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Annual Report 2020 Report Annual Annual Report 2020 Report Annual Learning Technologies Group plc ltgplc.com ANNUAL UK USA Canada Australia India Hong Kong REPORT London Austin, TX Montréal, QC Adelaide Bangalore Brighton Irving, TX Melbourne Sheffield Jacksonville, FL Colombia Nashville, TN Bogotá Raleigh, NC Hungary 2020 Waltham, MA Budapest Salt Lake City, UT For the year ended 31 December 2020 Learning Technologies Group plc plc Group Technologies Learning Introduction plc Annual Report 2020 plc Annual Report 2020 Introduction Closing the Driving learning and talent gap between for business performance LTG integrates a group of best-in-class product and service companies in talent and learning that are ideal for a dispersed workforce. We have proven ability to help close the gap between an organisation’s current and future workforce capability. current and In addition, our software and service offerings extend beyond the customers’ direct workforces, into their supply and distribution chains. This reflects the evolution in traditional boundaries of learning and talent management. The sophistication of our products and their ability to be configured to other systems enables us to fit solutions into our customers’ processes, not the other way around. future workforce This partnership of strategic thinking and technology provides a competitive advantage in a supply market which often fails to recognise the requirements of complex organisations in complex settings. As a result of recent acquisitions, LTG is now able to capability address a much greater proportion of the market across a broader geographical presence. Digital transformation CONTENT & SOFTWARE & “Pandemic boosts business case for investing in staff. SERVICES PLATFORMS continues to change Finance chiefs must prioritise talent retention as the how organisations economy starts to rebound.” Financial Times operate and behave. January 2021 The employee experience, as well as upskilling and Respondents to the Q3 2020 CFO Signals survey reskilling, are becoming ranked “retention of key talent” among their most critical boardroom priorities. pressing concerns. As the workforce moves to Deloitte CFO survey September 2020 more remote working, some of the new approaches to work – especially the way “To most leaders, building employee skills is the best people learn – will continue way to close the capability gap.” to change at pace. McKinsey November 2020 Introduction plc Annual Report 2020 plc Annual Report 2020 Introduction The challenge for companies and government bodies is dynamic and the events of the last year have accelerated the need for the products and LTG at the services that LTG businesses offer in so many ways because they enable... heart of ...a great employee experience ...the ability to give and receive for people working remotely learning performance feedback at the same time as identifying skills in and talent an agile way ...career progression (for the individual) mapped to the future innovation skills requirement (for the business) …impactful learning experiences in an increasingly We focus on real virtual workplace problems that companies ...measurement and and government bodies visualisation of the business impact of learning face around the world, taking great pride in ...the link between recruitment, thinking ahead to the learning, performance and next challenge and retention its resolution. ...learning for external stakeholders beyond the direct Innovation is in our DNA – from our ...the crossover between workforce investment in R&D to our approach to education and the acquisitions. LTG threads data into the workplace ...creation, search and collaboration decisions businesses take to recruit, of user-generated content to augment evolve and empower their people – in operational learning in new ways every language and region. ...and the ability to do all of the above (to the extent required) at different market sizes: large enterprise, mid-market and small. Contents plc Annual Report 2020 plc Annual Report 2020 Contents Table of Contents Chairman’s Statement 01 Case Studies 03 Growth Strategy 13 Strategic Report for the year ended 31 December 2020 15 Corporate Governance Report 35 Report of the Audit & Risk Committee 39 Report of the Remuneration Committee 41 Directors’ Report for the year ended 31 December 2020 49 Directors’ Responsibilities Statement in respect of the Annual Report and the Financial Statements 52 Independent Auditor’s Report to the Members of Learning Technologies Group plc 53 Consolidated Statement of Comprehensive Income 60 Consolidated Statement of Financial Position 61 Consolidated Statement of Changes in Equity 63 Consolidated Statement of Cash Flows 64 Notes to the Consolidated Financial Statements for the year ended 31 December 2020 65 Company Statement of Financial Position 114 Company Statement of Changes in Equity 115 Notes to the Company Financial Statements for the year ended 31 December 2020 116 Glossary 120 Company Information 122 1 plc Annual Report 2020 plc Annual Report 2020 2 Chairman’s statement At our January trading update we were pleased to confirm that results for 2020 would see us report a resilient performance with revenue, adjusted EBIT1 and cash ahead of market expectations. In 2020 we continued to make excellent progress with our strategy to build a global leader in software and services in the learning and talent sectors to meet growing demand from corporate and government customers. During 2020, LTG broadened its offering and addressable solutions due to deployment delays during COVID-19. Current trading and outlook Board matters, dividend and Annual market significantly. Notably, the acquisitions of Open LMS, Also as anticipated, our Content & Services division saw Current trading for the year has started well and in line with General Meeting eCreators and eThink have given us a large-scale capability revenues decline by 24% on a like-for-like basis as corporates management expectations. We expect a strong recovery On 1 October 2020 Simon Boddie joined the Board as our in the open-source Moodle™ market. This enables us to offer postponed certain projects. Content & Services sales have in our Content & Services division, reflecting excellent fourth Non-Executive Director (‘NED’). Simon’s appointment open-source Learning Management System (‘LMS’) solutions performed very strongly in the past six months, and we momentum for sales in the past six months. brings supplemental expertise to the Group including alongside our broad range of proprietary software products, expect this division to return to 2019 levels in the coming experience of acquisitions and integrations in emerging address new customers, sell new solutions to existing year. Adjusted EBIT was £40.3 million (2019: £41.0 million), with LTG has made three acquisitions in 2021 so far, Reflektive, markets. This appointment takes the number of Board customers, and deepen our presence in Latin America, adjusted EBIT margins of 30.5% (2019: 31.5%). Adjusted diluted PDT Global and Bridge, deploying the balance of the capital members and officers to eight, of whom four are NEDs and Australia and North America. We expect this to improve the EPS decreased by 1% to 4.294 pence (2019: 4.351 pence). raised in 2020 and further increasing the proportion of Group three are women. growth profile of the Group, as it becomes less concentrated Over the last five years the Group has delivered compound recurring revenues. LTG’s balance sheet remains strong, with on the large-enterprise market. The acquisitions of Bridge, annual growth of 50% in adjusted diluted EPS. The Group’s net net cash of c.£25 million at the end of February, and the The Board is committed to a progressive dividend policy. PDT Global and Reflektive in 2021 further strengthen our cash position at 31 December 2020 of £70.2 million (2019: Board continues to pursue an exciting pipeline of further Based on strong cash generation and an improved expansion into the mid-market. £3.8 million) was ahead of market expectations. This was acquisition opportunities. trading outlook and promising recent acquisitions, the primarily due to our continued strong operating Board is confident about the year ahead. It is therefore Our share placing in May raised c.£81.8 million in gross We have made clear progress in our ambition to serve cash conversion. recommending a final dividend of 0.50 pence per share proceeds to take advantage of the opportunity to accelerate small, mid-size and enterprise tier clients with our targeted, (2019: 0.50 pence), giving a total dividend for the year of 0.75 future growth and gain further share of the c.$358 billion2 multi-product solutions. The appreciation by corporates of pence per share, in line with the prior year. corporate learning market, and the talent management Environment, Social and Governance the necessity, appropriateness and effectiveness of digital market. At the placing LTG introduced new strategic financial (‘ESG’) learning and talent management solutions will, in the Board’s If approved the final dividend will be paid on 25 June 2021 to objectives to achieve run-rate revenues of c.£230 million and In 2020 LTG made a concerted effort to review and extend view, lead to increased levels of spending in 2021 and all shareholders on the register at 4 June 2021. run-rate adjusted EBIT of c.£66 million by the end of 2022 and best practice in its ESG initiatives and report more fully on beyond, as the impact of lockdowns starts to recede. The Board looks forward to updating shareholders on progress we are on track to meet these objectives. measures in place. More importantly, LTG also empowers its during 2021. The Annual General Meeting will be held on 26 clients to achieve their ESG priorities. As a business that helps Revenues in 2020 increased by 2% on a statutory basis. This May 2021. included a decrease of 8% on an organic constant currency companies to manage and develop their human capital, our basis, which was more than offset by the contribution from platforms and services have helped to directly improve the acquisitions in the year.
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