Full year trading update for the year ended 31 December 2023

Revenue and profit in line with consensus expectations
Strong margin progression in a challenging macro environment
Excellent cash performance, significantly ahead of consensus expectations

Learning Technologies Group plc, a global market leader in digital learning and talent management, is pleased to announce a trading update for the year ended 31 December 2023.

The Board expects to deliver Group revenues for continuing operations of not less than £560 million,  in line with consensus expectations1 (2022: £588.6 million2).  As previously indicated, revenue declined c.2% on an underlying organic basis, a resilient performance in a challenging macroeconomic backdrop that impacted transactional and project-based work4.

 The Board expects Adjusted EBIT for continuing operations to be not less than £98 million, in line with consensus expectations1 (2022: £99.9 million3), with an Adjusted EBIT margin of c.17.5% (2022: c.17%). Margins strengthened through the year, driven by a focus on profitability and a significant improvement within GPLX since H1 2023 following an initiative to improve the integration of Leo. This resulted in H2 margins for GP Strategies of c.15% (H1 2023: c.12%) with an exit run-rate EBIT margin that is slightly ahead of previous guidance of c.17%.

The Group has a substantially reduced net debt5 position of c.£78.6 million (31 December 2022: net debt £119.8 million), significantly better than consensus expectations1, reflecting strong cash generation which has contributed to the continued deleveraging of the balance sheet.  On 2 January 2024, LTG completed the disposal of non-core asset Lorien Engineering Solutions for a cash consideration of $21.4 million on a cash and debt free basis (subject to customary adjustments) which further supports the Group’s swift deleveraging.

Notice of Results

The Group will announce its results for the year ended 31 December 2023 in April 2024, at which time it will provide further guidance on the year ahead.  

Jonathan Satchell, Chief Executive of LTG, said:

“LTG has delivered a resilient performance in a challenging macro backdrop, underpinned by our SaaS and long-term contracts, representing 72% of H1 2023 revenues. Our continued focus on margin progression has supported a strong relative profit performance. As expected, revenues on an organic constant currency basis were marginally down as a result of lower transactional volumes, as indicated in July.

LTG remains uniquely placed to capture growth opportunities in a >$100 billion addressable market as a result of our scale and breadth of offering in digital learning and talent management. Our strong balance sheet supports investment and accretive acquisitions that fit with our business model, as we continue to optimise our portfolio of businesses. Our reliable and strong cash generation creates optionality as demonstrated by our voluntary debt repayment in September 2023. 

Demand from organisations to recruit, motivate and retain the best talent, allied with improvements from our commercial transformation programme in GP Strategies, support our confidence of further progress and resilience in 2024.”


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 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.



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

Consensus for FY23: Revenue of £560.2m, Adjusted EBIT of £98.0m and Net Debt of £99.3m


Reported revenue from continuing operations excludes the discontinued UK apprenticeships business, further to our announcement in December 2022 on non-core assets.  Including the discontinued UK apprenticeships business, FY 2022 reported revenues were £596.9 million.


Reported Adjusted EBIT from continuing operations excludes the discontinued UK apprenticeships business, further to our announcement in December 2022 on non-core assets.  Including the discontinued UK apprenticeships business, FY 2022 reported Adjusted EBIT was £100.9 million.


Underlying organic growth is stated on a constant currency basis, excluding the planned exit of the UK apprenticeship businesses in March 2023.


Net debt as defined on page 145 of the 2022 Annual Report & Accounts.