Full-Year Trading Update and Notice of Results

Trading ahead of expectations with strong organic revenue growth; acquisitions performing well, including a swift improvement in GP Strategies

Learning Technologies Group plc, a market leader in digital learning and talent management, is pleased to announce a trading update for the year ended 31 December 2021.

The Board expects Group revenues to be not less than £254 million (2020: £132.3 million). Strong organic revenue growth on a constant currency basis is expected to be not less than 7%, driven by a robust performance in the Content & Services division returning to 2019 levels, alongside the continued growth within the Software & Platforms division which has a high proportion of multi-year SaaS contracts.

Adjusted EBIT is expected to be not less than £53.7 million (2020: £40.3 million). This has been driven by organic growth, continued focus on operational excellence and the contribution of the acquisitions completed in the first half of 2021, Reflektive, PDT Global and Bridge. These have been fully integrated and made an important contribution to the Group’s results.

The acquisition of GP Strategies completed on October 15 2021 and we have seen a swifter than anticipated improvement in operational performance. This underpins the Board’s confidence that the transformation programme will deliver as expected in 2022 and beyond. 

After acquisitions, net debt of £141.5 million (31 December 2020: net cash £70.2 million) was better than expected (consensus: £169.2 million) thanks to strong cash generation.

LTG now has more than 5,000 employees in 34 countries and proforma annual revenues in excess of c.£530 million. The combined Group provides a platform to focus on the significant margin enhancement and cross-sell opportunities available to LTG as a global business with an increased reach.

Further details will be provided with LTG’s full-year results which are expected to be announced on 26 April 2022.

Jonathan Satchell, Chief Executive of LTG, said: “Following a remarkable year at LTG, it is very encouraging to report that the business is delivering on all fronts. Sustained business momentum across both our divisions in 2021 drove continued growth on a like-for-like basis. Additionally, the investments made last year in highly attractive acquisitions are already creating value. I’m immensely grateful for the collegiate and cooperative approach of all our new colleagues giving me great confidence in the transformation programme at GP Strategies, which is well underway.

As an enlarged and globally-scaled Group, we are now able to serve a much larger proportion of the £100 billion addressable market. Amid the pressing need for organisations to effectively develop, motivate and retain their talent, we are excited and optimistic for the year ahead.


1. Company-compiled, publicly available consensus can be found at https://ltgplc.com/investor-information/analyst-consensus/

Consensus for FY21 : Revenue of £246.4m, Adjusted EBIT of £52.4m and Net Debt of £169.2m

2. Organic growth is stated on a constant currency basis and excludes 2021 acquisitions Reflective, PDT Global, Bridge and GP Strategies. It includes acquisitions completed in 2020 restated as if they had been owned for the full comparative period.

3. Net debt as defined on page 120 of the 2020 Annual Report & Accounts