Learning Technologies Group (LTG)

Business description

Learning Technologies Group is a broad-based e-learning technology business, providing a range of software and services to both private enterprises and the public sector.

Stock data

Market cap.£406.2m
Last close71.00p
High / Low (52 weeks)71.0p / 40.0p
Stock market listingLN
Forecast net debt (£m)5.9
Forecast gearing ratio (%)8

Price performance

Relative *9.811.745.0

* % Relative to local index

Other companies in sector Show

1Spatial 7digital Group
accesso Technology Group ADVA Optical Networking
Advanced Computer Software Group Advanced Micro Devices
AIXTRON Algomizer
All for One Steeb AG Allocate Software
Allot Communications Alpha and Omega Semiconductor
Alphapoint Technology Inc Amazon
Amino Technologies ANADIGICS
appScatter Arria NLG
artec technologies AsiaCell
AT&S Austria Technologie & Systemtechnik Beta Systems
Blancco Technology Group blinkx
blur Group Boku
Brady Bulletproof Group
Carclo Catapult Group International
CENIT CentralNic
Cerillion CityFibre Infrastructure Holdings
Cliq Digital CML Microsystems
CoAssets Comptel
Covata Craneware
CREALOGIX Group Crossrider
Cypress Semiconductor DATAGROUP
DDD Group Dillistone Group
door2door dotDigital
DSP Group e2v technologies
Eagle Eye Eckoh
Elmos Semiconductor EMIS Group
Emulex Endace
EnWave Corporation Epipoli
eServGlobal Esker
Evolving Systems EVR Holdings PLC
Expert System Facebook
Featurespace FFastFill
FinTech Group First Derivatives
First Sensor Focus Solutions Group
Foresight Autonomous Holdings FreeAgent
Freelancer Fusionex International
Gamma Communications GB Group
GBST Holdings GeoOp
GetBusy GFT
Globo GO internet
GVC Holdings Himax Technologies
Hrvatski Telekom ifa systems
ikeGPS Group Infinera
Inmarsat Innovation Group
InVision IQE
IXYS Jenoptik
K3 Business Technology Kainos
Kalibrate Technologies Keywords Studios
LRAD Corporation Magix
Manpower Software Manx Telecom
Manz Max 21
Maxima Holdings Medicsight
Mensch & Maschine Software Mercia Technologies
Micro Focus International Micron Technology
Migme Mobile ecosystems
Monitise Montage Technology
Morse mVISE
My Net Fone Mynaric
Nano Dimension Nanoco Group
nearmap Nemetschek
Netcall NetDimensions
Netflix Nexus Management
O2Micro International OMG
OmniVision Technologies Orion Health Group
Osirium Technologies Outsourcery
Panorama Synergy Pantaflix
Patsystems Paysafe Group
Pebble Beach Systems Group Pericom Semiconductor
Phitek Piteco
PLX Technology Pointer Telocation
Pricer Prodware
PSI Pure Wafer
QSC Real Estate Investar Group
REALTECH Redflex Holdings
Redstone Reed Elsevier
Reply SpA Results.com
Rex Bionics Rheinmetall
SCISYS Secunet
Seeing Machines Sepura
Serko Seven Principles
Siemens Sigma Designs
Silicom Silicon Image
SimiGon SinnerSchrader
SITO Mobile SLI Systems
Smartpay Holdings SNP Schneider-Neureither & Partner
Software AG Solera
Solutions 30 Spansion
Spirent Communications SQS Software Quality Systems AG
Stadium Group StatPro Group
Store Electronic Systems Straker Translations
SuperCom Synchronica
Taptica Technology sector
TerraNet Texas Instruments
The NAGA Group Thin Film Electronics
Thoughtonomy Tikit Group
Toumaz Track Group
TXT e-solutions TZ Limited
Ubisense Group UMT United Mobility Technology
United Power Technology VASCO Data Security
Vectron Systems Virtual Piggy
Vista Group International Vitec
Vizrt VMob Group
WANdisco Webinar
Wincor Nixdorf WorkPlace Systems International
XP Power Xploite
Xplore Technologies Corp YuuZoo

Company news

Learning Technologies sets new ambitious targets after rapidly passing ...

Tue, 03 Oct 2017 06:56:00 GMT

Learning Technologies upbeat as revenues climb and acquisitions bed down

Fri, 21 Jul 2017 06:50:43 GMT

Learning Technologies Group delivers the right blend

Wed, 07 Sep 2016 13:14:40 GMT

Learning Technologies replaces Barclays with California -based tech bank SVB

Thu, 30 Mar 2017 08:51:23 GMT

Learning Technologies snaps up NetDimensions in £54mln deal

Fri, 03 Feb 2017 16:42:00 GMT

Investment summary

H1 organic growth was 33%, including 3-4% FX tailwind and a c 11% one-off effect from the CSL contract. Hence the underlying growth was c 18-19%. H1 margins dipped as planned, due to the initial inclusion of low-margin NetDimensions, but cost savings from the acquisition are on target and will begin coming through in H2. We edged up our forecasts, while a contract change that was announced subsequent to the results boosts our FY17 revenue forecasts by £1.7m and profits by £1.0m, while FY18 numbers decline by these amounts. At its capital markets day, LTG outlined its plan to double run-rate revenues to £100m and for run-rate EBIT of >£25m by the end of 2020. Given the attractive growth drivers and acquisition synergies, we do not view the c 25x FY19e rating as demanding.

Last updated on 13/12/2017

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 19.9 4.3 3.9 0.81 87.7 56.0
2016A 28.3 7.7 6.4 1.29 55.0 98.4
2017E 52.2 14.4 12.1 1.90 37.4 44.7
2018E 56.3 17.0 14.5 2.13 33.3 29.1

Last updated on 12/12/2017

Latest video

Executive interview - Learning Technologies Group

Industry outlook

The corporate training market is well established and globally is estimated to be worth c $359bn and growing at a modest pace. As companies and entities turn increasingly to digital solutions, corporate e-learning, where LTG is positioned, is the fastest-growing segment within this market (LTG estimates this at 15-20%). In particular, there is a structural shift to blended learning, which enables organisations to reduce their training and assessments costs (primarily in relation to trainers and travel and hospitality).

Last updated on 13/12/2017

Key management

Jonathan Satchell, CEO
Neil Elton, Group Finance Director
Andrew Brode, Non-executive Chairman

Company address

5th Floor Sherbourne House,
119-121 Cannon Street
United Kingdom
+44(0)207 402 1554
View website