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Learning Technologies Group PLC on Tuesday said its profit has more than doubled for the first six months of 2024, despite a decline in revenue and a ‘challenging macro backdrop’. The London-based digital learning and talent management company said revenue for the six-month period ended June 30 was £250.3 million, falling 12% on-year from £284.6 million. However, pretax profit more than doubled on-year to £34.0 million from £16.5 million. Learning Technologies declared an interim dividend per share of 0.45 pence, unchanged year-on-year. In the first half of 2024, the company completed the sale of its VectorVMS business for $50 million. This was part of ongoing initiatives to simplify its portfolio and sharpen its focus on learning and talent development, it said. Learning Technologies previously expected full-year revenue to be between £480 million and £500 million, with adjusted earnings before interest, taxation, depreciation and amortisation between £88 million and £93 million. The group now expects annual results to be towards the bottom of both ranges. Adjusted earnings before interest and taxation for the first six months of 2024 were £43.3 million, up 0.5% from £43.1 million at the same time last year. Chief Executive Officer Jonathan Satchell said: ‘Learning Technologies Group has delivered a resilient performance, with growth in adjusted earnings before interest and taxation of 5% on a like-for-like basis, and strong cash performance in a macroeconomic backdrop which remains challenging. ‘Whilst the lack of revenue growth is disappointing, the structural drivers of the learning and talent development market remain intact and support our belief that Learning Technologies will return to growth when market conditions improve.’ Shares in Learning Technologies were up 6.0% at 74.20 pence each in London on Tuesday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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