22nd Sep 2022 10:39
(Alliance News) - Learning Technologies Group PLC on Thursday reported a surging interim profit and revenue on the back of services provider GP Strategies Corp, which was acquired in October 2021.
Learning Technologies is a London-based digital learning and talent management company.
Pretax profit in the six months ended June 30 surged to GBP18.5 million from GBP4.6 million a year prior. The GBP18.5 million half-year profit is almost double of GBP9.3 million it posted for 2021.
Revenue more than tripled to GBP281.8 million from GBP82.6 million. GP Strategies contributed GBP184.9 million to 2022's first half-year revenue.
Operating expenses widened sharply to GBP256.5 million from GBP75.4 million.
The company declared an interim dividend of 0.45 pence per share, up 50% from 0.30p a year prior.
"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 earnings before interest and taxes margin and sustained organic revenue growth in the business," stated Chief Executive Officer Jonathan Satchell.
Learning acquired services provider GP Strategies Corp last year for GBP284 million. The acquisition "significantly broadens scale, offering and cross-selling opportunities," Learning said in May.
Learning Technologies shares were 9.8% higher at 130.06 pence each in London on Thursday morning.
By Tom Budszus; [email protected]
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