Learning Technologies Group PLC (LON:LTG) said it expects a “strong recovery” in its content and services division as trading in 2021 began in line with expectations.
In an outlook statement accompanying results for the past calendar year, the digital learning and talent management specialist said it had seen “excellent momentum in sales in the past six months” which is expected to help boost its recovery.
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The firm expects spending by corporates on its solutions to increase in 2021 and beyond as the impact of pandemic lockdowns began to ease, adding that it is also integrating recent acquisitions and “continuing to pursue an exciting pipeline of further opportunities”.
In the numbers for 2020, LTG reported a pre-tax profit of £13.5mln, compared with £14.3mln in the prior year, while revenues rose 2% to £132.3mln.
The company also noted its “high quality of earnings” with recurring revenues rising to 81% of the total from 74% in 2019, while its adjusted (EBIT) margins were maintained above 30%.
LTG also maintained its final dividend at 0.5p per share despite the impact on the business from the Coronavirus pandemic.
"LTG delivered a resilient financial performance in 2020, building recurring revenues while maintaining EBIT margin against a challenging macroeconomic backdrop. Our balance sheet strength was bolstered by an £82mln equity placing to accelerate our future growth and we have used that capital to good effect with acquisitions that extend our capabilities and scale in the global market for digital learning and talent management,” chief executive Jonathan Satchell said in a statement.
“In light of the year gone by, we placed an added importance on delivering for all stakeholders, with a particular focus on our environmental, social and governance responsibilities and those of our clients. We are proud that our people and technology are able to reduce the environmental impact of thousands of organisations and improve workplace equality for millions of people. LTG enters 2021 with organic growth momentum, supported by a more diversified business and enhanced capabilities to capture long term structural growth opportunities," he added.