New clients drive strong growth at Learning Technologies
Learning Technologies Group (LTG) delivered strong growth in 2013 and said it ended the year with record order books in each of its three geographies.
The results came alongside the announced acquisition of e-learning solutions firm LINE, the company’s first major acquisition since listing on AIM last year. The £9m acquisition is expected to create the UK market leader in the e-learning custom content market, which LTG hopes will “give access to high-value strategic contracts”.
LTG was formed through the reverse takeover of In-Deed Online by Epic Group in November 2013.
The company, which signed new clients including John Lewis, Mars and Logitech in 2013, said revenues excluding its joint venture in Brazil grew 9% to £7.56m in 2013, with the value of new contracts rising by 12% over the year.
Meanwhile, adjusted earnings before interest, tax, depreciation and amortisation jumped 42% to £1.45m. On a statutory basis, the company swung to a loss before tax of £0.93m, from a profit of £0.78m in 2012, due to the cost of listing on AIM and acquisition spend.
"This has been an exciting year for LTG with our listing on AIM,” said Chief Executive Jonathan Satchell.
“Our business has continued to grow and take advantage of the significant opportunity in the e-learning space. We have won good levels of business in the UK and have substantial repeat orders, our US office is profitable in its first year and our Brazil joint venture has gone from strength to strength.”
LTG said that 2014 started well and trading is in line with expectations with an increased order book, particularly in the US.
The stock was trading 8.4% higher at 20.33p on Tuesday.