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Learning Technologies updates on plans to exit non-core UK-based businesses within GP Strategies
Published Dec 19, 2022 07:45
Updated Dec 19, 2022 08:11
© Reuters. Learning Technologies updates on plans to exit non-core UK-based businesses within GP Strategies
Proactive Investors - Learning Technologies Group PLC (LON:LTGL), a global market leader in digital learning and talent management, has updated investors on its plans to exit the UK-based businesses within GP Strategies, previously identified as non-core.
As disclosed in the company's Half Year Results on 22 September 2022, LTG plans to exit these two non-core assets as soon as practicable.
The company said its board intends to close one of these two small non-core businesses, the UK apprenticeship business, in early 2023. The financial impact and closure costs will be non-material.
The UK apprenticeship business is anticipated to generate around £9mln revenue and around £1.1mln, Adjusted EBIT in FY 2022 from the provision of apprenticeships for staff working in early-years education and care provision under a contract with the Education and Skills Funding Agency.
The closure follows a decision by the LTG board that the nature of the customer relationships and quality of the offering in the business do not match the high standards elsewhere in GP Strategies and the group, especially following a negative Ofsted report in late 2022.
The company noted that the other non-core asset is trading well, has an increased order book and is a candidate for disposal in 2023.
LTG said it remains focussed on delivering the transformation and integration of GP Strategies, the new go-to-market strategy and future value-enhancing acquisitions.
As outlined at its Capital Markets Day in October 2022, LTG has a compelling market position following the transformational acquisition and successful integration of GP Strategies.
This market position is expected to drive new growth opportunities in a $107bn addressable market in digital learning and talent management and supports the Board's updated ambition to achieve run-rate revenues of £850mln and run-rate adjusted EBIT of £175mln by the end of 2025.
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