Learning Technologies Group PLC on Wednesday reported steep rises in profit and revenue in 2022 and enters a new year in which GP Strategies will be its market-facing brand.

Shares were down 18% at 107.15 pence each on Wednesday morning in London.

The London-based digital learnings and talent management company said pretax profit multiplied to £40.5 million in 2022 from £9.3 million in 2021, as basic earnings per share rose 97% to 3.86 pence from 1.96p.

Revenue more than doubled to £596.9 million from £258.2 million, ahead of expectations.

Adjusted earnings before interest and tax jumped by 84% to £100.9 million from £54.8 million a year earlier. This was driven by organic growth and the ‘full year contribution from 2021 acquisitions’, the firm explained.

Learning Technologies proposed a final dividend of 1.15p per share, up 64% from 0.7p a year prior. This brings total dividend for 2022 to 1.6p, representing an increase of 60% from 1.0p in 2021.

Chief Executive Jonathan Satchell said: ‘2022 was a transformational and successful year for LTG. Our progress reflects the successful integration of GP Strategies, which has broadened and strengthened our offering to help us pursue the $100 billion addressable market for digital learning and talent management.’

Looking ahead, the company said it continues to expect to deliver high single-digit adjusted Ebit growth in 2023, supported by a strong pipeline. However, analysts from Peel Hunt have forecasted growth in the mid-teens for the year.

Learning Technologies added that it is on track to meet the target of £850 million run-rate revenue and £175 million run-rate adjusted Ebit by the end of 2025.

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