Learning Technologies Group PLC TRADING UPDATE AND NEW NOTICE OF RESULTS (2633J)
25 Aprile 2022 - 5:59PM
UK Regulatory
TIDMLTG
RNS Number : 2633J
Learning Technologies Group PLC
25 April 2022
25(th) April 2022
Learning Technologies Group plc
TRADING UPDATE AND NEW NOTICE OF RESULTS
Strong organic revenue growth
Transformational GP Strategies acquisition progressing ahead of
plan
Results to be announced on 3 May, to allow for a review of a
presentation adjustment to the 2020 balance sheet with no impact on
the income statement, net assets or cash
Learning Technologies Group plc ("LTG" or the "Company"), a
market leader in digital learning and talent management, expects
audited full year results to be announced on 3 May 2022, instead of
26 April. This is to allow the Company's auditors time to review a
presentation adjustment to the 2020 balance sheet which has no
impact on the income statement, net assets or cash. As the audit of
the full year results is at an advanced stage, the Company is today
providing a detailed full-year trading update.
Over the weekend, the Company identified the need to make a
presentation adjustment to the 2020 balance sheet which relates to
a netting down of trade receivables by circa GBP7m and a
corresponding reduction in contract liabilities in 2020, in
accordance with the requirements of IFRS15. A correction of the
equivalent figures for 2019 will also take place.
This requires additional work and reviews by the Company's
auditors. The Company expects the review to be complete in time to
announce its audited results for the year ending 31 December 2021
on 3 May.
FY 2021 highlights
Financial highlights
-- Strong organic revenue growth, up 8%
o Content & Services recovered strongly, organic growth
of 25%, and now back to 2019 levels, as expected
o Software & Platforms organic growth of 2%, continuing
its track record of high-margin growth; PeopleFluent
decline more than offset by organic growth in the remainder
of the segment including strong contributions from Rustici
and Breezy
-- Excellent profit growth, following from strong organic revenue
growth, contribution from recent acquisitions and a continued
focus on EBIT margin improvement as the Group expands
-- Net debt of GBP141.4m and good cash generation; on target
for leverage c.1.0x by FY 2022
-- 17% increase in adjusted diluted EPS driven by organic growth
and contribution from acquisitions
-- The Board will propose a final dividend of 0.7p, an increase
of 40%, leading to a full year dividend of 1.0p, an increase
of 33%
Strategic and operational highlights
-- Sustained momentum and organic growth across the business,
with high quality earnings from SaaS and long-term contracts
-- Transformational GP Strategies acquisition significantly
broadens scale, offering and cross-selling opportunities
- delivering earlier than anticipated with EBIT margin improving
in line with guidance
-- New go-to-market strategy to support greater breadth and
depth of offering and geographical reach and faster growing
markets
-- Q1 2021 acquisitions (Reflektive, PDT Global and Bridge)
fully integrated and achieving substantially improved profit
margins
Current trading and outlook
-- Current trading in Q1 2022 is strong, in line with management
expectations
-- Following the transformational GP Strategies acquisition,
LTG has:
o Opportunities for significant margin enhancement and
cross-selling, as a global business
o Increased reach in the GBP100bn addressable market in
digital learning and talent management
-- While mindful of the current macro environment, strong business
momentum continuing into the new financial year and a robust
balance sheet that supports further software company acquisitions
in due course, underpin the Board's confidence of significant
progress in FY 2022.
Financial summary:
GBPm unless otherwise stated 2021 2020 Change
-----------------------------------
Revenue 258.2 132.3 +95%
------- ------- -------
Adjusted EBIT 54.8 40.3 +36%
------- ------- -------
Adjusted EBIT margin 21.2% 30.5%
------- ------- -------
Adjusted diluted EPS (pence) 5.02 4.29 +17%
------- ------- -------
Proposed final dividend per share
(pence) 0.70 0.50 +40%
------- ------- -------
Net debt / (cash) 141.4 (70.2)
------- ------- -------
Statutory results
Profit before tax 9.3 13.5
------- ------- -------
Basic EPS (pence) 1.88 2.45
------- ------- -------
Analyst and investor presentation dates
LTG will host an analyst and investor webcast:
-- At 08.00 BST on Tuesday 26 April, in relation to today's FY 2021 Trading Update .
-- At 09.30 BST on 3 May, to present the Company's audited FY 2021 results .
Please contact LTG@fticonsulting.com for further details.
Enquiries :
Learning Technologies Group plc
Jonathan Satchell, Chief Executive +44 (0)20 7402
Kath Kearney-Croft, Chief Financial Officer 1554
Numis Securities Limited (NOMAD and Corporate
Broker) +44 (0)20 7260
Stuart Skinner, Nick Westlake, Ben Stoop 1000
Goldman Sachs International (Joint Corporate
Broker) +44 (0)20 7774
Bertie Whitehead, Adam Laikin 1000
FTI Consulting (Public Relations Adviser) +44 (0)20 3727
Rob Mindell, Jamie Ricketts, Jamille Smith 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, LATAM and Asia-Pacific.
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