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.£322.8m
Last close56.50p
High / Low (52 weeks)66.2p / 32.5p
Stock market listingLN
Forecast net debt (£m)5.9
Forecast gearing ratio (%)8
TeamTechnology
SectorTechnology

Price performance

%1m3m12m
Actual(8.1)21.573.9
Relative *(6.5)21.558.7

* % Relative to local index

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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 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

Learning Technologies Group unveils major acquisition

Fri, 29 Jan 2016 07:42:17 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 27x FY19e rating as demanding.

Last updated on 02/11/2017

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 69.8 44.6
2016A 28.3 7.7 6.4 1.29 43.8 78.3
2017E 52.2 14.4 12.1 1.90 29.7 35.6
2018E 56.3 17.0 14.5 2.13 26.5 23.2

Last updated on 24/10/2017

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 02/11/2017

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
London
EC4N 5AT
United Kingdom
+44(0)207 402 1554
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