Source - LSE Regulatory
RNS Number : 5171M
Learning Technologies Group PLC
22 January 2021

22 January 2021


Learning Technologies Group plc

("LTG", the "Group")



Full Year Trading Update and Notice of Results


Revenue, Adjusted EBIT and cash ahead of consensus


Learning Technologies Group plc, the leading provider of services and technologies for digital learning and talent management, is pleased to announce a trading update for the year ending 31 December 2020.


The Board expects Group revenues to be not less than £131.0 million (2019: £130.1 million).  Recurring revenues increased to c.80% (2019: 74%), driven by the ongoing performance in the Software & Platforms division and the expansion of LTG's business in open-source learning management systems through the acquisitions of Open LMS, eCreators and eThink Education.   


As expected, Content & Services saw a revenue decline due to the impact of COVID-19.  However, sales momentum has increased throughout the second half of the year giving the Board confidence that Content & Services revenue will recover to pre-pandemic levels.


Adjusted EBIT is expected to be ahead of consensus1 and not less than £40.0 million (2019: £41.0 million), demonstrating the resilience of the Company amid wider market disruption and its ability to adapt its operating model in the face of significant changes in demand across the business.


The Group's net cash position at 31 December 2020 of £70.2 million was significantly ahead of consensus of £59.6 million, driven by strong operating cash conversion and additional net cash balances of £1.6 million from the acquisitions of eCreators and eThink.


This robust capital position will enable the Group to continue its track record of acquisitions that add to LTG's capabilities in the market - including the recently announced acquisition of Reflektive, which will complete on 29 January 2021.  LTG is actively pursuing a near term pipeline of attractive opportunities to deliver further organic and inorganic growth across both Software & Platforms and Content & Services, helping to achieve our strategic goal of run-rate revenues of £230 million and run-rate Adjusted EBIT of £66 million by the end of 2022.


Further details will be provided with LTG's full year results which are expected to be announced on 25 March 2021.


Jonathan Satchell, CEO of LTG, said:

"LTG ended 2020 on a high, with strong momentum across our divisions continuing into the new year from mid-market customers and large enterprises. The Group is well placed as businesses continue to look for best-of-breed technologies and services to develop their talent and enhance their workplace learning.


Amid the disruption of the past year, 2020 also saw an acceleration of structural trends towards digital learning and talent management. This underpins the Board's confidence in the Group's near-term and long-term prospects and, further to the growth we expect to deliver in the year ahead, we will continue our disciplined approach to acquisitions that bring additional benefits to our stakeholders." 



1.  Company-compiled, publicly available consensus can be found at

Consensus for FY20: Revenue of £129.0m, Adjusted EBIT of £38.3m and Net Cash of £59.6m.








Learning Technologies Group plc

Jonathan Satchell, Chief Executive

Neil Elton, Chief Financial Officer


+44 (0)20 7402 1554

Numis Securities Limited (NOMAD and Corporate Broker)

Stuart Skinner, Nick Westlake, Ben Stoop


+44 (0)20 7260 1000

Goldman Sachs International (Joint Corporate Broker)

Bertie Whitehead, Adam Laikin


+44 (0)20 7774 1000

FTI Consulting (Public Relations Adviser)

Rob Mindell, Jamie Ricketts, Chris Birt

+44 (0)20 3727 1000



About LTG


LTG is a leader in the growing workplace digital learning and talent management market. The Group offers end-to-end learning and talent solutions ranging from strategic consultancy, through a range of content and platform solutions to analytical insights that enable corporate and government clients to close the gap between current and future workforce capability.


LTG is listed on the London Stock Exchange's Alternative Investment Market (LTG.L) and headquartered in London. The Group has offices in Europe, North America and Asia-Pacific.



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