consideration payments in the period


              -

(193)     

(193)

Cash payments for the principal portion of lease liabilities (IFRS 16)


(1,655)

-

-

Net cash flow from/(used in) in financing





activities


(6,797)

115,817

102,427






Net (decrease)/increase in cash and cash equivalents


(5,858)

16,147

10,641

Cash and cash equivalents at beginning of the year


26,794

15,662

15,662

Effects of foreign exchange rate changes


131                    

253

491

 

Cash and cash equivalents at end of the year

 

8

 

21,067

 

32,062

 

26,794


 Notes to the consolidated financial statements for the six months to 30 June 2019

 

1.       General information

 

 

Learning Technologies Group plc ("the Company'') and its subsidiaries (together, "the Group'') provide a range of learning and talent software and services to corporate customers. The principal activity of the Company is that of a holding company for the Group, as well as performing all administrative, corporate finance, strategic and governance functions of the Group.

 

The Company is a public limited company, which is listed on the AIM Market of the London Stock Exchange and domiciled in England and incorporated and registered in England and Wales. The address of its registered office is 15 Fetter Lane, London, England, EC4A 1BW. The registered number of the Company is 07176993.

 

2.      Basis of preparation

 

 

The unaudited consolidated interim financial information has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRSs as adopted by the EU).

 

The interim results for the six months to 30 June 2019 are neither audited nor reviewed by our auditors and the accounts in this interim report do not therefore constitute statutory accounts in accordance with Section 434 of the Companies Act 2006.

 

Statutory accounts for the year ended 31 December 2018 have been filed with the Registrar of Companies and the auditor's report was unqualified, did not contain any statement under Section 498(2) or 498(3) of the Companies Act 2006 and did not contain any matters to which the auditors drew attention without qualifying their report.

 

The accounting policies used in preparing the interim results are the same as those applied to the latest audited annual financial statements except for the adoption of new and amended standards as set out in Note 12.

 



 

3.      Segment analysis

 

 

Geographical information

 

The Group's revenue from external customers and non-current assets by geographical location are detailed below. The six months to 30 June 2019 include the geographical location of the right of use assets identified as a result of adoption of IFRS 16 from 1 January 2019. These are not included in the prior period comparatives as a result of the use of the modified retrospective approach in application (see Note 12 for detail).

 










UK

  Europe

United States

Asia Pacific

Canada

Other

  Total


£'000

  £'000

£'000

£'000

£'000

£'000

   £'000









Six months to 30 June 2019








Revenue

13,216

5,713

37,864

1,693

2,322

1,820

62,628









Non-current assets

32,829

-

206,615

17,488

86

-

257,018

















Six months to 30 June 2018








Revenue

14,025

3,132

13,928

1,006

812

902

33,805









Non-current assets

31,751

-

191,446

19,530

95

-

242,822

















Year to 31 December 2018








Revenue

24,859

7,263

52,912

2,253

3,766

2,838

93,891









Non-current assets

28,412

-

197,969

18,735

68

-

245,184



 

Information about reported segment revenue, profit or loss and assets


Software & Platforms

Content & Services

Other

Grand Total

£'000


On-premise Software Licenses

£'000

Hosting & SaaS

£'000

Support and Maintenance

£'000

Total

£'000

Content

£'000

Platform development

£'000

Consulting and other

£'000

Total

£'000

Rental Income

£'000

Six months to 30 June 2019









Recurring revenue

7,484

30,827

2,991

41,302

-

868

4,311

5,179

59

46,540

Non-recurring revenue

796

226

404

1,426

9,111

3,239

2,312

14,662

-

16,088

Revenue

8,280

31,053

3,395

42,728

9,111

4,107

6,623

19,841

59

62,628

Depreciation and amortisation




(2,256)




(583)

-

(2,839)

EBIT




15,203




4,186

59

19,448

Amortisation of acquired intangibles




(8,047)




(2,130)

-

(10,177)

Profit before tax




5,061




1,698

59

6,818

Additions to intangible Assets




12,723




-

-

12,723

Total assets




257,888




61,315

-

319,203

Six months to 30 June 2018









Recurring revenue

6,333

8,992

1,138

16,463

-

793

-

793

-

17,256

Non-recurring revenue

441

2

298

741

11,311

2,584

1,913

15,808

-

16,549

Revenue

6,774

8,994

1,436

17,204

11,311

3,377

1,913

16,601

-

33,805

Depreciation and amortisation




(557)




(122)

-

(679)

EBIT




5,525




2,772

-

8,297

Amortisation of acquired intangibles




(4,890)




(855)

-

(5,745)

Share of losses of associates




(69)




-

-

(69)

Profit/(Loss) before tax




(2,136)




3,442

-

1,306

Investments accounted for under the equity method




1,619




-

-

1,619

Additions to intangible Assets




121,285




37,395

-

158,680

Total assets




215,132




93,960

-

309,092

Year to 31 December 2018









Recurring revenue

12,572

41,328

4,088

57,988

-

1,071

4,963

6,034

58

64,080

Non-recurring revenue

1,166

4

676

1,846

19,262

5,765

2,938

27,965

-

29,811

Revenue

13,738

41,332

4,764

59,834

19,262

6,836

7,901

33,999

58

93,891

Depreciation and amortisation




(1,746)




(361)

-

(2,107)

EBIT




18,997




6,936

58

25,991

Amortisation of acquired intangibles




(11,873)




(3,320)

-

(15,193)

Share of losses of associates




(132)




-

-

(132)

Profit/(Loss) before tax




(274)




3,657

58

3,441

Additions to intangible Assets




162,071




3,972

-

166,043

Total assets




279,928




36,859

-

316,787

 

 

EBIT is the main measure of profit reviewed by the Chief Operating Decision Maker.

 

The total assets figure for 30 June 2019 is exclusive of deferred tax assets.

 

Information about major customers

 

In the six months to 30 June 2019 no customer accounted for more than 10 percent of reported revenues (H1 2018: no customer accounted for more than 10 percent of reported revenues).

 

 

4.         Taxation

 

Taxation for the six months to 30 June 2019 has been calculated by applying the estimated tax rate for the current financial year ending 31 December 2019 to an estimated tax adjusted profit figure.

 

5.      Earnings per share

 

 



Six months to

Six months to

Year to



30 June 2019

30 June 2018

31 Dec 2018



£'000

£'000

£'000






Profit after tax attributable to owners of the Group:


 

6,757

 

1,349

4,171






Weighted average number of shares:

Basic


667,503,571

 

609,427,992

 

637,325,890

Diluted


678,469,771

623,998,444

650,592,819






Basic earnings per share (pence)


1.012

0.221

0.655






Diluted earnings per share (pence)


0.996

0.216

0.641

 

Adjusted diluted earnings per share (pence)


 

2.228

 

1.028

 

3.040

 

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Company has share options that are dilutive potential ordinary shares.

 

In order to give a better understanding of the underlying operating performance of the Group, an adjusted earnings per share comparative has been included. Adjusted earnings per share is stated after adjusting the profit after tax attributable to equity holders of the Group for certain charges as set out in the table below.

 

Adjusted EBIT in the adjusted earnings per share calculation is now inclusive, rather than exclusive, of the share based payment charge. The prior period comparatives have also been restated on a consistent basis, with share based payment charges included within the adjusted EBIT figure.



 



Six months to 30 June 2019  

Six months to 30 June 2018

Year to 31 Dec 2018  


Profit after tax

Weighted average number of shares

Pence per share

Profit after tax

Weighted average number of shares

Pence per share

Profit after tax

Weighted average number of shares

Pence per share


£'000

'000


£'000

'000


£'000

'000












Basic earnings per ordinary share

6,757

667,504

1.012

1,349

609,428

0.221

4,171

637,326

0.655

Effect of adjustments:










Amortisation of acquired intangibles

10,177



5,745



15,193



Acquired intangibles written down

-



-



681



Integration costs

-



100



2,397



Cost of acquisitions

270



2,628



2,621



Fair value movement on contingent consideration

-



-



(183)



Acquisition earnout

1,055



1,504



3,761



Net foreign exchange differences on financing activities

-



(3,591)



(3,608)



Interest receivable

(30)



(9)



(10)



Finance expense on contingent consideration

-



15



54



Finance expense on lease liabilities (IFRS 16)

235



-



-



Income tax (credit)/expense

61



(43)



(730)



Effect of adjustments

11,768

-

1.763

6,349

-

1.042

20,176

-

3.166

Adjusted profit before tax

18,525

-

-

7,698

-

-

24,347

-

-

Tax impact after adjustments

(3,408)

-

(0.510)

(1,285)

-

(0.211)

(4,572)

-

(0.717)

Adjusted basic earnings per ordinary share

15,117

667,504

2.265

6,413

609,428

1.052

19,775

637,326

3.103

Effect of dilutive potential ordinary shares:










Share options

-

10,966

(0.037)

-

14,061

(0.023)

-

13,267

(0.063)

Deferred consideration payable (conditions met)

-

-

-

-

-

-

-

-

-

Deferred consideration payable (contingent)

-

-

-

-

509

(0.001)

-

-

-











Adjusted diluted earnings per ordinary share

15,117

678,470

2.228

6,413

623,998

1.028

19,775

650,593

3.040


6.      Intangible assets

 



Goodwill

Customer contracts and relationships

Branding

Acquired IP

Internal software development

Total



£'000

£'000

£'000

£'000

£'000

£'000

Cost








At 1 January 2018


46,050

45,020

1,788

1,445

3,410

97,713

Additions on acquisition


79,009

43,280

1,723

33,473

-

157,485

Additions


-

-

-

-

1,195

1,195

Foreign exchange differences


1,351

1,143

39

339

52

2,924

At 30 June 2018


126,410

89,443

3,550

35,257

4,657

259,317

Additions on acquisition


1,959

1,355

-

1,940

-

5,254

Additions


-

-

-

-

2,109

2,109

Disposals/Impairment


-

-

(1,048)

-

(178)

(1,226)

Foreign exchange differences


3,889

1,941

75

1,235

101

7,241

At 31 December 2018


132,258

92,739

2,577

38,432

6,689

272,695

Additions on acquisition


6,232

1,454

-

2,244

-

9,930

Additions


-

-

-

-

2,793

2,793

Foreign exchange differences


209

(64)

(2)

19

69

231

At 30 June 2019


138,699

94,129

2,575

40,695

9,551

285,649









Accumulated

amortisation
















At 1 January 2018


-

11,813

590

464

1,437

14,304

Amortisation charged in period


-

-

5,004

192

533

433

6,162

At 30 June 2018


-

16,817

782

997

1,870

20,466

Amortisation charged in period


-

6,952

255

2,257

674

10,138

Disposals/Impairment


-

-

(367)

-

-

(367)

At 31 December 2018


-

23,769

670

3,254

2,544

30,237

Amortisation charged in period


-

7,433

153

2,590

999

11,175

At 30 June 2019


-

31,202

823

5,844

3,543

41,412









Carrying amount








At 30 June 2018


126,410

72,626

2,768

34,260

2,787

238,851

 

At 31 December 2018


 

132,258

 

68,970

 

1,907

 

35,178

 

4,145

 

242,458

At 30 June 2019


 

138,699

62,927

1,752

 

34,851

6,008

244,237

 



 

 

7.      Other receivables, deposits and prepayments

 


30 June 2019

30 June 2018

31 Dec 2018  


£'000

£'000

£'000

Sundry receivables

1,099

1,368

1,118

Prepayments

3,118

3,967

2,779


4,217

5,335

3,897

 

 

8.      Cash and cash equivalents

 

 

For the purpose of the statement of cash flows, cash and cash equivalents comprise the following:-

 


30 June 2019

30 June 2018

31 Dec 2018  


£'000

£'000

£'000





Cash and bank balances

21,067

32,062

26,794

 

9.      Trade and other payables

 




30 June 2019

 

30 June 2018

 

 

31 Dec 2018

 

 

 



£'000

£'000

£'000

Trade payables



1,322

1,597

924

Payments received on account



54,048

52,919

56,417

Tax and social security



597

1,437

2,109

Contingent consideration



-

182

8

Acquisition-related deferred consideration and earn-outs



-

1,219

3,205

Accruals and others



7,606

10,828

9,807




63,573

68,182

72,470

 



 

 

10.     Borrowings

 

On the acquisition of PeopleFluent Holdings Corp. the existing debt facility with Silicon Valley Bank was repaid and a new debt facility with Silicon Valley Bank was entered into for a total of $63 million. This is made up of a $42 million multicurrency term loan and a $21 million multicurrency revolving credit facility, both available to the Group for 5 years. The facility attracts variable interest between 1.6% and 2.1%, based on the Group's leverage, above LIBOR for the currency of the loan. The term loan is repaid with quarterly instalments of $2.1 million with the balance repayable on the expiry of the loan in April 2023.

 

The bank loan is secured by a fixed and floating charge over the assets of the Group and is subject to various financial covenants.

 


30 June 2019

30 June 2018

 31 Dec 2018


£'000

£'000

£'000

Current interest-bearing loans and borrowings

6,587

6,499

6,602

Non-current interest-bearing loans and borrowings

28,333

41,304

31,657


34,920

38,259

 

 

11.     Acquisitions

On 17 April 2019, LTG announced the acquisition of Breezy HR ('BreezyHR') for initial cash consideration of $12.7 million funded by the Group's existing cash and bank facilities. The acquisition supported LTG's strategic goal to achieve run-rate EBIT** of at least £55 million by the end of 2021.

 

BreezyHR is a fast-growing talent acquisition software business, providing small to medium sized businesses (SMB) with feature-rich, intuitive and user-friendly recruitment software to optimise their recruitment processes and maximise productivity. Breezy will become a business within PeopleFluent, part of LTG's Software & Platforms division.

 

The following table summarises the consideration paid for BreezyHR, the fair value of assets acquired and liabilities assumed at the acquisition date.



 

11.     Acquisitions (continued)

 

Consideration

Fair Value

£'000

 

Cash paid

9,726

 

Total consideration

9,726

 



 



 

Recognised amounts of identifiable assets acquired and liabilities assumed

Fair value

£'000

Cash and cash equivalents

962

Property, plant and equipment

20

Trade and other receivables

147

Trade and other payables

(572)

Net deferred tax assets/liabilities on acquisition

(751)

Intangible assets identified on acquisition

3,698

Impact of IFRS 16 adjustments on acquisition

(9)

Total identifiable net assets

3,495




 

Goodwill


6,231

 




 

Total


9,726

 

 

 

The total consideration and fair value adjustments to the assets and liabilities assumed are provisional and are management's best estimates at this time.

 

BreezyHR contributed £923,000 of revenue for the period between the date of acquisition and the balance sheet date and £114,000 of profit before tax attributable to equity holders of the parent. As a preliminary assessment, had the acquisition of BreezyHR been completed on the first day of the financial year Group revenues would have been approximately £1,036,000 higher and group profit before tax attributable to equity holders of the parent would have been approximately £25,000 lower.

 



 

12.     Changes in accounting policies

i.          IFRS 16 - Leases

 

The Group has adopted IFRS 16 Leases from 1 January 2019.

 

On adoption of IFRS 16, the Group recognised lease liabilities in relation to leases which had previously been classified as 'operating leases' under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate as of 1 January 2019. The lessee's weighted average incremental borrowing rate applied to the lease liabilities on 1 January 2019 was 3.5%.

 

The incremental borrowing rate used is based on the 3 month LIBOR rates in the respective asset territories (98% US and UK) plus a 1.6% margin included in the Group's current banking facility as at 1 January 2019.

 

In applying IFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard:

i)          The use of a single discount rate to a portfolio of leases with reasonably similar characteristics

ii)          Reliance on previous assessments on whether leases are onerous

iii)         The accounting for operating leases with a remaining lease term of less than 12 months as at 1 January 2019 as short-term leases

iv)         The exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application

v)          The use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease.

A modified retrospective approach has been used meaning comparatives have not been restated but an adjustment has been made to opening equity.  The Group has taken the accounting policy choice to measure the right of use assets as if IFRS 16 had applied since the inception of the lease.

 

The change in accounting policy affected the following items in the balance sheet on 1 January 2019:

 


£'000

Right of use assets increase

11,847

Lease liabilities increase

14,161

Of which:


    Current Liability

2,806

    Non-Current Liability

11,355

 

The net impact on retained earnings on 1 January 2019 was a decrease of £2.3 million.

 

ii.         Share Based Payment Charge

The Share based payment charge is now included within the Group's EBIT figure. Prior year results, including the Earnings per share calculation have been restated to provide a consistent comparative.

 

 

13.   Events since the reporting date

 

No significant events noted since the reporting date.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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