REG - Wilmington PLC - Final Results <Origin Href="QuoteRef">WIL.L</Origin> - Part 3

WilmingtonAnnouncement

13/09/2017 07:07

- Part 3: For the preceding part double click  ID:nRSM5665Qb 

1,071    911      
 Amortisation of intangible assets                           7,193    6,595    
 Impairment of goodwill and intangible assets                2,366    15,659   
 Profit on disposal of property, plant and equipment         (20)     (4)      
 Share based payments (including social security costs)      552      563      
 Finance costs                                               1,961    1,920    
 Operating cash flows before movements in working capital    26,120   24,562   
 (Increase)/decrease in trade and other receivables          (1,997)  (2,434)  
 Increase in trade and other payables                        2,530    1,744    
 Cash generated from operations before adjusting items       26,653   23,872   
 
 
2,530 
 
1,744 
 
Cash generated from operations before adjusting items 
 
26,653 
 
23,872 
 
Cash conversion is calculated as a percentage of cash generated by operations
to Adjusted EBITA as follows: 
 
 Funds from operations before adjusting items:                              
 Adjusted EBITA                                           23,352   22,042   
 Share based payments (including social security costs)   552      563      
 Amortisation of intangible assets - computer software    1,165    1,050    
 Depreciation of property, plant and equipment            1,071    911      
 Profit on disposal of property, plant and equipment      (20)     (4)      
 Operating cash flows before movement in working capital  26,120   24,562   
 Net working capital movement                             533      (690)    
 Funds from operations before adjusting items             26,653   23,872   
 Cash conversion                                          114%     108%     
                                                                            
 Free cash flows:                                                           
 Operating cash flows before movement in working capital  26,120   24,562   
 Profit on disposal of property, plant and equipment      43       (4)      
 Net working capital movement                             533      (690)    
 Interest paid                                            (1,656)  (1,502)  
 Tax paid                                                 (3,905)  (3,197)  
 Purchase of property, plant and equipment                (1,300)  (641)    
 Purchase of intangible assets                            (1,599)  (870)    
 Free cash flows                                          18,236   17,658   
 
 
Free cash flows 
 
18,236 
 
17,658 
 
21. Events after the reporting period 
 
Purchase of minority interest 
 
In July 2017 the Group purchased the remaining 20% shareholding in Central Law
Training (Scotland) Limited for £335,000 making it a wholly owned subsidiary. 
 
Forward contracts 
 
On 3 July 2017 the following forward contracts were entered into in order to
provide certainty in Sterling terms of 80% of the Group's expected net US
dollar and Euro income: 
 
·      The Group sold E5.0m at an average rate of 1.1358 
 
·      The Group sold $10.0m at an average rate of 1.3071 
 
Appendix 1 - New operating segments (unaudited) 
 
 Reconciliation June 2017  Revenue    Risk & Compliance  Professional  Healthcare  
                           £'000      £'000              £'000         £'000       
 Risk & Compliance         42,272     42,272                                       
 Finance                   24,859                        24,859                    
 Legal                     14,613                        14,613                    
 Insight                   38,585                                      38,585      
 Revenue                   120,329    42,272             39,472        38,585      
 As % of revenue                      35%                33%           32%         
 
 
                                Adjusted EBITA    Risk & Compliance  Professional  Healthcare  
                                £'000             £'000              £'000         £'000       
 Risk & Compliance              12,265            12,265                                       
 Finance                        4,071                                4,071                     
 Legal                          1,793                                1,793                     
 Insight                        9,705                                              9,705       
 Contribution                   27,834            12,265             5,864         9,705       
 As % of Contribution                             44%                21%           35%         
 Unallocated central overheads  (3,930)                                                        
 Share based payments           (552)                                                          
 Adjusted EBITA                 23,352                                                         
                                                                                               
                                                                                               
                                                                                               
 Reconciliation June 2016                                                                      
                                Revenue           Risk & Compliance  Professional  Healthcare  
                                £'000             £'000              £'000         £'000       
 Risk & Compliance              38,802            38,802                                       
 Finance                        21,219                               21,219                    
 Legal                          15,524                               15,524                    
 Insight                        30,179                                             30,179      
 Revenue                        105,724           38,802             36,743        30,179      
 As % of revenue                                  37%                35%           29%         
 
 
                                Adjusted EBITA    Risk & Compliance  Professional  Healthcare  
                                £'000             £'000              £'000         £'000       
 Risk & Compliance              12,678            12,678                                       
 Finance                        4,473                                4,473                     
 Legal                          1,686                                1,686                     
 Insight                        7,316                                              7,316       
 Contribution                   26,153            12,678             6,159         7,316       
 As % of Contribution                             48%                24%           28%         
 Unallocated central overheads  (3,548)                                                        
 Share based payments           (563)                                                          
 Adjusted EBITA                 22,042                                                         
 
 
This information is provided by RNS
The company news service from the London Stock Exchange