TRADING UPDATE AND NEW NOTICE OF RESULTS

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Financial highlights
·	Strong organic revenue growth, up 8%
	o	Content & Services recovered strongly, organic growth of 25%, and now back to 2019 levels, as expected
	o	Software & Platforms organic growth of 2%, continuing its track record of high-margin growth; PeopleFluent decline more than offset by organic growth in the remainder of the segment including strong contributions from Rustici and Breezy
·	Excellent profit growth, following from strong organic revenue growth, contribution from recent acquisitions and a continued focus on EBIT margin improvement as the Group expands
·	Net debt of £141.4m and good cash generation; on target for leverage c.1.0x by FY 2022
·	17% increase in adjusted diluted EPS driven by organic growth and contribution from acquisitions
·	The Board will propose a final dividend of 0.7p, an increase of 40%, leading to a full year dividend of 1.0p, an increase of 33%
Strategic and operational highlights
·	Sustained momentum and organic growth across the business, with high quality earnings from SaaS and long-term contracts
·	Transformational GP Strategies acquisition significantly broadens scale, offering and cross-selling opportunities - delivering earlier than anticipated with EBIT margin improving in line with guidance
·	New go-to-market strategy to support greater breadth and depth of offering and geographical reach and faster growing markets
·	Q1 2021 acquisitions (Reflektive, PDT Global and Bridge) fully integrated and achieving substantially improved profit margins
Current trading and outlook
·	Current trading in Q1 2022 is strong, in line with management expectations
·	Following the transformational GP Strategies acquisition, LTG has:
	o		Opportunities for significant margin enhancement and cross-selling, as a global business
	o		Increased reach in the £100bn addressable market in digital learning and talent management
·	While mindful of the current macro environment, strong business momentum continuing into the new financial year and a robust balance sheet that supports further software company acquisitions in due course, underpin the Board's confidence of significant progress in FY 2022.

£m unless otherwise stated	2021	2020	Change

Revenue	258.2	132.3	+95%
Adjusted EBIT	54.8	40.3	+36%
Adjusted EBIT margin	21.2%	30.5%
Adjusted diluted EPS (pence)	5.02	4.29	+17%
Proposed final dividend per share (pence)	0.70	0.50	+40%
Net debt / (cash)	141.4	(70.2)

Statutory results
Profit before tax	9.3	13.5
Basic EPS (pence)	1.88	2.45

Learning Technologies Group plc Jonathan Satchell, Chief Executive Kath Kearney-Croft, Chief Financial Officer	+44 (0)20 7402 1554
Numis Securities Limited (NOMAD and Corporate Broker) Stuart Skinner, Nick Westlake, Ben Stoop	+44 (0)20 7260 1000
Goldman Sachs International (Joint Corporate Broker) Bertie Whitehead, Adam Laikin	+44 (0)20 7774 1000
FTI Consulting (Public Relations Adviser) Rob Mindell, Jamie Ricketts, Jamille Smith	+44 (0)20 3727 1000

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