{"id":2271,"date":"2020-03-24T07:30:00","date_gmt":"2020-03-24T07:30:00","guid":{"rendered":"https:\/\/ltgplc.wpengine.com\/?p=2271"},"modified":"2020-03-24T07:32:24","modified_gmt":"2020-03-24T07:32:24","slug":"update-on-fy19-current-trading-and-actions-in-response-to-covid-19","status":"publish","type":"post","link":"https:\/\/ltgplc.com\/news\/update-on-fy19-current-trading-and-actions-in-response-to-covid-19\/","title":{"rendered":"Update on FY19, current trading and actions in response to COVID-19"},"content":{"rendered":"
Learning Technologies Group plc\u00a0(“LTG” or the “Company”), the provider of services and technologies for digital learning and talent management, confirms that it will comply with the recommendation from the\u00a0Financial Reporting Council\u00a0(FRC) to all listed companies to delay the publication of preliminary financial statements for at least two weeks, following a similar request from the\u00a0FCA\u00a0on\u00a021 March 2020\u00a0relating to companies listed on the Main Market of the\u00a0London Stock Exchange.<\/p>\n
LTG was one of a number of companies alerted to the FRC recommendation on Monday 23 March, ahead of the planned announcement of our preliminary financial statements for the year ended\u00a031 December 2019, originally scheduled for release today.<\/p>\n
Given the advice from the FRC, we are providing an update today on FY19, current trading and our actions in response to COVID-19.<\/p>\n
An update will be given as to the timing of the publication of our FY19 results, as soon as further advice from the FRC, the\u00a0FCA\u00a0and the\u00a0London Stock Exchange\u00a0becomes available.<\/p>\n
“2019 was an exceptional year for LTG.\u00a0 We saw excellent momentum in our Software & Platform businesses, and a return to organic growth in Content & Services, as expected.\u00a0 I am particularly pleased to see our investment in product development and cross-selling initiatives supporting organic growth, while we continue to improve margins and cash performance.<\/em><\/p>\n In recent weeks the macro picture has evolved quickly, in light of the COVID-19 outbreak.\u00a0 As you would expect, protecting our people and customers has been our top priority in recent days and weeks, and we are committed to supporting them at this time.\u00a0 Whilst we are in a strong financial position with good liquidity, we are working hard to limit the impact of COVID-19 on our business and performance, and have extensive contingency planning in place to mitigate the risks from the unprecedented climate we are in.\u00a0 As part of our planning, the Board has taken immediate and prudent action to protect our strong liquidity position until market conditions stabilise.”<\/em><\/p> Jonathan Satchell, Chief Executive<\/p>\n Neil Elton, Chief Financial Officer<\/p><\/td>\n Stuart Skinner,\u00a0(Nomad),\u00a0Nick Westlake,\u00a0Ben Stoop<\/p><\/td>\n Bertie Whitehead, Adam\u00a0Laikin<\/p><\/td>\n Rob Mindell,\u00a0Jamie Ricketts,\u00a0Chris Birt<\/p><\/td>\n 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.<\/p>\n LTG is listed on the\u00a0London Stock Exchange’s\u00a0Alternative Investment Market (LTG.L) and headquartered in\u00a0London. The Group has offices in\u00a0Europe,\u00a0North America\u00a0and\u00a0Asia-Pacific.<\/p>Financial summary:<\/h3>\n
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\n \u00a3m unless otherwise stated<\/td>\n 2019<\/td>\n 2018<\/td>\n Change<\/td>\n<\/tr>\n \n Revenue<\/td>\n 130.1<\/td>\n 93.9<\/td>\n +39%<\/td>\n<\/tr>\n \n Recurring Revenue %<\/td>\n 74%<\/td>\n 68%<\/td>\n <\/td>\n<\/tr>\n \n Revenue Outside\u00a0UK\u00a0%<\/td>\n 80%<\/td>\n 74%<\/td>\n <\/td>\n<\/tr>\n \n Adj. EBIT<\/td>\n 41.0<\/td>\n 26.0<\/td>\n +58%<\/td>\n<\/tr>\n \n Adjusted EBIT margin<\/td>\n 31.5%<\/td>\n 27.7%<\/td>\n <\/td>\n<\/tr>\n \n Statutory PBT<\/td>\n 14.3<\/td>\n 3.4<\/td>\n +316%<\/td>\n<\/tr>\n \n Adj. Diluted EPS (pence)<\/td>\n 4.7<\/td>\n 3.2<\/td>\n +47%<\/td>\n<\/tr>\n \n Proposed final dividend per share (pence)<\/td>\n 0.00<\/td>\n 0.35<\/td>\n <\/td>\n<\/tr>\n \n Net Cash\/(Debt)<\/td>\n 3.8<\/td>\n (11.5)<\/td>\n <\/td>\n<\/tr>\n<\/tbody>\n<\/table> Enquiries:<\/h3>\n
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\n Learning Technologies Group plc\n +44 (0)20 7402 1554<\/td>\n<\/tr>\n \n Numis Securities Limited\u00a0(NOMAD and Corporate Broker)\n +44 (0)20 7260 1000<\/td>\n<\/tr>\n \n Goldman Sachs International (Joint Corporate Broker)\n +44 (0)20 7774 1000<\/td>\n<\/tr>\n \n FTI Consulting<\/b>\u00a0(Public Relations Adviser)<\/b>\n +44 (0)20 3727 1000<\/td>\n<\/tr>\n<\/tbody>\n<\/table> About LTG<\/h3>\n
Notes<\/h3>\n
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