Revenues up 28 per cent at fast-growing Derry e-learning firm
REVENUES at Derry-based e-learning company Learning Pool grew by 28 per cent in the past year.
New accounts declared by the firm reveal revenues of £13.77 million for the 12 months to April 30 2019. The surge saw the group post EBITDA (earnings before interest, tax, depreciation and amortisation) of £4.14m for the same period, up 24 per cent on the prior year.
Learning Pool has continued to expand across the UK, largely through acquisition. In June, the e-learning specialist announced its third takeover in as many years, when it purchased Oxfordshire-based HT2 Labs.
It followed the acquisition of Mind Click in Nottingham and MediaCorp in Glasgow.
In 2016, Learning Pool was backed by Carlyle Cardinal Ireland, one of the largest private equity investors on the island.
Founded by Paul McElvaney, the Derry company said it has helped almost 800 customers across the private and public sector, supporting 2.5 million online learners in 21 countries.
Learning Pool said it added another 110 clients during the 2018-19 financial year, including the Football Association, DFS, Avon and Baker McKenzie.
“We've maintained this growth trajectory in FY20 (financial year 2020) with high levels of new-client wins and successfully bringing HT2 Labs into the group,” said Mr McElvaney.
“This transformative deal accelerates both our technology roadmap and international expansion.”
Chief financial officer, Daire McCaughley said the 2018-19 growth “came organically from new business wins”.
He added: “Our strong, industry-leading renewal rates remain at the core of our ability to deliver continued organic growth year on year. Plus, our operating margin means we remain able to reinvest in our customers' success, people development and new products.”
Duncan Shores, chief commercial officer said the company is continuing to invest.
“We now have a balanced portfolio of clients across sectors and industries. This means we can recommend learning solutions to both new and existing customers without being unduly affected by localised market conditions.”