17th Sep 2024 11:45
(Alliance News) - Learning Technologies Group PLC on Tuesday said its profit has more than doubled for the first six months of 2024, despite a decline in revenue and a "challenging macro backdrop".
The London-based digital learning and talent management company said revenue for the six-month period ended June 30 was GBP250.3 million, falling 12% on-year from GBP284.6 million. However, pretax profit more than doubled on-year to GBP34.0 million from GBP16.5 million.
Learning Technologies declared an interim dividend per share of 0.45 pence, unchanged year-on-year.
In the first half of 2024, the company completed the sale of its VectorVMS business for USD50 million. This was part of ongoing initiatives to simplify its portfolio and sharpen its focus on learning and talent development, it said.
Learning Technologies previously expected full-year revenue to be between GBP480 million and GBP500 million, with adjusted earnings before interest, taxation, depreciation and amortisation between GBP88 million and GBP93 million. The group now expects annual results to be towards the bottom of both ranges.
Adjusted earnings before interest and taxation for the first six months of 2024 were GBP43.3 million, up 0.5% from GBP43.1 million at the same time last year.
Chief Executive Officer Jonathan Satchell said: "Learning Technologies Group has delivered a resilient performance, with growth in adjusted earnings before interest and taxation of 5% on a like-for-like basis, and strong cash performance in a macroeconomic backdrop which remains challenging.
"Whilst the lack of revenue growth is disappointing, the structural drivers of the learning and talent development market remain intact and support our belief that Learning Technologies will return to growth when market conditions improve."
Shares in Learning Technologies were up 6.0% at 74.20 pence each in London on Tuesday morning.
By Emily Parsons, Alliance News reporter
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