Learning Technologies Group PLC on Tuesday said it is set to meet market expectations following a ‘resilient’ half-year performance.

The London-based digital learning and talent management company said pretax profit in the first half of the year fell by 8.3% to £16.5 million from £18.0 million a year prior, as finance expenses grew by 60% to £7.2 million.

Revenue grew 2.4% to £284.6 million from £277.8 million the year before, driven by its Content & Services division, which accounted for 74% of revenue at £211.5 million.

The company declared an interim dividend of 0.45 pence per share, unchanged from the first six months of 2022.

Looking ahead, Learning Technologies said it expects its full year performance to meet market consensus, which includes revenue of £560.2 million and adjusted earnings before interest and tax of £98.0 million.

Chief Executive Officer Jonathan Satchell said: ‘LTG has delivered a resilient performance in a challenging macro backdrop, underpinned by our software as a service and long-term contracts, which represent 72% of H1 2023 revenues.

‘LTG remains uniquely placed to capture growth opportunities in a more than $100 billion addressable market as a result of our scale and breadth of offering in digital learning and talent management. Our balance sheet supports investment and accretive acquisitions that fit with our business model, whilst also allowing us to make a voluntary debt repayment. Demand from organisations to recruit, motivate and retain the best talent, allied with improvements from our commercial transformation programme in GP Strategies, support our confidence of meeting analyst estimates for 2023.’

Shares in Learning Technologies were up 1.8% at 70.15 pence each in London on Tuesday morning.

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