26th Apr 2023 10:53
(Alliance News) - Learning Technologies Group PLC on Wednesday reported steep rises in profit and revenue in 2022 and enters a new year in which GP Strategies will be its market-facing brand.
Shares were down 18% at 107.15 pence each on Wednesday morning in London.
The London-based digital learnings and talent management company said pretax profit multiplied to GBP40.5 million in 2022 from GBP9.3 million in 2021, as basic earnings per share rose 97% to 3.86 pence from 1.96p.
Revenue more than doubled to GBP596.9 million from GBP258.2 million, ahead of expectations.
Adjusted earnings before interest and tax jumped by 84% to GBP100.9 million from GBP54.8 million a year earlier. This was driven by organic growth and the "full year contribution from 2021 acquisitions", the firm explained.
Learning Technologies proposed a final dividend of 1.15p per share, up 64% from 0.7p a year prior. This brings total dividend for 2022 to 1.6p, representing an increase of 60% from 1.0p in 2021.
Chief Executive Jonathan Satchell said: "2022 was a transformational and successful year for LTG. Our progress reflects the successful integration of GP Strategies, which has broadened and strengthened our offering to help us pursue the USD100 billion addressable market for digital learning and talent management."
Looking ahead, the company said it continues to expect to deliver high single-digit adjusted Ebit growth in 2023, supported by a strong pipeline. However, analysts from Peel Hunt have forecasted growth in the mid-teens for the year.
Learning Technologies added that it is on track to meet the target of GBP850 million run-rate revenue and GBP175 million run-rate adjusted Ebit by the end of 2025.
By Xindi Wei, Alliance News reporter
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