Learnings Technologies H1 revenues down, EBITDA up
By Iain Gilbert
Date: Wednesday 24 Jul 2024
(Sharecast News) - Digital learning specialist Learning Technologies warned on Wednesday that its core market remained "subdued" during H1 but said margin improvements helped boost earnings throughout the period.
Learnings Technologies said interim revenues had slipped from £268.2m to at least £248.0m in the six months ended 30 June, principally due to a weaker US dollar. Software-as-a-service and long-term contract revenues, which make up approximately 75% of total revenues, remained stable.
However, the AIM-listed group stated margin enhancement meant that adjusted underlying earnings were now expected to be no less than £43.0m, up from £41.1m at the same time a year earlier.
Looking forward, Learnings Technologies expects full-year revenues between £480.0m and £500.0m, while underlying earnings were seen ranging from £88.0m to £93.0m
Separately, LTG said its GP Strategies subsidiary has been temporarily suspended from working on classified contracts for the US government, with the suspension set to stay in place until it complies with necessary operating requirements.
"GP Strategies will continue to work on existing classified contracts, subject to the customer's agreement. No customer has indicated any intention to terminate their contract. The board believes that the value of the contracts is not material in the context of total group revenue and profit," said Learnings Technologies.
As of 1055 BST, Learning Technologies shares were down 13.90% at 69.74p.
Reporting by Iain Gilbert at Sharecast.com
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