Full Year Results 2023

Focus on execution with financial performance in line with consensus expectations
Resilient revenue reflecting the strength of long-term contracts
Continued margin progression and record operating cash flow generation 

Learning Technologies Group plc, a global market leader in digital learning and talent management, announces results for the year ended 31 December 2023.

Focus on execution of our strategic agenda

  • GP Strategies has more than doubled profit since joining LTG in 2021, driven by margin progression, a successful transformation plan and operational improvements to GPLX in H2 2023.
  • Renewed all major client contracts >$10m and expanded revenue in LatAm and Middle East.
  • Actively managed our portfolio including the sale of Lorien Engineering Solutions which completed in January 2024.
  • Further streamlined and strengthened the commercial operation by integrating Watershed into Rustici, LEO into GP Strategies and Reflektive into Bridge.
  • Established Group wide AI task force launching several AI enhanced software products in 2024 and leading on educating our Fortune 500 client base on a “Human + AI” future.
  • Achieved significant impact by providing learning to over 200 million people during the year.

Resilient financial performance with record operating cash flow generation

  • Revenue of £562.3 million and adjusted EBIT of £98.5 million in line with consensus expectations, reflecting a slight decline (2)% in constant currency revenue and (1)% adjusted EBIT.
  • Statutory profit before tax increased 13% to £45.6 million.
  • Resilient revenue performance in the context of the macroeconomic climate – with 73% of revenue underpinned by durable SaaS and long-term contracts.
  • Adjusted EBIT margin increased to 17.5% in FY23 from 17% in FY22.
  • GP Strategies’ EBIT margin c.15% in H2 and exit run-rate c. 17% in line with previous guidance.
  • Record net cashflow from operations during the year of £79.5m driving swift deleveraging to 0.7x prior to incorporating proceeds from disposal of Lorien received in 2024, with continued good cash generation in Q1 2024.


  • The Board is committed to a progressive dividend policy and is pleased to propose a final dividend of 1.21 pence per share (2022: 1.15p), an increase of 5%, subject to shareholder approval at the AGM.

Current Trading and 2024 Outlook

The Board maintains a cautious stance for 2024 due to the macroeconomic uncertainty. Consequently, we expect 2024 revenues will be in line with 2023 (after disposals), while continuing to drive growth in Adjusted EBIT.  We remain reassured by the strong foundations we have built, our effective Go-to-Market strategy, ongoing product innovation, coupled with the active management of our extensive portfolio. These efforts are geared towards driving further efficiencies and supports our confidence in restoring underlying revenue growth as the macroeconomic environment recovers.


Medium Term Targets Update

Given the temporary pause on bolt-on acquisitions in FY22 that continued into FY23 as we focused on the transformation of GP Strategies, de-leveraging and active portfolio management in a subdued macroeconomic environment, the Board has concluded the 2025 goal to achieve run-rate revenues of £850 million and £175 million run-rate adjusted EBIT is no longer appropriate.

 Our continued strong cash generation and balance sheet strength give the Board confidence in returning to value-accretive acquisitions in 2024 and beyond. Furthermore, this is supported by an expectation that we will return to organic growth as the economy improves.

Jonathan Satchell, Chief Executive Officer of Learning Technologies Group, said:

“LTG has delivered a resilient performance in 2023 against the macroeconomic backdrop. This demonstrates the benefit of our global client footprint and diversification, the durable nature of our SaaS and long-term revenues and our focus on efficiency and cash flow.


Looking ahead, we remain confident in the outlook over the medium term as the structural drivers of the learning and development industry remain intact with LTG offering one of the most comprehensive ranges of learning and talent services and technologies within our sector. I am also excited about our AI innovations which will enhance our productivity and create additional revenue opportunities with our clients. Given the strength of our balance sheet, we will return to acquisitions that align with our strategic objectives.”


Financial summary: 

£m unless otherwise stated








     Constant currency



     Software & Platforms



     Content & Services



     SaaS & long-term contracts 



Adjusted EBIT*




Adjusted EBIT margin*




Statutory PBT*




Adj. Diluted EPS (pence)*




Basic EPS (pence)




Net Debt




Final Dividend (pence)




Adjusted Operating Cash




Net cashflow from operations





* 2022 continuing operations.


Analyst and investor presentation:

LTG will host a hybrid presentation for analysts and institutional investors at 09:00 today, 16th April 2024.  To join the briefing virtually, please register via the link below:




Learning Technologies Group plc

Jonathan Satchell, Chief Executive

Kath Kearney-Croft, Chief Financial Officer

+44 (0)20 7832 3440

Deutsche Numis (NOMAD and Corporate Broker)

Nick Westlake, Ben Stoop, Tejas Padalkar

+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)

Jamie Ricketts, Emma Hall, Lucy Highland. Jemima Gurney

+44 (0)20 3727 1000



About LTG

Learning Technologies Group plc (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 software 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, South America and Asia-Pacific.