Wilmington Regulatory News (WIL)

27 January 2022

Wilmington plc

Trading Update

Wilmington plc, (LSE: WIL, 'Wilmington' or 'the Group') the provider of data, information, education and training services in the global Governance, Risk and Compliance (GRC) markets, today announces an update on trading for the first half of the current financial year and an increase in expected profits for the full year to 30 June 2022.

Wilmington ended the first half of the current financial year ahead of expectations for revenue, adjusted PBT1 and net cash/debt. The Group achieved double-digit organic2 revenue growth and adjusted PBT1 significantly up on the same period last year.

Net cash (excluding lease liabilities) was £11.0m with strong trading being augmented by the sale of the AMT Training business in December for £23.4m. All bank debt has been repaid.

Both divisions traded well in the first half with events revenues returning to pre-pandemic levels. Strong first half trading and the return to face-to-face events means that profit for the financial year is expected to be comfortably ahead of expectations.

If, as currently expected, events are able to run face-to-face for the rest of the financial year, further improvements in full year profits are also likely.

Wilmington will be publishing its full results for the six months to 31 December 2021 on Monday 21 February 2022.

Mark Milner, Chief Executive Officer, commented:  

"Our divisions and teams are performing strongly. The resilient nature of our digital business delivery, the return of face-to-face events and our investment in new products and capabilities means we now expect profits to be materially higher this financial year."

1 Adjusted profit before tax (PBT) is calculated as PBT after adding back amortisation of intangible assets excluding computer software and profits/losses on disposals and business closures.

2 Organic - eliminating the effects of exchange rate fluctuations and the impact of acquisitions and disposals

Notes to Editors

Wilmington plc is the recognised knowledge leader and partner of choice for data, information, education and training in the global Governance, Risk and Compliance (GRC) markets. Wilmington employs close to 1,000 people and sells to around 120 countries. Wilmington is listed on the main market of the London Stock Exchange.