Formed when In-Deed online acquired privately owned Epic last November. Epic part owned by Andrew Brode, chairman of RWS Holdings, which has superb record and he became chairman of LTG, encouragingly taking shares for most of the sale consideration of Epic. Stated intention is to grow the online learning business ( a fairly fragmented market) from current sales £7.7M to around £50M, via both acquisitions and organic growth. Acquisition record at RWS has been exemplary and if it can be repeated here then lots of potential. Brode aged 73, so lots of experience/wisdom imo. Results for 2013 due next month. Early days, but I have put a toe in the water and may add if results look good, but always dyor.

Here is the last Trading Update

Thanks skinny. I like the bit that says "net profit margins also improved substantially".

LISTEN: Learning Technologies Group (LTG) - Acquisition of LINE Communications Holdings Ltd

Click here to listen

Penultimate paragraph of recent update suggests an overseas acquisition imminent (USA?). Management looks likely to have a lot on their plate in 2016 - rewards may be significant if they get it right, but the reverse is also true! Happy to give the benefit of the doubt for the time being in respect of my modest interest, but always dyor.

If they do make an acquisition, then might have to take on some debt...Most of my favourite shares have historically had little or no debt (e.g LTHM, JHD, ANP, RWS - until recently) but in present interest rate environment any strongly cash generative business might consider an element of borrowing for the right deal. Hope that proves the case for RWS!

Acquisition confirmed today - and the market seems to like it!

CEO sold a chunk "To meet Institutional Demand". Always makes me a bit nervous, but may well be true in this instance. Time to digest all that is going on - management has a lot on its plate, albeit imo rewards great if they get it all right.

Well done Micro. Non exec bought (modestly) at 37p in March. US purchase Rustici looking very good and weak pound will add to its earnings in sterling terms. Locked away in my ISA for few years.

Thanks Micro. A complex set of numbers to digest for a small company, with an exceptional list of exceptionals! Bottom line is a pre tax loss for the half year and cash outflow from operations after funding the CSL contract up front costs, hence I suspect fairly muted reaction in sp this morning. With heavy investment in acquisitions and CSL costs capitalised, balance sheet looks weaker than 12 months ago after taking on the debt to fund Rustici/Watershed. As I understand it (but please dyor) KPMG leads the contract with CSL and LTG only starts to earn when the courses are used, starting later this year. If the usage is heavy, then LTG will do very well, but first have to recover the capitalised costs. Guess we will find out when full year numbers come out. This remains a punt on the management imo and so far they have not put a foor wrong, so holding on to mine, but not in my view a share for widows and orphans!

Bit of interest ahead of pre close trading update due perhaps next week. Could go well if USA purchase has fulfilled early expectations - and the civil servants are taking lots of courses, but always dyor.

Something amiss with the thread?

Posts 7,10,12,14 & 15 appear to be anonymous.

Nowt to do with me Skinny, but microscope posts seem to have disappeared? LTG having a good day today.

Haven't posted for a while but no idea where my posts have gone. Don't think i said anything particularly controversial!!

Pleased with progress here anyway. Will try to see if i've been hacked

Superb year end trading update and firing on all cylinders going in to 2017. Significant amount of recurring revenues post acquisition of Rustici. Understandably, well received by the market.

Yes that's brilliant. Debt will worry some no doubt but it's the catalyst that has enabled the acquisitions and the profit growth that's happening. 2017 just looks a whole bunch of - that word again - 'transformational' positives.

Delighted!

If I read it correctly, gross debt at half year was just over £14M, cash £4.25M, so net debt £9.75M. This has reduced to gross debt £13.8M (loan in US$, so exchange rate hurts) and cash £5.3M, so net debt at year end £8.5M. Rustici clearly trading well, so should be no difficulty in servicing the US dollar loan. This cash position is after most of the up front costs of the Civil Service contract, which should now hopefully begin to be (significantly) cash positive. Amortisation numbers will likely be high in 2017, depressing eps, but nevertheless cash flow looks to be very strong in 2017 - great credit to LTG so far. Mine still locked away. Always dyor.

Ambitious looking (and Friday afternoon!) takeover bid for NetDimensions plc at 100p, necessitating large placing at 37.5p and more debt. Hope they are not biting off more than they can chew. Track record first class on acquisitions, but this looks to be on a different scale, for a business yet to declare an audited profit.Holding rather nervously!

Bid now unconditional and ball firmly in the court of LTG to show that they can deliver the promised synergies - with consequent uplift in profits/eps. May be a bumpy ride, but so far so good. Easy to forget core trading results to Dec 2016 are due in the next three weeks and should make good reading - hopefully also give update on potential at NetD. Always dyor.

Decent set of numbers for 2016, distorted by acqisition activity, but underlying trends are very good and Rustici purchase last year looking like a jewel. Big increase in recurring revenues. A lot on their plate in 2017, but if they can generate the NetDimension integration savings of $8M p.a. mentioned in previous RNS then prospects imo remain good. Always dyor.

I bought a few for the SIPP about a month ago. Directors buying swung it for me.

Most of the directors (although not the CEO, who already has large stake) dipped in their pockets to subscribe for placing at 37.5p which accompanied the acquisition of NetDimensions plc. Bit miffed to see that Nigel Wray has this week sold down to below 3% (after I think only coming on board at that same time) but I guess a profit is a profit. With a lot still to prove, LTG is imo at the riskier end of the spectrum. After the large share issue, earnings per share may stutter this year as they digest NetD, but management has not put a foot wrong so far and my back of the fag packet reckonings suggest 3p is possible next year. May have to reconsider after the AGM later this month! Mine are locked away in the ISA whilst the story remains positive, but always dyor.

Upward move today after recent weakness, albeit not a lot of volume. Trading statement due first week of July will hopefully confirm strong trading in the core business and not too many issues to sort out with recently acquired NetDimensions. Always dyor.

Some hefty director sales, although non Exec has added a few. I believe that Canaccord Genuity has recently started coverage, which might explain some of the unusual volume last week. Awaiting trading statement a little more uneasily....always dyor.

Good trading statement , intergration going well and revenues up over 65%.

The bit I really like is "Rustici has continued to expand its recurring licence business at a pace beyond our expectations". Strong dollar will ony help Rustici earnings on translation into sterling. Still think there may be some significant one off costs over NetD purchase, so not expecting fireworks with interim results in September, but overall the prospects for next few years now looking very good imo. Always dyor.

Share price has slipped since that update. I've re-read it in case I missed summat - but it still reads good to me.

H1 Results are expected on 18 September. If those are accompanied by an outlook statement regarding H2, methinks that should bump up the share price. Meanwhile here is the full text of that July 21 Trading Update:

Trading Update

Learning Technologies Group plc ("LTG" or "the Group"), the leading integrated e-learning services and technologies provider, is pleased to announce the following update for the half year ending 30 June 2017.

The Board is pleased to report that LTG has made excellent progress over the period delivering on its strategic ambition of building an international business with annualised revenues in excess of GBP50 million and strong operating margins. The Board expects the Group to achieve record revenues of not less than GBP20.8 million for the first half compared to GBP12.8 million in the first half of 2016, an increase of 62.5%.

On 20 March 2017, LTG declared its offer for NetDimensions (Holdings) Limited ("NetDimensions"), the integrated enterprise talent management software platform provider, unconditional in all respects. NetDimensions' proprietary LMS platform enhances the range and scope of LTG's services across the globe, whilst complementing our existing portfolio of businesses and further accelerating growth.

The Board is pleased to report that the integration of NetDimensions into the Group has been successfully completed on time. The transformation program will continue during the second half of 2017, with the full-year synergies and settled cost base being realised from the beginning of 2018 as planned. NetDimensions' customer support teams have been relocated to the geographical territories that they serve, hosting services are being migrated to our centre of excellence in Nashville, and we are investing in our core technology team headquartered in Hong Kong. We have hired a new Global Head of Sales, and we are investing in the development of NetDimensions' reseller network, as well as leveraging Group central services such as marketing, HR and IT support.

The strategic progress in the first half of the year has been underpinned by strong organic growth in LTG's other businesses and our period end order book is at record levels, demonstrating excellent momentum as we enter the traditionally stronger second half.

LEO, the Group's comprehensive solutions provider, has achieved 50% growth in sales compared with the first half of 2016 and built a strong sales pipeline for the second half of the year. The Civil Service Learning contract, being delivered alongside our strategic partner KPMG UK LLP, is progressing well and in line with expectations.

Preloaded, our 'games with purpose' division has performed very well, delivering a prestigious VR learning simulation for the Science Museum and Eukleia is seeing an increase in demand with the introduction of MiFID II regulations.

Our software licence businesses are performing strongly; gomo has won a number of key enterprise contracts with its industry leading cloud-based multi-device authoring tool whilst Rustici has continued to expand its recurring licence business at a pace beyond our expectations.

Together with NetDimensions, the Group continues to build recurring revenues and to diversify our business outside of the UK market.

LTG continues to drive strong operating cash flows. At 30 June 2017 gross cash was GBP11.5 million (31 December 2016: GBP5.3 million) and net debt was GBP6.1 million (31 December 2016: GBP8.5 million). After adjusting for funds due to remaining NetDimensions' shareholders and net payments due as a result of the exercise of share options just prior to the end of the period, adjusted net debt was GBP9.8 million at 30 June 2017.

The Group's Interim results will be announced on 18 September 2017.

Andrew Brode, Chairman of LTG, said:

"LTG continues to make excellent progress as the market leader in the high growth and dynamic e-learning sector. Our acquisitions, including most recently NetDimensions, have all been integrated to plan as we build out our full-service learning technology offer. This strategic progress has been accompanied by strong underlying organic growth as we harness and integrate these technologies to deliver improved outcomes for our clients. As a result of the momentum in the business, the Board looks forward to the second half and beyond with confidence."

Confident tone with interim results, but fact is that they made a post tax loss of just under £2M in the first half. Underlying growth looks strong and cash generation is solid. NetD issues should be sorted by end of 2017, so happy to stay with it. Always dyor.

Wait til someone like SCSW start covering them ... they'll go ballistic.

Hitting new highs today on the back of its announcement of new targets.

Presentation later.

The rise since results has been on the back of unprecedented volumes.

My back of a fag packet calculations have given me an 85p price target by end of 2018.

Finished the year on a new high.

Think I'm going to have to revise my target soon.

Not like you to do a bit of ramping Dil. Year end trading update mid January should reveal level of success so far in combined cost savings of Net D acquisition (hoped for $8M p.a.) - and whether that has had any detrimental effect on revenues. If all is well there, other business looks very strong and you may perhaps be right! Have held nearly four years and hope the progress over the next four is as good, but always dyor.

Had mine almost a year now partridge and very happy with their performance during that time.

Massive volume today , what's that all about ?

Long time since I looked in here but still holding, although I did topslice (a bit prematurely) in the summer. Looking forward to the update, the profits for 2017 expected to be boosted by the accelerated contract they mentioned in the last update (though will be interesting to see what they say about the space that will leave for 2018-19).

Been more than happy with my investment here (thanks to partridge who first drew my attention to the company) which has pretty much exactly doubled from my original buy in 2016. Like the management and they just keep delivering the goods.

Nice one microscope , 3 happy bunnies now not just two.

Another new high today.

Trading update coming on Monday, confirmed by poster 'brode2' in the 'other place'.... I am assuming it's Andrew, though you never know over there lol!!

Excellent update. Thank goodness for ISAs, brilliant for buy/hold investors in the long term. Hoping for similar good news from Andrew Brode's other vehicle RWS Holdings next month.

Indeed; excellent update.

Log chart shows how solidly this has progressed as a buy-and-hold investment:

Can I revise my year end forecast now please partridge ?

:-)

Numis has already updated and has a new target of 90p , probably hit that by Friday.

My latest back of a fag packet calculation gives a new year end price target of 115p.

Enjoy the ride.

Not a bad morning's work! :) Simply superb update. Following superb management is the easiest way to invest, as you say buy and hold stocks. And LTG certainly have the right people running the show.

Targetting 100 million turnover in 2020 so another doubling effectively, and talking about governments choosing them as their trusted partner!

Impressive.

OK Dil - you may. Like you, I have been around long enough to know that share prices do go down as well as up, but best to hold/add to well run businesses in attractive markets whilst the story does not change. Story here has only changed for the better over the last few years, so again holding on to what is now one of my larger interests. Your fag packet target looks a bit optimistic to me, (think there may be some wanting to bale out if it reaches 100p) but I would be delighted if you are again proved right.

Just looking at your original post in this thread, partridge - targets met! :)

"Stated intention is to grow the online learning business ( a fairly fragmented market) from current sales £7.7M to around £50M, via both acquisitions and organic growth."

Thanks micro - I was particularly pleased with the bit in today's announcement that shows now in net cash. Easy for management to get distracted by rapid sales growth, forgetting the costs side, but LTG still looks to have a grip on the nitty gritty. Growth in recurring incomes also a big plus and will provide extra support going into 2018. Always dyor.

partridge , re the 115p target - my calculations gave an original target of 105p but in my experience once a major number like 100p is pierced then the price often runs another 20% soon after for no apperent reason.

I promise to keep quiet now til we hit a quid :-)

Price recovering after market wobble last week and some director/PDMR sales. Announcement today of Goldman Sachs as joint corporate broker perhaps suggests some more action soon (in the USA?).Results due 19th March, but we may have more news before then!

Excellent set of numbers for 2017 and "current trading ahead of management expectations". High level of intangible amortisations depresses profits but not cash - now nil net debt thanks also to some hefty advance payments received. Fairly muted response to the results, which were expected to be good. LTG has a lot to live up to, but so far not put a foot wrong. Always dyor.

Broker upgrades likely but I'm sticking to my 115p target for 2018 for now.

Berenberg have reiterated its buy rating and raised its target from 80p to 105p.

I'm sticking with my 115p target for 2018.

New high today.

Woo hoo , through the quid mark today and next stop 115p !

2 quid by xmas fill yer boots :-)

Huge acquisition announced tonight!

"Proposed Acquisition of PeopleFluent for $150 million (GBP107 million)

Transformational for US presence

Immediately and significantly earnings enhancing"

Welcome to the big time, LTG

My new price target for 2018 is 138p with 180p pencilled in for 2019.

Placing went well , 98p they got it away at.

Another big morsel to swallow, but first rate execution so far and I continue to hold. Peoplefluent expected to be "immediately and significantly earnings enhancing, based on expected completion by 31st May". Don't understand the reasoning behind LTG owning 100% of Jersey SPV holding the placing cash (rather than the cash itself). Always dyor.

Nice to see directors digging deep into their pockets at the placing. Makes a big change from certain others where the chief executives filled their boots into the rise by exercising options or founder shares. Must be worth a punt.

Dil - your targets have always looked rather optimistic to my naturally grumpy nature, but you may take some comfort from recent IPO on NASDAQ of Pluralsight Inc. They have a broadly similar offering to LTG, if not directly comparing apples with apples, Revenue in 2017 was $165M and they managed a pretax loss of $96M. Comparatives for 2016 were $131M and loss £20M. Listed at $15, it went to a 33% premium on day 1 and now has market cap $2.8Billion!! I simply do not understand, but your targets are beginning to look more realistic - especially if Peoplefluent proceeds as anticipated this week, increasing further LTG trade in the USA.

Right then call me stupid if I've got this wrong but has some non executive director just bought £400k's worth at 107p ?

Manners, Dil. This not just "some non exec director" but the charming, bright and engaging Leslie-Ann Read (who must also have deep pockets). She also bought over 900,000 shares at 98p in the recent placing for the Peoplefluent purchase. That has now completed and signs remain very encouraging - on the face of it, Leslie-Ann must think so. Note also however that COO Dale Solomon has exercised options and sold just over 1m shares at 107p for "family" reasons. Not selling mine any time soon, but always dyor.

Peel Hunt and Numis have recently set price targets of 140p and 132p respectively - Dil, are you working for them?! Half year results due end of September will need to be strong, but I suspect they will be. Always dyor

I lead they follow :-)

I'm keeping my target for the year at 138p and will not be updating it until after the results.

Splendid set of interim figures, albeit lots of one-offs because of the nature of their growth. My simplistic approach of looking at the cash flow when too difficult to take in all the profit/loss elements shows that in the first half they generated not far short of all the cash last year. Thank heaven for ISAs.

Full year profits expected to be significantly ahead of the boards previous expectations.

I'll have to come up with a new forecast for the others to copy now partridge.

That was a fun day partridge.

Yes indeed Dil. Bought my first lot around 14p and got my stake back at 105p, but still have a large holding, thankfully all in ISA. It is nice to win big sometimes and see they have gone higher so far today. Apologies for off topic, but went to Fulcrum Utilities AGM in Sheffield today - long trip from the Home Counties but worth it - also by coincidence first bought them at 14p, then sold half at 7p eighteen months later when they looked like going bust. At least had the good sense to add more when new management turned it round and now about 60p. Cannot see them doing an LTG, but may be worth a look! Always dyor etc.

Cheers partridge will do.

Difficult to put a price on these until full year figures give a clearer picture but I'm pencilling in 195p before full year results and 250p sometime next year.

These fell about 15% after I bought in around March last year I think. Glad I hung onto them.

Share price hammered after large sale by CEO (placed with instis at 130p) but all his wealth essentially tied up in LTG and he still has 71 million shares, so not unreasonable in my view) just before the CAKE debacle. Seems to have settled down now, no doubt helped by FD buying 137K shares at 127p. Always was going to be an exciting ride - this is the first big collapse in price and I have not sold any, but nor did I have the courage to add. Always dyor.

Despite a vow to start moving into cash, I decided to dip my feet in the water this morning. Lets see how it goes.

Added to holding today. Year end trading update due later this month should be very positive - more than halving of the price since end of September looks too harsh to me, but guess time will tell. Always dyor.

Something afoot here.

Excellent Pre Close trading update today. Focus on margins, cash and increasing recurring revenues looks like it is paying off. Always dyor.

Yep , can't understand why it's fallen so much over last few months. I got lucky and sold some at 161p but still have more than half my original holding.

Might buy the rest back soon.

Market does not seem to like the fall in revenues at Content/Services side, but reduced Peoplefluent sales previously flagged up - more importantly, profits and cash should be not so affected and results will reveal more on 19th March. Always dyor.

Still taking a hammering. Short % is modest. HFTs playing games?

Absolutely no idea It.

Have to admit I've just sat on my hands in recent weeks like a startled rabbit caught in headlights.

I know if I sell it'll be the bottom so will sit it out til news emerges or next results.

You never learn!

Fortunately Fred if I sold the rest of my holding now I would still be well over 250% up over the last couple of years on these.

Wish all my picks did that bad.

You stick to VOD Fred.

Startled rabbit here too, although now tempted to add. Perhaps negative press comment somewhere - the accounting is quite complex for layman to understand, but cash is king and in my view they have never under performed on that front. I believe that the long term story remains intact and am happy to wait for results next month, but always dyor.

Noticed on Shares that Berenberg have upped the price target today from 125 to 190.