Last checked at 16 Jan 2015 07:00
Learning Technologies Group plc
("LTG", "The Group" or "the Company")
Pre Close Update
Learning Technologies Group plc ("LTG" or "the Group"), the leading e-learning company, is pleased to announce a trading update for the year ended 31 December 2014. During the period LTG acquired LINE Communications, merging it with its main business Epic to form Leo Learning Ltd (LEO), creating the UK market leader in e-learning custom content. LTG also acquired Preloaded, extending the Company's expertise into innovative learning games.
The acquisitions have been successfully integrated into the Group and we are benefitting from the broader range of services that we offer existing and prospective clients. The Board therefore expects that following a successful last quarter the results for the business will be ahead of expectations.
Cash generation remains strong with net cash at the year-end of £4.4m (2013: £1.2m).
The Group's order book has materially strengthened assisted by significant order flow in the last quarter including a substantial 3-year contract with the Ministry of Defence.
The Board is delighted to announce that Harry Hill, who has been a non-executive director since LTG was formed in November 2013, has been appointed Deputy Chairman.
The strong order book and pipeline of opportunities, alongside the potential growth created by new partnerships, for instance the recently announced agreement with the Open University, underpin the Board's confidence for further significant progress in 2015.
It is expected that the Group will announce the results for the year ended 31 December 2014 towards the end of March 2015.
Andrew Brode, Chairman said:
"LTG has made good progress in 2014 delivering on its strategy of consolidating the fragmented e-learning industry. The formation of LEO creates the UK's market leader in custom e-learning solutions and the full benefits of its successful integration will be realised in 2015. We continue to pursue acquisition opportunities and look forward to updating the market in due course."
16 January 2015
Enquiries:
Learning Technologies Group plc | +44 (0)12 7346 8889 |
Jonathan Satchell, Chief Executive | |
Neil Elton, Group Finance Director | |
Numis Securities Limited | +44 (0)20 7260 1000 |
Stuart Skinner/Michael Wharton (Nominated Adviser) | |
James Serjeant (Corporate Broker) | |
Instinctif Partners | +44 (0)20 7457 2020 |
Matthew Smallwood |