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19 May 2008 07:00
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19 May 2008
Wilmington Group plcΒ
Interim Management Statement
Wilmington Group plc (the "Company"), the professional information and training group, today announces its Interim Management Statement for the period since 31 December 2007 up until the date of this announcement and incorporating the Company's third quarter ending 31 March 2008.Β
Trading performance
Trading in the quarter to 31 March 2008, and for the subsequent period to the date of this announcement, has been in line with the board's expectations for the financial year.
The investment in the compliance programme inΒ SingaporeΒ continues, with the development of course materials and the accreditation of the programmes progressing well. The next courses are expected to run in the first quarter of our next financial year and the level of interest in the courses is encouraging.
During the three months to 31 March 2008, the company spent Β£2.2m as part of its share buy back programme and Β£5.8m acquiring AP Information Services ("APIS"). Nonetheless, net debt at 31 March 2008 of Β£19.0m was only Β£4.2m more than in 31 December 2007, reflecting strong underlying cash flow from the business, which has continued to date.
We reported in February that we had acquired APIS, a leading provider of specialist information on pension funds and their advisors. Since then APIS has been relocated and fully integrated into Waterlow Professional Publishing. In April we completed the acquisition of Aspire which publishes International Pension Funds and their Advisors. The initial consideration was Β£1.3m satisfied in cash with up to a further Β£0.5m payable dependent on the performance of the business to June 2009.
Outlook
The business continues to benefit from the actions we have taken to focus our activities on professional business markets and develop our operations both organically and through selective bolt on acquisitions. We have committed bank facilities until 2012 and a modest level of gearing that will enable us to continue to underpin the development of our business with further bolt on acquisitions. We expect the strategies we have adopted to enable us to continue to make progress over the previous year and we expect the outcome for the current financial year to be in line with our expectations.
The acquisitions made during the current financial year are anticipated to deliver results in line with the board's expectations at the time of acquisition and to show further benefits during the next financial year.
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-Ends-
For further information, please contact:
Wilmington Group Plc
Charles Brady, Chief ExecutiveΒ 020 7422 6800
Basil Brookes, Finance Director
Weber Shandwick Financial 020 7067 0700
Nick Oborne/ Hannah MarwoodΒ
Notes to Editors
Wilmington Group plc is one of theΒ UK's leading providers of information and training for professional business markets. The Group provides training, arranges industry events and publishes magazines, directories, databases and special reports focused primarily on its two principal sectors of Legal & Regulatory, and Business Information which comprises Healthcare and Media businesses. Capitalised at approximately Β£155 million,Β WilmingtonΒ floated on the London Stock Exchange in 1995.
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