Learning Technologies Group plc, the leading e-learning company, announces its final results for the 52 weeks ended 31 December 2013. LTG’s principal operating company in the year ended 31 December 2013, was Epic Learning Ltd, a specialist learning technologies provider.
Highlights:
- Successful listing on AIM via reverse takeover of In-Deed Online
- Revenue for the Group grew 9% to £7.56m (2012: £6.95m)
- Adjusted EBITDA increased by 42% to £1.45m (2012: £1.02m)
- Record order book achieved in each of the Group’s three geographies, with new client wins including John Lewis, Mars and Logitech in 2013
- Value of new contracts won across the Group increased by 12% in 2013
- New contract wins were good in the US in the final few months of 2013 and are strong so far in 2014
- Repeat business wins remained stable at 56% (2012: 61%)
- Revenue from platforms increased by 42% to £960,000
- gomo 2.0, LTG’s Software as a Service (SaaS) product, launched on 2nd April 2014 and is expected to generate significant recurring revenues over the next 3 years
- £9.0m acquisition of LINE and associated placing (see separate announcement)
Jonathan Satchell, CEO of LTG, commented:
“This has been an exciting year for LTG with our listing on AIM. Our business has continued to grow and take advantage of the significant opportunity in the e-learning space. We have won good levels of business in the UK and have substantial repeat orders, our US office is profitable in its first year and our Brazil joint venture has gone from strength to strength.
We have today announced the acquisition of LINE. This is a significant first step in our buy and build strategy, firmly establishing LTG as the UK market leader for custom e-learning solutions and delivering an excellent platform for the creation of a business in excess of £50m revenue.”