Edison Investment Research - Learning Technologies Group (LTG) Learning Technologies Group - FY17 profit and cash generation beat forecasts

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Edison Investment Research

Learning Technologies Group - FY17 profit and cash generation beat forecasts

Learning Technologies Group (LTG) has released a strong trading update with FY17 profits and year-end net cash comfortably ahead of consensus. The update indicates that operating margins were c 190bp ahead of our forecasts, with net cash Â£7.9m ahead. However, we are maintaining our FY18/FY19 forecasts, which were recently updated in our monthly book. In October, LTG announced its objective to double run-rate revenues to Â£100m and achieve run-rate EBIT of at least Â£25m by the end of 2020. While the shares look punchy on c 37x our FY18 EPS, the business is attractively positioned in an industry growing at 15-20% and we note that sustainable high-teen growth opportunities are hard to find across the broader market.

22/01/2018 3 EN

Underlying

Learning Technologies Group

Learning Technologies Group is a holding company. Through its subsidiaries, Co. is engaged in providing a range of e-learning services and technologies to corporate and government clients. Co. operates as one reportable segment, that of the production of interactive multimedia programs. Co. has also developed its own cloud-based multi device authoring tool, gomo, which enables clients to create their own e-learning content and to collaborate and publish learning content to a variety of platforms (including personal computers, tablets and smartphones) in real-time.

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GB00B4T7HX10 London Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Learning Technologies Group - FY17 profit and cash generation beat forecasts

Hybridan Small Cap Feast - 26 Jan 24

Learning Technologies Group: 1 director

Learning Technologies Group - Termination of coverage

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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