19th Mar 2019 10:36
LONDON (Alliance News) - Learning Technologies Group PLC on Tuesday said it has made a "good" start to 2019 following a swing to profit with the help of acquisitions.
The company, which provides software to support learning at home, said it swung to a pretax profit of GBP3.4 million in 2018 compared to GBP11,000 loss a year earlier, as revenue almost doubled to GBP93.9 million from GBP51.4 million. Organic revenue growth on a constant currency basis in 2018 was flat.
During the year, the company said it bought PeopleFluent and Watershed and has participated in the Civil Service Learning project.
Learning Tech proposed a full-year dividend of 0.50 pence per share, up 67% from 0.21p paid the prior year.
"2018 was an important year for LTG. We continued our evolution towards a predominantly software licence model delivering high-margin recurring revenue, the majority of which comes from the US," said Chief Executive Jonathan Satchell.
"We have made a good start to the year, which supports our confidence in further progress during 2019," added Satchell.
Learning Tech shares were trading 8.5% higher on Tuesday at 74.00p each.
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