Jonathan Satchell, the chief executive of Learning Technologies Group PLC (LTG), described as "resilient" the company's financial performance - particularly against a tough economic backdrop.
Revenues for the 12 months ended 31 December 2023 are expected to be around £560 million, which is in line with expectations. The figure is down from £588.6 million a year earlier, or about 2% on an "underlying organic basis".
Underlying earnings (adjusted EBIT) for continuing operations are anticipated to be not less than £98 million, also consistent with analysts' forecasts, while the EBIT margin improved year on year by half a percentage point to 17.5%.
In its trading update, LTG, a specialist in workplace digital learning, said that its net debt had fallen to a better-than-expected £78.6 million, down from £119.8 million as of 31 December 2022.
"Our continued focus on margin progression has supported a strong relative profit performance. As expected, revenues on an organic constant currency basis were marginally down as a result of lower transactional volumes, as indicated in July," CEO Satchell said.