Our financial statements for the year ended July 2024 reflect a year of significant progress for Lifetime Group.
During this period Lifetime achieved an Ofsted 2 ‘Good’ rating, restructured the Group’s balance sheet, significantly enhanced our employee benefits and formalised our commitment to Environmental, Social, Governance and impact (ESGI) and EDI with a renewed strategy for both.
Steps taken since the end of the last financial year set us up to continue this positive trajectory across financial and learner performance. The year saw a return to EBITDAE Profit with Lifetime, Skilltech Solutions, and Innovate Awarding all seeing year on year trading gains, as well as a strong balance sheet improvement following the restructuring of debt. This has enabled the Group to recognise a deferred tax asset, further establishing Lifetime for future growth.
With a return to financial stability and profitability, we have also secured our Ofsted ‘Good’ Rating and dedicated significant resources to transforming our learner provision, resulting in a 5% increase in total achievement rates, and an 85% learner satisfaction rate. Steps taken since the end of the last financial year set us up to continue this positive trajectory across financial and learner performance.
Most importantly the results are helping us strengthen our commitment to building a long term sustainable business. With a Social Return on Investment (SROI) equalling £112m - an equivalent of nearly £2 of value for every £1 of levy funding received - we’re on the right track to delivering on our promises to truly make a difference and enabling us to achieve our vision of 'creating tomorrow’s workforce'.
David Smith, CEO, comments, “Together, these activities provide Lifetime with confidence on the immediate outlook for the Group, as well as longer-term potential to drive value for learners, employer partners and the wider communities we serve
“These results will support our ongoing ambition to build a sustainable business for the long term.”
Lifetime Group includes Skilltech, Innovate Awarding, and Lifetime, and is the trading name for MTH MidCo 2 Limited, which is an intermediate holding company of Lifetime Training Group Limited and Skilltech Solutions Limited. Lifetime Training Group is the parent company of Innovate Awarding Limited.
Company number: 10210029. VAT number: 997316861. DPA registration number: Z5165342. Registered office: Clifton Heights, Triangle West, Bristol, BS8 1EJ.