LONDON (Alliance News) - Learning Technologies Group PLC on Wednesday said it swung to profit in 2015 thanks to acquisitions it made which helped to offset increased costs.
The e-learning technology company said it made a pretax profit of GBP1.5 million in the year to the end of December, compared to a GBP127,000 loss in 2014.
Revenue grew to GBP19.9 million from GBP14.9 million, driven by the acquisitions of LINE Communications Holdings and Preloaded in 2014 and by the acquisition of Eukleia Training in July 2015. This helped to offset higher operating costs in the year to produce the swing to profit.
In 2015, Learning Technologies won a key contract through its strategic alliance with KPMG LLP, the accountancy, for the UK Civil Service.
Chief Executive Jonathan Satchell said the company looks well-positioned to grow its presence in the fragmented e-learning market and said the post-year-end acquisition of digital learning company Rustici and the investment made in learning analytics firm Watershed Systems will help it to achieve those goals.
Shares in Learning Technologies were up 2.0% to 37.50 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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