Learning Technologies Group's revenue increased by 52% to £12.8 million in the six months to the end of June with the proportion of recurring revenues rising to 25% (H1 2015: 8%). Adjusted EBITDA more than doubled at £3.2 million (H1 2015: £1.3 million) - up 145% and adjusted EBITDA margin improved by ten percentage points to 25.4% (H1 2015: 15.8%). Adjusted diluted earnings per share rose by 108% to 0.483p and the group said operating cash flows were strong, despite significant investment in CSL project and IP development. The interim dividend of 0.07p per share is up 40%. Chairman Andrew Brode said: "The group continues to make strong progress in its strategic ambition to build a diversified international business with revenues of £50 million. The acquisition of Rustici and investment in Watershed bring exciting new capabilities to the group, which will enable us to take learning to the heart of the business strategy at board level. "Our ability to deliver a truly blended learning experience to large organisations has been confirmed by the CSL project win with our partner KPMG. "We will continue to capitalise on our existing strengths to deliver further profitable organic growth, whilst seeking new acquisition opportunities to extend the Group's reach and scale."
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