Wilmington Share Price (WIL)

Wilmington Group: Westhouse Securities raises target price from 123p to 141p, neutral rating kept.

Training firm Wilmington Group said that since the start of July trading had been in line with expectations. The firm said its Banking & Compliance and Pensions & Insurance businesses had both delivered good revenue growth. Its Legal division saw revenues fall compared to 2011, but the company said this was expected, having reduced events and sold its Company Formation business in June. Reported revenue to date in Healthcare were also down on 2012 due to a weakening in the Euro exchange rate, Wilmington said. However, the firm noted good growth in profits and operating margins across all the business divisions except, as expected, Business Intelligence. The Legal division in particular enjoyed strong margin and profit growth reflecting the successful restructuring last year, it said.

Tony Foye, the new Executive Director of Wilmington Group, a financial and legal training provider, has bought up 385,000 ordinary shares, significantly boosting his share in the company to 435,000 shares. Foye joined the firm at the beginning of last month and is to become the Chief Financial Officer (CFO) of the company in November, replacing Basil Brookes, who is set to retire from the group at the end of the year. Foye purchased the shares at 130p each for a total of £500,500. The company last month reported increased profits as it successfully chased higher margin work over the 12 months to the end of June. Adjusted profits before tax for the full year were £14m, a rise of 4.6% on the prior year, with earnings before interest, tax and amortisation (EBITA) up 10.2% to £16.5m. The firm's share price has risen 49.5%, equal to 45p, in the past year, with the majority of the rise occurring since mid-July, when the company revealed its earnings had been boosted by cost reductions that were implemented last year.

Tony Foye, the new Executive Director of Wilmington Group, a financial and legal training provider, has bought up 385,000 ordinary shares, significantly boosting his share in the company to 435,000 shares. Foye joined the firm at the beginning of last month and is to become the Chief Financial Officer (CFO) of the company in November, replacing Basil Brookes, who is set to retire from the group at the end of the year. Foye purchased the shares at 130p each for a total of £500,500.

Financial and legal training provider Wilmington has reported increased profits as it successfully chased higher margin work over the 12 months to the end of June. Adjusted profits before tax for the full year were £14m, a rise of 4.6% on the prior year, with earnings before interest, tax and amortisation (EBITA) up 10.2% to £16.5m. The EBITA margin rose from 17.8% in the prior year to 19.3% in 2011/12. In the publishing and information division the share of revenues generated by online and digital products increased to 76% of the total. Total group revenues climbed 1.8% to £85.3m. The proposed final dividend is 3.5p per share, keeping the full year figure at 7p per share. Mark Asplin, Chairman, said: "The legal training business is now more profitable and in better shape than it was twelve months ago, although market conditions affecting our client base remain difficult." "The phasing out of legacy publishing products will continue during the current year as the Group continues to invest in subscription based digital products and migrates its business away from print directories and services in which it does not own intellectual property." Wilmington's share price rose 8.8% in early trading and has now advanced 40% in the last 12 months.

....is not a great deal to say here, really. Well I've made almost a 20% gain in a matter of weeks and this looks set for further very good gains on cost cutting. Safe, reliable, profitable. Best wishes, BW.