(Alliance News) - Learning Technologies Group PLC on Tuesday reported full-year profit growth despite a dip in its revenue, but said it remains cautious looking to the year ahead.

Shares in Learning Technologies were down 9.3% at 80.78 pence each in London on Tuesday morning.

The London-based digital learning and talent management company said pretax profit rose 13% to GBP45.6 million in 2023 from GBP40.5 million the year before, as operating expenses were lower at GBP499.6 million, down 6.2% from GBP532.7 million a year ago.

Revenue slipped by 4.5% to GBP562.3 million from GBP588.6 million a year ago, with Learning Technologies pointing to a "challenging macroeconomic backdrop affecting transactional and project-based work."

The firm declared a final dividend of 1.21 pence, up 5.2% from 1.15p the year prior.

Looking ahead, the firm said it was maintaining a "cautious stance" in light of current macroeconomic uncertainty, and said that it expects its 2024 revenue to be in line with 2023.

Chief Executive Officer Jonathan Satchell said: "LTG has delivered a resilient performance in 2023 against the macroeconomic backdrop. This demonstrates the benefit of our global client footprint and diversification, the durable nature of our software-as-a-service and long-term revenues and our focus on efficiency and cash flow.

"Looking ahead, we remain confident in the outlook over the medium term as the structural drivers of the learning and development industry remain intact with LTG offering one of the most comprehensive ranges of learning and talent services and technologies within our sector. I am also excited about our AI innovations which will enhance our productivity and create additional revenue opportunities with our clients. Given the strength of our balance sheet, we will return to acquisitions that align with our strategic objectives."

By Sabrina Penty, Alliance News reporter

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