REG - Learning Technol.Grp - Disposal of non-core assets

Learning TechnologiesAnnouncement

05/12/2023 07:15

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RNS Number : 6406V  Learning Technologies Group PLC  05 December 2023

5 December 2023

 

Learning Technologies Group plc

("LTG", the "Group" or the "Company")

(AIM: LTG)

 

Disposal of non-core assets

 

Sale of Lorien Engineering Solutions & TTi Global staffing contracts

 

 

Learning Technologies Group plc, a global market leader in digital learning
and talent management, has agreed to sell Lorien Engineering Solutions, a
provider of engineering design and project management services, to NIRAS
Group, a global engineering consultancy, for a cash consideration of $21.4
million on a cash and debt free basis (subject to customary adjustments).
Completion is expected to take place in January 2024, subject to the
satisfaction of closing conditions. Lorien's management team will continue to
be part of the leadership team in the company under its new ownership.

 

As previously announced at the Company's Full Year Results for 2022, the sale
of Lorien completes LTG's exit from two non-core assets within GP Strategies
that LTG had identified for disposal. This follows LTG's closure of a UK
apprenticeships business in January 2023.

 

The sale will allow LTG to accelerate its ongoing deleveraging, allocate
capital to higher growth areas of the business that are more aligned with its
core proposition of digital learning and talent management, and fund future
value-enhancing acquisitions. LTG remains focused on delivering the
transformation and integration of GP Strategies to capture growth
opportunities in a >$100 billion addressable market.

 

For the full year ended 31 December 2023, Lorien is expected to generate
$21.2m revenue and $4m EBIT.

 

LTG also confirms it has completed a carve-out of the external staffing
business of TTi Global, part of GP Strategies, for a cash consideration of
approximately $800k. A number of client staffing contracts (for high quality
engineering and technical roles) and people were transferred to Premier
Staffing Solution in October 2023. In the last twelve months to October 2023,
the contracts generated $14.1m revenue and $0.3m EBIT.

 

 

Jonathan Satchell, Chief Executive Officer of Learning Technologies Group,
said:

 

"We are pleased that Lorien has found an excellent home in NIRAS which has the
strategy and team to develop Lorien's offering. Alongside the carve-out of
contracts from TTi, these transactions are further important steps in
purifying GP Strategies' focus on its core mission of corporate learning and
talent development solutions."

 

Enquiries:

 

 Learning Technologies Group plc                           +44 (0)20 7832 3440

 Jonathan Satchell, Chief Executive

 Kath Kearney-Croft, Chief Financial Officer

 Deutsche Numis (NOMAD and Corporate Broker)               +44 (0)20 7260 1000

 Nick Westlake, Ben Stoop, Tejas Padalkar

 Goldman Sachs International (Joint Corporate Broker)      +44 (0)20 7774 1000

 Bertie Whitehead, Adam Laikin

 FTI Consulting (Public Relations Adviser)                 +44 (0)20 3727 1000

 Jamie Ricketts, Emma Hall, Lucy Highland, Jemima Gurney

 

About LTG

 

Learning Technologies Group plc (LTG) is a leader in the growing workplace
digital learning and talent management market. The Group offers end-to-end
learning and talent solutions ranging from strategic consultancy, through a
range of content and platform solutions to analytical insights that enable
corporate and government clients to close the gap between current and future
workforce capability.

 

LTG is listed on the London Stock Exchange's Alternative Investment Market
(LTG.L) and headquartered in London. The Group has offices in Europe, North
America, South America and Asia-Pacific.

 

About NIRAS Group

 

NIRAS Group is an engineering consulting firm, headquartered in Denmark with a
global presence. The Group provides technical design, engineering and project
management for development projects across multiple industrial sectors
including Food & Beverage, Life Sciences, Infrastructure, Building,
Environment, Water and Utilities. NIRAS Group has 2,600 employees in 34
countries with 59 offices. The Group has annual revenues of approximately $500
million.

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