{"id":3347,"date":"2024-09-19T13:06:23","date_gmt":"2024-09-19T12:06:23","guid":{"rendered":"https:\/\/ltgplc.com\/?p=3347"},"modified":"2024-09-19T13:15:16","modified_gmt":"2024-09-19T12:15:16","slug":"half-year-results-2024","status":"publish","type":"post","link":"https:\/\/ltgplc.com\/news\/half-year-results-2024\/","title":{"rendered":"Half Year Results 2024"},"content":{"rendered":"
Healthy profit growth and strong cash generation 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 2024. All figures relate to that period unless otherwise stated.<\/p>\n \u00a0<\/span><\/p>\n Jonathan Satchell, Chief Executive Officer of\u00a0Learning Technologies Group, said:<\/span>\u00a0<\/span><\/strong><\/p>\n “LTG has delivered a resilient performance, with growth in adjusted EBIT of 5% on a like for like basis, and strong cash performance in a macroeconomic backdrop which remains challenging.<\/em><\/p>\n Whilst the lack of revenue growth is disappointing, the structural drivers of the learning and talent development market remain intact and support our belief that LTG will return to growth when market conditions improve.”<\/em><\/p><\/blockquote>\n \u00a0<\/span><\/span><\/p>\n<\/td>\n Continuing<\/span><\/strong><\/p>\n<\/td>\n \u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n \u00a3m unless otherwise stated<\/span><\/span><\/strong><\/p>\n<\/td>\n H1 2024<\/span><\/strong><\/p>\n<\/td>\n H1 2023<\/span><\/strong><\/p>\n<\/td>\n Change<\/span><\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n Revenue<\/span><\/strong><\/p>\n<\/td>\n 250.3<\/span><\/p>\n<\/td>\n 284.6<\/span><\/p>\n<\/td>\n (12)%<\/span><\/p>\n<\/td>\n<\/tr>\n \u00a0 Revenue like-for-like4<\/sup><\/span><\/em><\/p>\n<\/td>\n 250.3<\/span><\/p>\n<\/td>\n 268.2<\/span><\/p>\n<\/td>\n (7)%<\/span><\/p>\n<\/td>\n<\/tr>\n \u00a0 Organic constant currency<\/span><\/em><\/p>\n<\/td>\n (3.8)%<\/span><\/p>\n<\/td>\n 0.1%<\/span><\/p>\n<\/td>\n \u00a0 Software & Platforms constant currency\u00a0<\/span><\/em><\/p>\n<\/td>\n (5.9)%<\/span><\/p>\n<\/td>\n (4.7)%<\/span><\/p>\n<\/td>\n \u00a0 Content & Services organic constant currency<\/span><\/em><\/p>\n<\/td>\n (2.9)%<\/span><\/p>\n<\/td>\n 1.8%<\/span><\/p>\n<\/td>\n \u00a0 SaaS & long-term contracts\u00a0<\/span><\/em><\/p>\n<\/td>\n 76%<\/span><\/p>\n<\/td>\n 72%<\/span><\/p>\n<\/td>\n Adjusted EBIT<\/span><\/strong><\/p>\n<\/td>\n 43.3<\/span><\/p>\n<\/td>\n 43.1<\/span><\/p>\n<\/td>\n 0.5%<\/span><\/p>\n<\/td>\n<\/tr>\n Adjusted EBIT margin<\/span><\/strong><\/p>\n<\/td>\n 17.3%<\/span><\/p>\n<\/td>\n 15.1%<\/span><\/p>\n<\/td>\n +220bps<\/span><\/p>\n<\/td>\n<\/tr>\n Adjusted EBIT like-for-like2<\/sup><\/span><\/strong><\/p>\n<\/td>\n 43.3<\/span><\/p>\n<\/td>\n 41.1<\/span><\/p>\n<\/td>\n +5%<\/span><\/p>\n<\/td>\n<\/tr>\n Adjusted EBIT margin like-for-like2<\/sup><\/span><\/strong><\/p>\n<\/td>\n 17.3%<\/span><\/p>\n<\/td>\n 15.3%<\/span><\/p>\n<\/td>\n +200bps<\/span><\/p>\n<\/td>\n<\/tr>\n Statutory operating profit<\/span><\/strong><\/p>\n<\/td>\n 38.3<\/span><\/p>\n<\/td>\n 23.2<\/span><\/p>\n<\/td>\n +65%<\/span><\/p>\n<\/td>\n<\/tr>\n Statutory PBT<\/span><\/strong><\/p>\n<\/td>\n 34.0<\/span><\/p>\n<\/td>\n 16.5<\/span><\/p>\n<\/td>\n 106%<\/span><\/p>\n<\/td>\n<\/tr>\n Adj. Diluted EPS (pence)<\/span><\/strong><\/p>\n<\/td>\n 3.496<\/span><\/p>\n<\/td>\n 3.293<\/span><\/p>\n<\/td>\n 6%<\/span><\/p>\n<\/td>\n<\/tr>\n Basic EPS (pence) – continuing & discontinued<\/span><\/strong><\/p>\n<\/td>\n 3.363<\/span><\/p>\n<\/td>\n 1.376<\/span><\/p>\n<\/td>\n 144%<\/span><\/p>\n<\/td>\n<\/tr>\n Net Debt \/ (Cash)<\/span><\/strong><\/p>\n<\/td>\n 57.5<\/span><\/p>\n<\/td>\n 108.4<\/span><\/p>\n<\/td>\n (47)%<\/span><\/p>\n<\/td>\n<\/tr>\n Dividend (pence)<\/span><\/strong><\/p>\n<\/td>\n 0.45<\/span><\/p>\n<\/td>\n 0.45<\/span><\/p>\n<\/td>\n 0%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u00a0<\/span><\/p>\n NOTES<\/span><\/p>\n 1. Proportion of total revenues that are SaaS or long-term contracts increased to 76% although there was a slight decline in revenue in absolute terms to \u00a3191.4 million.<\/span><\/p>\n 2. Excluding TTI Global Staffing contracts and Lorien Engineering disposed of in 2023 & 2 Jan 2024 respectively, at 1.23 average H1 2023 USD\/GBP FX.\u00a0<\/span><\/p>\n 3. Adjusted operating cash flow as a percentage of adjusted EBIT. Adjusted operating cashflow is cashflow in the period after accounting for operating activities and capital expenditure.<\/span><\/p>\n 4. Excluding TTI Global Staffing contracts and Lorien Engineering disposed of in 2023 & 2 Jan 2024 respectively, and reclassification of pass-through revenue, at 1.23 average H1 2023 USD\/GBP FX.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" 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 2024.<\/p>\n","protected":false},"author":17,"featured_media":3125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/posts\/3347"}],"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=3347"}],"version-history":[{"count":0,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/posts\/3347\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/media\/3125"}],"wp:attachment":[{"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/media?parent=3347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/categories?post=3347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ltgplc.com\/wp-json\/wp\/v2\/tags?post=3347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/strong><\/em>Continued challenging macro backdrop<\/strong><\/em><\/p>\n<\/h3>\n
Strategic and operational highlights<\/span>\u00a0<\/span><\/h3>\n
\n
Financial highlights<\/span><\/h3>\n
\n
\n<\/span>\u25cb <\/span>Content & Services down 2.9%;
\n<\/span>\u25cb Software and Platforms down 5.9%.<\/span><\/li>\n
\n<\/span>\u25cb Adjusted EBIT up 5% to \u00a343.3 million.
\n\u25cb Adjusted EBIT margin increased to 17.3% (H1 2023: 15.3%) as the Group benefits from the successful commercial transformation of GP Strategies and focus on cost optimisation.
\n\u25cb Statutory operating profit increased 65% to \u00a338.3 million
\n<\/span><\/li>\n<\/h3>\n
US regulatory update<\/span><\/h3>\n
\n
Dividend<\/span>\u00a0<\/span><\/h3>\n
\n
Current trading and outlook<\/span>\u00a0<\/span><\/h3>\n
\n
Financial Summary:<\/span>\u00a0<\/span><\/h3>\n
\n\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/td>\n<\/tr>\n \n \n \n \n <\/td>\n<\/tr>\n \n \n \n \n <\/td>\n<\/tr>\n \n \n \n \n <\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n