2024-04-16 20:04:09 ET
Learning Technologies Group plc (LTTHF)
Q4 2023 Results Conference Call
April 16, 2024 04:00 AM ET
Company Participants
Jonathan Satchell - Chief Executive Officer
Kath Kearney-Croft - Chief Financial Officer
Claire Walsh - Head, Legal and Company Secretary
Conference Call Participants
Gareth Davies - Numis
Presentation
Unidentified Company Representative
Good morning, ladies and gentlemen, and welcome to the Learning Technologies Group plc Full Year Results Presentation. [Operator Instructions] Before we begin, we'd like to submit the following poll. And if you give that the kind attention, I'm sure the company would be [indiscernible] grateful.
I'd now like to hand over to the management team from Learning Technologies Group plc, Jonathan, Kath. Good morning.
Jonathan Satchell
Thank you very much. Good morning, everyone. Well, it's nice to do this in-person, isn't it? We've been a bit slow in coming back to the doing in-person presentations post COVID, but it's very nice to see a few people in the room and do this in a hybrid way. So welcome to our first one for about full years.
Firstly, I just want to talk about how proud I am of the business and the team in what has been a pretty challenging place. I don't know if you've noticed, but 2023, perhaps wasn't the best year for the corporate world and the macroeconomic background. But I think that we demonstrated a really solid, stable, resilient performance and well done to our people who achieved that. I'm particularly proud of those results following a notable decline in corporate sentiment in Q2. I stood or rather on a webinar stood a year ago almost to the day, and we're still feeling pretty confident about our outlook.
And that became somewhat more negative and pessimistic in the ensuing weeks, it was ironic, we literally sort of came to a cliff edge in terms of corporate sentiment and activity shortly after that presentation. Amazingly, almost every large corporate customer and prospect engaged in sort of delayed spending review, which lengthen sales cycles, blah, blah, blah. What's really positive is that although that was good, it was mostly offset by resilience of our long-term services contracts. With those above $10 million and we had an unusual year where there are a lot of them, every single one of them was retained. And that gave us a great deal of reassurance and confidence about the future.
I'm going to talk a little more about AI later on. So I'm not going to talk about the significant progress that we've made in that regard now. But you begin to get a sense of the scale of the business when you realize that LTG and we're just a medium-sized U.K. corporate with a lot of businesses around the world, delivered learning or was involved in the provision of learning to over 200 million people last year across the globe. I find that stat quite astonishing....
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Learning Technologies Group plc (LTTHF) Q4 2023 Earnings Call Transcript