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

WilmingtonAnnouncement

24/02/2016 07:11

- Part 3: For the preceding part double click  ID:nRSX9347Pb 

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 At 31 December 2015 (unaudited)                             86,985,731                           4,349                 45,225                      (96)                  49,478      
 
 
On 19 October, 2015 478,270 ordinary shares were issued in respect of the
vesting of the 2012 PSP Share Awards to employees (including Directors). 
 
At 31 December 2015, 46,584 shares (2014: 46,584) were held in Treasury, which
represents 0.1% (2014: 0.1%) of the called up share capital of the Company. 
 
18.  Cash generated from operations 
 
                                                                             Six months ended 31 December 2015  Six months ended 31 December 2014  Year ended 30 June  
                                                                                                                                                    2015               
                                                                             (unaudited)                        (unaudited)                        (audited)           
                                                                             £'000                              £'000                              £'000               
                                                                                                                                                                       
 Profit from continuing operations before income tax                         4,547                              3,708                              10,296              
 Adjusting items (included in operating expenses)                            873                                727                                1,112               
 Depreciation of property, plant and equipment                               447                                588                                918                 
 Amortisation of intangible assets                                           3,523                              3,723                              7,123               
 (Profit)/loss on disposal of property, plant and equipment and intangibles  (4)                                45                                 (21)                
 Share based payments                                                        278                                634                                918                 
 Net finance costs                                                           1,024                              1,024                              1,974               
 Operating cash flows before movements in working capital                    10,688                             10,449                             22,320              
 (Increase)/decrease in receivables                                          (1,583)                            (862)                              371                 
 Decrease in payables                                                        (856)                              (2,399)                            (811)               
 Cash generated from operations before adjusting items                       8,249                              7,188                              21,880              
 
 
Cash conversion is calculated as a percentage of cash generated by operations
to Adjusted EBITA as follows: 
 
                                                                             Six months ended 31 December 2015(unaudited)£'000  Six months ended 31 December  2014(unaudited)£'000  Year ended 30 June   2015(audited)£'000  
 Funds from operations before adjusting items:                                                                                                                                                                               
 Adjusted EBITA (note 5)                                                     9,733                                              9,131                                               20,418                                   
 Amortisation of intangible assets - computer software                       512                                                685                                                 1,005                                    
 Depreciation of property, plant and equipment                               447                                                588                                                 918                                      
 (Profit)/loss on disposal of property, plant and equipment and intangibles  (4)                                                45                                                  (21)                                     
 Operating cash before movements in working capital                          10,688                                             10,449                                              22,320                                   
 Net working capital movement                                                (2,439)                                            (3,261)                                             (440)                                    
 Funds from operations before adjusting items                                8,249                                              7,188                                               21,880                                   
 Cash conversion                                                             85%                                                79%                                                 107%                                     
                                                                                                                                                                                                                             
 Free cash flows:                                                                                                                                                                                                            
 Operating cash before movement in working capital                           10,688                                             10,449                                              22,320                                   
 (Profit)/loss on disposal of property, plant and equipment                  (4)                                                45                                                  (22)                                     
 Net working capital movement                                                (2,439)                                            (3,261)                                             (440)                                    
 Interest paid                                                               (658)                                              (914)                                               (1,883)                                  
 Tax paid                                                                    (1,431)                                            (1,475)                                             (3,680)                                  
 Purchase of property, plant and equipment                                   (290)                                              (548)                                               (829)                                    
 Purchase of intangible assets                                               (472)                                              (867)                                               (1,739)                                  
 Free cash flows                                                             5,394                                              3,429                                               13,727                                   
 
 
19.  Related party transactions 
 
The Chief Executive Officer, Pedro Ros, owns a minority shareholding in SMARP
OY (a company incorporated in Finland), which provides social media services
to the Group. A subsidiary of the Group paid £11,160 during the period to
SMARP UK Limited, a subsidiary of SMARP OY. 
 
Global Training Consultancy Limited, a third party company, is owned and
controlled by the spouse of Bill Howarth, Divisional Director of Risk &
Compliance. Global Training Consultancy Limited invoiced a subsidiary of the
Group for a total of £36,212 during the period for lecturing, writing
production and exam marking services. 
 
20.  Seasonality 
 
The Group has traditionally generated the majority of its revenues and profits
during the second half of the financial year. This has historically resulted
from two factors. Firstly, most of the Group's businesses (the notable
exception being AMT) produce seasonally low sales in July, August and December
which include holiday periods for many of the Group's clients. Secondly,
Inese, Compliance Week and FRA, have major annual events in the second half of
the year. 
 
Statement of Directors' Responsibilities 
 
The Directors confirm that, to the best of their knowledge, the Interim
Information has been prepared in accordance with International Accounting
Standard 34 Interim financial reporting as adopted by the European Union. The
Interim Management Report includes a fair review of the Interim Information
and, as required by DTR 4.2.7R and DTR 4.2.8R, the following information: 
 
·    an indication of important events that have occurred during the first six
months of the financial year, and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year; and 
 
·    disclosure of material related party transactions that have taken place
in the first six months of the current financial year and of any material
changes in the related party transactions described in the last Annual Report
and Financial Statements. 
 
A list of current Directors is maintained on the Wilmington plc website:
wilmingtonplc.com. 
 
By order of the Board 
 
Anthony Foye 
 
Chief Financial Officer 
 
23 February 2016 
 
This information is provided by RNS
The company news service from the London Stock Exchange