REG - Wilmington PLC - Acquisition of Astutis Ltd by Wilmington plc

WilmingtonAnnouncement

23/11/2023 10:00

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RNS Number : 4805U  Wilmington PLC  23 November 2023

23 November 2023

 

                           Wilmington plc

 

Acquisition of Astutis for up to £21.5 million

 

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, has acquired Astutis Limited ("Astutis") for a
total consideration of up to £21.5 million.

 

Astutis, which offers training for a range of globally recognised and
regulated health, safety and environmental qualifications, strengthens
Wilmington's portfolio of GRC training and education solutions by expanding
its capabilities into the health, safety and environmental markets.

 

Wilmington has acquired Astutis for an initial consideration of £16.8
million, with contingent consideration of up to £4.7 million based on
Astutis' performance in each of the two years ending 30 June 2025 and 30 June
2026. The total consideration will be financed from the Group's existing cash
resources.

 

The acquisition is part of Wilmington's strategy to focus on consolidating its
already strong presence in the large, growing and rapidly evolving GRC
markets.   These markets are underpinned by strong macro drivers,
particularly the increasing volume and enforcement of regulation, complex
geopolitical landscape, increased importance of ESG and widespread adoption of
technological and data-driven compliance solutions.

 

The acquisition is expected to be earnings enhancing in the first full year of
ownership. In the 12-month period ended 30 June 2023, Astutis reported
unaudited revenues of £7.4 million, up 25% YOY and has demonstrated a strong
track record of organic growth over a number of years. Profit before tax
during the period was £2.0 million with gross assets of £5.3 million,
including intangible assets.

 

Mark Milner, Chief Executive Officer of Wilmington, said:

 

"The acquisition of Astutis, which is earnings enhancing, is consistent with
our strategy in the GRC market to broaden and strengthen our training and
education capabilities.

 

"Astutis embodies all of our six key business characterises in that it
operates in growing GRC focussed regulated markets, has a strong and
experienced management team, a comprehensive products suite, growing revenues
and profits, and excellent digital capabilities.

 

"At the heart of our focus is our ambition to help our customers, who are
operating in increasingly regulated markets, to do the right business in the
right way, by providing a complementary range of information & data and
training & education solutions.  Astutis' business model and core
capabilities are a natural fit with our Training & Education division and
will be highly complementary to our portfolio adding expertise within the
Health, Safety and Environmental markets."

 

 

Background to Astutis

 

Established in 2011 by Steve Terry, Brenig Moore and David Lea, Astutis has
become a leading provider for workforce health and safety training, with an
increasingly important capability in environmental management and sustainable
business. Steve Terry and Brenig Moore are remaining with the business.

 

Astutis is differentiated through the quality of its learning experience and
by virtue of its digital-first delivery model, with strong offerings in
e-learning and virtual training.  It has strong relationships with enterprise
clients both in the UK and overseas.

 

Astutis offers training for a range of globally recognised Health, Safety and
Environmental qualifications which are awarded by leading accreditation
partners such as NEBOSH, IOSH and IEMA 1  (#_ftn1) . To date, over 100,000
Health, Safety and Environmental professionals have qualified with Astutis and
over 5,000 organisations have trusted Astutis with their staff development.

 

Astutis' mission is to support learners and organisations to upskill and
achieve legal compliance and integrity with the latest Health, Safety and
Environmental protocols.

 

Headquartered in Cardiff, Wales, Astutis has over 50 employees.

 

The person responsible for arranging the release of this announcement on
behalf of Wilmington plc is Mark Milner, a director and Chief Executive
Officer of Wilmington plc.

 

For further information, please contact:

 

Wilmington plc
 
 
020 7490 0049

Mark Milner, Chief Executive Officer

Guy Millward, Chief Financial Officer

 

Meare Consulting
 
 
07990 858548

Adrian Duffield

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal)  Act 2018. Upon the publication of this
announcement this inside information is now considered to be in the public
domain.

 

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.

 

 

 1  (#_ftnref1) National Examination Board in Occupational Safety and Health
(NEBOSH); Institution of Occupational Safety and Health (IOSH); and Institute
of Environmental Management and Assessment (IEMA)

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