Half Year Results 2022

Stronger than expected revenue and EBIT growth including GP Strategies 

Learning Technologies Group plc, a global market leader in digital learning and talent management, announces half year results for the six months ended 30 June 2022.

View LTG’s 2022 half year results

Strategic highlights


Resilient growth across LTG, with stronger than expected organic growth in GP Strategies


The Group is benefitting from its well embedded commercial discipline in the current economic environment


GP Strategies delivering margin improvements in line with expectations


New compelling market position from which to deliver our powerful integrated product offering is already driving new growth opportunities

Financial highlights 


Strong revenue growth of 241% to £281.8 million (H1 2021: £82.6 million), supported by GP Strategies which contributed £184.9 million and the FX tailwinds of a stronger US dollar


Group organic revenue growth (on a constant currency basis) of 5.2%:

o Software & Platforms: 6.5% organic growth driven by strong performance in Breezy, Rustici and Watershed

o Content & Services: 1.6% organic growth supported by good performance in PRELOADED and Affirmity 


SaaS & long-term contract revenues at 71% of Group (H1 2021: 77%), reflects the change in the portfolio mix since the acquisition of GP Strategies, partially offset by higher organic growth.  Adjusted EBIT growth doubled over the prior year to £44.1 million (H1 2021: £22.0 million)


Cash generated from operations £26.8 million (H1 2021: £19.9 million). Cash conversion[1] of 60% included a normal H1 cyclical working capital investment in GP Strategies masking a 98% cash conversion in the rest of the Group


Gross cash of £71.9 million and net debt of £145.3 million at 30 June (compared to £24.9 million net cash at 30 June 2021 prior to the GP acquisition) includes the impact of a stronger US dollar on the dollar denominated debt. Gross cash as at 16 September was £83.3 million




The Board is committed to a progressive dividend policy and is pleased to declare an interim dividend of 0.45 pence per share (H1 2021: 0.30 pence per share) representing a 50% increase on 2021 interim dividend 

Current trading and outlook 


LTG’s robust performance has continued into the second half, further enhanced by FX tailwinds


GP Strategies’ transformation is progressing strongly, with EBIT margin on track to achieve an average of 12% for FY22 and an exit rate of c.15%, in line with plan


LTG expects to deliver ahead of company compiled analysts’ consensus[2] for FY22 with the strength of the US dollar substantially contributing to the increasing Group EBIT


Net debt: adjusted EBITDA of 1.5x at the end of June 2022 (FY21: 1.8x), expected to fall to c.1.0x by FY22, excluding the impact of any potential acquisitions or further strengthening of the US dollar


Capital Markets Day


On 13th October 2022, LTG will host a Capital Markets Day in London for analysts and investors. During this time, we will expand upon our new go-to-market strategy, introduce our comprehensive approach to talent transformation, and share how our cohesive offering helps large global clients unleash the potential of their talent and drive their businesses forward. To register to attend, please contact LTG@fticonsulting.com.


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

“The strong performance is a reflection of LTG’s strategy in action. I am excited to see the positive impact that GP Strategies is already having, and I am delighted with the improving EBIT margin and sustained organic revenue growth in the business.

We remain confident in LTG’s resilience as we continue to deliver growth despite the wider macro environment. LTG is in a strong position as more organisations focus on recruiting, training, motivating, and retaining the best talent.  I look forward to conveying more detail about the enhanced capabilities of LTG at our Capital Markets Day on 13th October.”

Financial summary: 

£m unless otherwise stated

H1 2022

H1 2021






Organic growth*



Software & Platforms organic growth 



Content & Services organic growth



     Recurring Revenue 



Adjusted EBIT




Adjusted EBIT margin




Statutory PBT




Basic EPS (pence)




Adj. Diluted EPS (pence)




Net Debt / (Cash )



Dividend (pence)




* Organic growth on a constant currency basis 

Analyst and investor presentation:

 LTG will host an analyst and investor webcast at 09:00 today, Thursday 22 September 2022. The registration link can be found below:


Telephone audio is available +44 330 221 9922 or via international dial-in:


Access Code: 329-767-997 



Learning Technologies Group plc

Jonathan Satchell, Chief Executive

Kath Kearney-Croft, Chief Financial Officer


+44 (0)20 7832 3440

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, Jamille Smith

+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.

View LTG’s 2022 half year results