{"id":2953,"date":"2022-09-23T08:47:50","date_gmt":"2022-09-23T07:47:50","guid":{"rendered":"https:\/\/ltgplc.wpengine.com\/?p=2953"},"modified":"2022-09-26T09:54:00","modified_gmt":"2022-09-26T08:54:00","slug":"half-year-results-2022","status":"publish","type":"post","link":"https:\/\/ltgplc.com\/news\/half-year-results-2022\/","title":{"rendered":"Half Year Results 2022"},"content":{"rendered":"
Stronger than expected revenue and EBIT growth including GP Strategies<\/span>\u00a0<\/span><\/em><\/strong><\/p>\n Learning Technologies Group plc, a global market leader in digital learning and talent management, announces half year results for the six months ended 30 June 2022.<\/span><\/p>\n View LTG\u2019s 2022 half year results<\/a><\/p>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n Resilient growth across LTG, with stronger than expected organic growth in GP Strategies<\/span><\/p>\n<\/td>\n<\/tr>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n The Group is benefitting from its well embedded commercial discipline in the current economic environment<\/span><\/p>\n<\/td>\n<\/tr>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n GP Strategies delivering margin improvements in line with expectations<\/span><\/p>\n<\/td>\n<\/tr>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n New compelling market position from which to deliver our powerful integrated product offering is already driving new growth opportunities<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n Strong revenue growth of 241% to \u00a3281.8 million (H1 2021: \u00a382.6 million), supported by GP Strategies which contributed \u00a3184.9 million and the FX tailwinds of a stronger US dollar<\/span><\/p>\n<\/td>\n<\/tr>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n Group organic revenue growth (on a constant currency basis) of 5.2%:<\/span><\/p>\n<\/td>\n<\/tr>\n o Software & Platforms: 6.5% organic growth driven by strong performance in Breezy, Rustici and Watershed<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n o Content & Services: 1.6% organic growth supported by good performance in PRELOADED and Affirmity\u00a0<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n SaaS & long-term contract revenues at 71% of Group (H1 2021: 77%), reflects the change in the portfolio mix since the acquisition of GP Strategies, partially offset by higher organic growth.\u00a0 Adjusted EBIT growth doubled over the prior year to \u00a344.1 million (H1 2021: \u00a322.0 million)<\/span><\/p>\n<\/td>\n<\/tr>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n Cash generated from operations \u00a326.8 million (H1 2021: \u00a319.9 million). Cash conversion[1]<\/span>\u00a0of 60% included a normal H1 cyclical working capital investment in GP Strategies masking a 98% cash conversion in the rest of the Group<\/span><\/p>\n<\/td>\n<\/tr>\n \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<\/td>\n Gross cash of \u00a371.9 million and net debt of \u00a3145.3 million at 30 June (compared to \u00a324.9 million net cash at 30 June 2021 prior to the GP acquisition) includes the impact of a stronger US dollar on the dollar denominated debt.\u00a0Gross cash as at 16 September was \u00a383.3 million<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u00a0<\/span><\/p>\nStrategic highlights<\/span><\/h3>\n
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