Learning Technologies Group PLC (AIM:LTG, OTC:LTTHF) said it sees no let-up in its rapid growth as it confirmed revenues had more than doubled in 2022 while underlying profits jumped 84%.
Acquisitions contributed the lion’s share of the 131% improvement in revenues to £597mln, with underlying organic growth picking up by 3%.
Profits at the digital learning and talent group rose by 334% on a statutory basis to £40.5mln pre-tax and to £100.9mln from £54.8mln on an adjusted basis.
Jonathan Satchell, chief executive, said the numbers reflected the integration of acquisition GP Strategies “which has broadened and strengthened our offering to help us pursue the $100 billion addressable market for digital learning and talent management”.
GP Strategies' adjusted profit margin increased from around 5% prior to acquisition to 14% in the fourth quarter of 2022, he said
PRELOADED, LTG's BAFTA-winning games studio is also expected to join GP Strategies later in 2023, Satchell noted, offering a unique brand within its portfolio.
Overall, Satchell commented: "We remain confident of meeting our goal of £850mln run-rate revenues and £175m run-rate EBITDA by the end of 2025."
There is a final dividend of 1.15p, up 64%, while net debt at the year-end reduced to £120mln from £141mln.