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.

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."