{"id":2826,"date":"2022-04-26T08:14:03","date_gmt":"2022-04-26T07:14:03","guid":{"rendered":"https:\/\/ltgplc.wpengine.com\/?p=2826"},"modified":"2022-04-26T08:15:31","modified_gmt":"2022-04-26T07:15:31","slug":"trading-update-and-new-notice-of-results","status":"publish","type":"post","link":"https:\/\/ltgplc.com\/news\/trading-update-and-new-notice-of-results\/","title":{"rendered":"Trading Update and New Notice of Results"},"content":{"rendered":"<p><em><strong>Strong organic revenue growth<\/strong><\/em><\/p>\n<p><em><strong>Transformational GP Strategies acquisition progressing ahead of plan<\/strong><\/em><\/p>\n<p><em><strong>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\u00a0<\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400;\">Learning Technologies Group plc (&#8220;LTG&#8221; or the &#8220;Company&#8221;), 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.\u00a0 This is to allow the Company&#8217;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.\u00a0 As the audit of the full year results is at an advanced stage, the Company is today providing a detailed full-year trading update.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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 \u00a37m and a corresponding reduction in contract liabilities in 2020, in accordance with the requirements of IFRS15.\u00a0 A correction of the equivalent figures for 2019 will also take place.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This requires additional work and reviews by the Company&#8217;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.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">FY 2021 highlights<\/span><\/h2>\n<p><strong>Financial highlights<\/strong><\/p>\n<ul>\n<li>Strong organic revenue growth, up 8%\n<ul>\n<li>Content &amp; Services recovered strongly, organic growth of 25%, and now back to 2019 levels, as expected<\/li>\n<li>Software &amp; 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<\/li>\n<\/ul>\n<\/li>\n<li>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<\/li>\n<li>Net debt of \u00a3141.4m and good cash generation; on target for leverage c.1.0x by FY 2022<\/li>\n<li>17% increase in adjusted diluted EPS driven by organic growth and contribution from acquisitions<\/li>\n<li>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%<\/li>\n<\/ul>\n<p><strong>Strategic and operational highlights<\/strong><\/p>\n<ul>\n<li>Sustained momentum and organic growth across the business, with high quality earnings from SaaS and long-term contracts<\/li>\n<li>Transformational GP Strategies acquisition significantly broadens scale, offering and cross-selling opportunities &#8211; delivering earlier than anticipated with EBIT margin improving in line with guidance<\/li>\n<li>New go-to-market strategy to support greater breadth and depth of offering and geographical reach and faster growing markets<\/li>\n<li>Q1 2021 acquisitions (Reflektive, PDT Global and Bridge) fully integrated and achieving substantially improved profit margins<\/li>\n<\/ul>\n<p><strong>Current trading and outlook<\/strong><\/p>\n<ul>\n<li>Current trading in Q1 2022 is strong, in line with management expectations<\/li>\n<li>Following the transformational GP Strategies acquisition, LTG has:\n<ul>\n<li>Opportunities for significant margin enhancement and cross-selling, as a global business<\/li>\n<li>Increased reach in the \u00a3100bn addressable market in digital learning and talent management<\/li>\n<\/ul>\n<\/li>\n<li>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&#8217;s confidence of significant progress in FY 2022.<\/li>\n<\/ul>\n<h2>Financial summary:<\/h2>\n<table>\n<tbody>\n<tr>\n<td><em><span style=\"font-weight: 400;\">\u00a3m unless otherwise stated<\/span><\/em><\/td>\n<td><span style=\"font-weight: 400;\">2021<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2020<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Change<\/span><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Revenue<\/span><\/td>\n<td><span style=\"font-weight: 400;\"> 258.2<\/span><\/td>\n<td><span style=\"font-weight: 400;\">132.3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">+95%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Adjusted EBIT<\/span><\/td>\n<td><span style=\"font-weight: 400;\">54.8<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">+36%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Adjusted EBIT margin<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.5%<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Adjusted diluted EPS (pence)<\/span><\/td>\n<td><span style=\"font-weight: 400;\"> 5.02<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.29<\/span><\/td>\n<td><span style=\"font-weight: 400;\">+17%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Proposed final dividend per share (pence)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.70<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.50<\/span><\/td>\n<td><span style=\"font-weight: 400;\">+40%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Net debt \/ (cash)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">141.4<\/span><\/td>\n<td><span style=\"font-weight: 400;\">(70.2)<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\"><em><span style=\"font-weight: 400;\">Statutory results<\/span><\/em><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Profit before tax<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.3<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.5<\/span><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Basic EPS (pence)<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.88<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.45<\/span><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong><br \/>\nAnalyst and investor presentation dates<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">LTG will host an analyst and investor webcast:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 At 08.00 BST on Tuesday 26 April, in relation to today&#8217;s FY 2021 Trading Update.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0 \u00a0 At 09.30 BST on 3 May, to present the Company&#8217;s audited FY 2021 results.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Please contact <a href=\"mailto:LTG@fticonsulting.com\">LTG@fticonsulting.com<\/a> for further details.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Enquiries:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">Learning Technologies Group plc<\/span>\n<p><span style=\"font-weight: 400;\">Jonathan Satchell, Chief Executive<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kath Kearney-Croft, Chief Financial Officer<\/span><\/p><\/td>\n<td><span style=\"font-weight: 400;\">+44 (0)20 7402 1554<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Numis Securities Limited (NOMAD and Corporate Broker)<\/span>\n<p><span style=\"font-weight: 400;\">Stuart Skinner, Nick Westlake, Ben Stoop<\/span><\/p><\/td>\n<td><span style=\"font-weight: 400;\">+44 (0)20 7260 1000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Goldman Sachs International (Joint Corporate Broker)<\/span>\n<p><span style=\"font-weight: 400;\">Bertie Whitehead, Adam Laikin<\/span><\/p><\/td>\n<td><span style=\"font-weight: 400;\">+44 (0)20 7774 1000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">FTI Consulting (Public Relations Adviser)<\/span>\n<p><span style=\"font-weight: 400;\">Rob Mindell, Jamie Ricketts, Jamille Smith<\/span><\/p><\/td>\n<td><span style=\"font-weight: 400;\">+44 (0)20 3727 1000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><strong>About LTG:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">LTG is listed on the London Stock Exchange&#8217;s Alternative Investment Market (LTG.L) and headquartered in London. The Group has offices in Europe, North America, LATAM and Asia-Pacific.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learning Technologies Group plc expects audited full year results to be announced on 3 May 2022, instead of 26 April. This is to allow the Company&#8217;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.<\/p>\n","protected":false},"author":17,"featured_media":2592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/posts\/2826"}],"collection":[{"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/comments?post=2826"}],"version-history":[{"count":0,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/posts\/2826\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/media\/2592"}],"wp:attachment":[{"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/media?parent=2826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/categories?post=2826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/tags?post=2826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}