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Learning Technologies Group PLC on track to meet full-year expectations as key acquisitions bed in

Published: 07:39 21 Sep 2021 BST

Learning Technologies Group PLC -

Learning Technologies Group PLC said it had made a strong start to the second half, adding that it is on course to meet full-year expectations in spite of “continuing currency headwinds”.

Turnover for the six months ended June 30 jumped 29% to £82.6mln, thanks in part to first-time contributions from recent acquisitions Reflektive, PDT Global and Bridge.

Underlying growth was 7%, which chief executive Jonathan Satchell called “an exceptional achievement”, while the recurring revenue rate was 77%.

Earnings (adjusted EBITDA), meanwhile, grew by 20% in the six months to £22mln, while the EBIT margin was 26.7%.

The digital learning and talent management group said the content services operation was on track for a return to 2019 levels.

Digging under the hood, operating cash conversion was 79%, while net cash at the period-end was almost £25mln.

The £288mln purchase of GP Strategies in July has created a business with pro-forma revenues of £500mln, employing more than 5,000 people globally.

The acquisition is set to close in the fourth quarter funded by a share placing and a debt refinancing, investors were told.

“The enlarged business provides a platform for further organic growth in a marketplace that is increasingly receptive to solutions that help organisations efficiently recruit, train, motivate and retain their people,” said CEO Stachell.

Shareholders will be rewarded with a 0.3p a share dividend, up from 0.25p at the same point last year.

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