Financial highlights:
|
|
FY17 |
FY16 |
change |
|
Revenue |
£52.1m |
£28.3m |
+84% |
|
Recurring Revenue % |
39% |
27% |
|
|
Revenues Outside UK % |
46% |
36% |
|
|
Adjusted EBIT |
£14.0m |
£7.0m |
+102% |
|
Statutory PBT |
£0.7m |
(£1.2m) |
|
|
Adj. Diluted EPS |
2.064p |
1.184p |
+74% |
|
Proposed Full Year Dividend per share |
0.30p |
0.21p |
+43% |
|
Net Cash / (Debt) |
£1.0m |
(£8.5m) |
|
Operational highlights:
Content & Services (59% of Group revenues in 2017)
· Successful account management approach has resulted in broadening and deepening of client relationships, increasing average revenue per client and driving strong organic growth
· LEO Learning's sales were 40% up on 2016 (excluding CSL) resulting in a record order book for 2018
· Preloaded wins accolades for its virtual reality learning experiences at the Science Museum and Tate Modern
Platforms (41% of Group revenues in 2017)
· Acquisition of NetDimensions brings to the Group a leading global proprietary Learning Management System to complement LEO's open-source Moodle offering
· Successful integration of NetDimensions into the Group realises synergies on time and to budget; considerable success in renewing contracts and winning new customers
· High retention rates in gomo and Rustici combined with new sales wins drive strong organic growth; Watershed is successfully developing its analytics platform
Outlook:
· Current trading ahead of management expectations
· Healthy order book, together with increased sales from compelling blended learning capability and strong margins, provide confidence for the financial year ahead
· Strong pipeline of strategic acquisition opportunities being actively pursued
Commenting, Jonathan Satchell, CEO of LTG, said:
“Learning Technologies Group enjoyed a very strong year in 2017, as we create a market leader in the fast-growing digital learning industry. We continue to diversify our revenue streams across a range of technical and service capabilities, geographies, and market sectors. The growth in recurring revenue provides us with greater visibility and supports our investment for long-term shareholder value as we scale the Group globally, broaden our capabilities and deepen our client relationships.”
Commenting, Andrew Brode, Chairman of LTG, said:
“I am delighted by the achievements in 2017 and excited that the success of our NetDimensions transaction has transformed the scale and range of our acquisition opportunities.”