Learning Technologies (LTG)

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Learning Technologies LTG Logo

The leading integrated e-learning services and technologies provider.

22-Jan-2018 – 74.8p – £427.6m – PER 35.3

Trading Update For The 12 Months To End December 2017 – Expects Revenues to be not less than £51.8m (2016: £28.3m), Adjusted EBIT materially ahead of market expectations at not less than £14.0m (2016: £7.0m) and Net cash is £1.0m (2016: Net Debt of £8.5m). Objective is to deliver run-rate revenues of £100m and run-rate EBIT of £25m by the end of 2020.

Truly impressive growth here, just need to see how that translates into actual Profit. One to research a little more.

19-Mar-2018 – 83p – £476.5m – PER 39.4

Preliminary Results For The 12 Months To End December 2017 – Revenue up 85% to £52.1m (£28.3m last time), Adjusted EPS up 74% to 2.064p (1.184p last time), the FY Dividend is up 43% to 0.3p and there’s now Net Cash of £1.0m (-£8.5m last time). Current trading is ahead of expectations.

Finding it hard to ignore this, even on a lofty PER, it’s going on the Watchlist, 75p.

Subsequent note: I subsequently bought an initial position here.

24-Jul-2018 – 108p – £719.0m – PER 38.6

Trading Update For The 6 Months To End June 2018 – In-line.

I am Long here from when it was <£500m Market Cap and based on this update and forecasts I remain so.

25-Sep-2018 – 126p – £865.5m – PER 43.6

Interim Results For The 6 Months To End June 2018 –  Revenues up 60% to £33.8m, Adjusted Diluted EPS up 140% to 1.122p (H1 2017: 0.468p) and the Interim dividend of 0.15p is a 67% increase. FY Profit to be significantly ahead of the Board’s expectations with good visibility into 2019.

I am Long here from when it was <£500m Market Cap and based on this update I remain so for now.

19-Mar-2019 – 68p – £450m – PER 17.7

Results For The 12 Months To End December 2018 – Revenue up 83% (recurring 68%), Profit ahead of expectations with Adjusted Diluted EPS up 68%. The FY Dividend is up 67% amd 2019 has started in-line with management expectations.

I am Long here and don’t understand why this has been hammered down so much recently. Will keep an eye on the market reaction to these results (which seem good to me).

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