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Newcomer with some pedigree (LTG)     

partridge - 24 Mar 2014 13:52

Formed when In-Deed online acquired privately owned Epic last November. Epic part owned by Andrew Brode, chairman of RWS Holdings, which has superb record and he became chairman of LTG, encouragingly taking shares for most of the sale consideration of Epic. Stated intention is to grow the online learning business ( a fairly fragmented market) from current sales £7.7M to around £50M, via both acquisitions and organic growth. Acquisition record at RWS has been exemplary and if it can be repeated here then lots of potential. Brode aged 73, so lots of experience/wisdom imo. Results for 2013 due next month. Early days, but I have put a toe in the water and may add if results look good, but always dyor.

skinny - 24 Mar 2014 13:56 - 2 of 19

Here is the last Trading Update

partridge - 24 Mar 2014 14:24 - 3 of 19

Thanks skinny. I like the bit that says "net profit margins also improved substantially".

js8106455 - 09 Apr 2014 08:58 - 4 of 19

LISTEN: Learning Technologies Group (LTG) - Acquisition of LINE Communications Holdings Ltd

Click here to listen

partridge - 28 Jan 2016 15:42 - 5 of 19

Penultimate paragraph of recent update suggests an overseas acquisition imminent (USA?). Management looks likely to have a lot on their plate in 2016 - rewards may be significant if they get it right, but the reverse is also true! Happy to give the benefit of the doubt for the time being in respect of my modest interest, but always dyor.

partridge - 28 Jan 2016 18:49 - 6 of 19

If they do make an acquisition, then might have to take on some debt...Most of my favourite shares have historically had little or no debt (e.g LTHM, JHD, ANP, RWS - until recently) but in present interest rate environment any strongly cash generative business might consider an element of borrowing for the right deal. Hope that proves the case for RWS!

partridge - 29 Jan 2016 13:26 - 7 of 19

Acquisition confirmed today - and the market seems to like it!

partridge - 03 Feb 2016 11:41 - 8 of 19

CEO sold a chunk "To meet Institutional Demand". Always makes me a bit nervous, but may well be true in this instance. Time to digest all that is going on - management has a lot on its plate, albeit imo rewards great if they get it all right.

partridge - 15 Jul 2016 11:35 - 9 of 19

Well done Micro. Non exec bought (modestly) at 37p in March. US purchase Rustici looking very good and weak pound will add to its earnings in sterling terms. Locked away in my ISA for few years.

partridge - 06 Sep 2016 09:17 - 10 of 19

Thanks Micro. A complex set of numbers to digest for a small company, with an exceptional list of exceptionals! Bottom line is a pre tax loss for the half year and cash outflow from operations after funding the CSL contract up front costs, hence I suspect fairly muted reaction in sp this morning. With heavy investment in acquisitions and CSL costs capitalised, balance sheet looks weaker than 12 months ago after taking on the debt to fund Rustici/Watershed. As I understand it (but please dyor) KPMG leads the contract with CSL and LTG only starts to earn when the courses are used, starting later this year. If the usage is heavy, then LTG will do very well, but first have to recover the capitalised costs. Guess we will find out when full year numbers come out. This remains a punt on the management imo and so far they have not put a foor wrong, so holding on to mine, but not in my view a share for widows and orphans!

partridge - 11 Jan 2017 10:31 - 11 of 19

Bit of interest ahead of pre close trading update due perhaps next week. Could go well if USA purchase has fulfilled early expectations - and the civil servants are taking lots of courses, but always dyor.

skinny - 11 Jan 2017 11:29 - 12 of 19

Something amiss with the thread?

Posts 7,10,12,14 & 15 appear to be anonymous.

Chart.aspx?Provider=EODIntra&Code=LTG&Si

partridge - 11 Jan 2017 15:31 - 13 of 19

Nowt to do with me Skinny, but microscope posts seem to have disappeared? LTG having a good day today.

microscope - 11 Jan 2017 20:21 - 14 of 19

Haven't posted for a while but no idea where my posts have gone. Don't think i said anything particularly controversial!!

Pleased with progress here anyway. Will try to see if i've been hacked

partridge - 17 Jan 2017 09:10 - 15 of 19

Superb year end trading update and firing on all cylinders going in to 2017. Significant amount of recurring revenues post acquisition of Rustici. Understandably, well received by the market.

microscope - 17 Jan 2017 12:58 - 16 of 19

Yes that's brilliant. Debt will worry some no doubt but it's the catalyst that has enabled the acquisitions and the profit growth that's happening. 2017 just looks a whole bunch of - that word again - 'transformational' positives.

Delighted!

partridge - 17 Jan 2017 15:37 - 17 of 19

If I read it correctly, gross debt at half year was just over £14M, cash £4.25M, so net debt £9.75M. This has reduced to gross debt £13.8M (loan in US$, so exchange rate hurts) and cash £5.3M, so net debt at year end £8.5M. Rustici clearly trading well, so should be no difficulty in servicing the US dollar loan. This cash position is after most of the up front costs of the Civil Service contract, which should now hopefully begin to be (significantly) cash positive. Amortisation numbers will likely be high in 2017, depressing eps, but nevertheless cash flow looks to be very strong in 2017 - great credit to LTG so far. Mine still locked away. Always dyor.

partridge - 03 Feb 2017 20:39 - 18 of 19

Ambitious looking (and Friday afternoon!) takeover bid for NetDimensions plc at 100p, necessitating large placing at 37.5p and more debt. Hope they are not biting off more than they can chew. Track record first class on acquisitions, but this looks to be on a different scale, for a business yet to declare an audited profit.Holding rather nervously!

partridge - 17 Mar 2017 10:12 - 19 of 19

Bid now unconditional and ball firmly in the court of LTG to show that they can deliver the promised synergies - with consequent uplift in profits/eps. May be a bumpy ride, but so far so good. Easy to forget core trading results to Dec 2016 are due in the next three weeks and should make good reading - hopefully also give update on potential at NetD. Always dyor.
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