Many dislike the term ‘buy-and-build model’ but speaking to CEO Jonathan Satchell back in April he said his company, Learning Technologies (LTG:AIM), is ‘unashamedly so’. It seems the company may have found the right targets.

Paul Richards, an analyst at Numis, says that the company’s first half to 30 June exceeded his revenue and cashflow estimates. He upgrades the firm to ‘buy’ and management is confident that the integration of recent purchase NetDimensions will bear fruit by the beginning of 2018.

Paul Morland, analyst at Canaccord Genuity, is also bullish on Learning Technologies. The company expects ‘record revenues’ of at least £20.8m for the first half, a good deal more than the £12.8m it achieved for the same period last year.

Morland is also impressed with the progression of the NetDimensions deal. ‘We believe that this acquisition has significantly enhanced the group’s overall capabilities in the high growth and dynamic e-learning sector,’ he says.

Learning Technologies is no longer riding the high of its great results back in April which boosted its shares to 54.5p. The company has drifted down to 47.5p but it still commands a price-to-earnings ratio of 31.7-times based on Canaccord’s forecast 2017 earnings per share figure of 1.5p.

Morland is confident that the performance of the company’s core businesses coupled with the integration of NetDimensions has ‘de-risked’ full year forecasts. He believes there is upside potential when more information is available on the firm’s first half performance.

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