- Late audit adjustment only a presentational issue
- Organic revenue growth of 8 per cent
Learning Technologies’ (LTG) shares plummeted by more than 15 per cent after a recent announcement that its results would be delayed. A late finding in the audit process relating to the presentation of the 2020 and 2019 balance sheets was to balme. Jonathan Satchell, chief executive of the digital workplace services company, told Investors’ Chronicle that he hoped a “late shock in one of the audit reviews due to the application of IFRS15” – trade receivables and contract liabilities had been presented gross rather than net and the corrections have no impact on revenue, profit, net assets or cash generation – wouldn’t obscure a set of “stellar results” in which revenue almost doubled, margin forecasts were raised, and the full-year dividend was increased by a third.