Half Year Results 2023

Resilient performance with high levels of visibility from recurring revenues
FY23 performance expected to be in line with analyst estimates

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 2023. All figures relate to that period unless otherwise stated. 

Strategic and operational highlights 


Resilient, diversified business model reflected in long-term contract wins for Software & Platforms and wins for major customers in Content & Services


Solid performance from SaaS and long-term contracts which account for 72% of H1 2023 revenue (H1 2022: 71%)


As indicated previously, challenging macroeconomic backdrop continues to impact transactional and project-based work


One-off issues relating to LEO integration within GP Strategies resolved in July, as previously indicated, with significant improvement in major KPIs in GPLX since Q2


Financial highlights


Reported revenues up 2% to £284.6 million (H1 2022: £277.8 million continuing operations)


Flat revenues on an organic constant currency basis: Content & Services up 2% and Software & Platforms down 5%


Adjusted EBIT slightly down 1% to £43.1 million (H1 2022: £43.6 million continuing operations)


Good cash performance with conversion of 65% (last year 60%)


Ongoing deleveraging supporting a planned voluntary debt repayment of $25 million on 29 September 2023, for an expected $0.4 million interest benefit in Q4 2023


Robust balance sheet with net debt of £108.4 million at 30 June 2023 (31 December 2022: £119.8 million) and net debt: EBITDA ratio of 0.9x (FY 2022: 1.1x), allowing for select accretive acquisitions




The Board is pleased to declare an interim dividend of 0.45 pence per share (H1 2022: 0.45 pence).


Current trading and outlook 


We continue to see resilience in our SaaS and long-term contracts, offset by lower transactional volumes in line with the broader macroeconomic environment as well as lower demand in GP Strategies, notably in China


GP Strategies is expected to deliver a significantly improved exit run-rate EBIT margin of c.17%, driven by improvements to GPLX and a commercial transformation programme


FY23 performance expected to be in line with analyst estimates, including updated expectations for FX and share-based payments1

1 Median company-compiled analyst estimates, as at 14 September 2023, are £560.2m revenues and £98.0m Adjusted EBIT for FY23

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

“LTG has delivered a resilient performance in a challenging macro backdrop, underpinned by our SaaS and long-term contracts, which represent 72% of H1 2023 revenues. Revenues, on an organic constant currency basis, were flat 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 balance sheet supports investment and accretive acquisitions that fit with our business model, whilst also allowing us to make a voluntary debt repayment. 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 meeting analyst estimates for FY23.”

Financial Summary: 






£m unless otherwise stated

H1 2023

H1 2022


H1 2022






Organic growth*



Software & Platforms organic growth 



Content & Services organic growth



     SaaS & long-term contracts 



Adjusted EBIT





Adjusted EBIT margin




Statutory PBT





Adj. Diluted EPS (pence)





Basic EPS (pence) – continuing & discontinued



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, 26 September 2023. The registration link can be found below:


 Telephone dial-in details: +44 330 221 9922 (+1 (951) 384-3421 for international dial-in).

Access Code: 838-970-977



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)

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.