REG - Wilmington PLC - Trading Statement

WilmingtonAnnouncement

26/07/2023 07:00

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RNS Number : 1677H  Wilmington PLC  26 July 2023

26 July 2023

Wilmington plc

 

Year-end trading update

 

Wilmington plc, (LSE: WIL, 'Wilmington', 'the Group') the provider of data,
information, education and training in the global Governance, Risk and
Compliance ('GRC') markets, today provides a trading update for the year ended
30 June 2023.

 

Group organic revenue growth is expected to be 9%, with reported revenues in
the order of £123.5m (2021: £121.0m).  Recurring revenue up 7% underpinned
by strong retention rates.

Adjusted* profit before tax (unaudited) from continuing operations is expected
to be £24.1m, up 30% on last year.  Adjusted profit before tax (unaudited)
is likely to be ahead of expectations at £24.3m* (2022: £20.7m), up some
18%.

 

Cash conversion continued to be strong with Group net cash on 30 June 2023 at
£42.2m (31 December 2022: £22.9m; 30 June 2022: £20.5m).

 

Wilmington expects to publish its year end results on 25 September 2023.

 

Mark Milner, Chief Executive Officer, commented:

 

"We continue to execute our strategy which has resulted in another year of
strong organic revenue and profit growth - our revenues were up by 9% and
profits were up by 30%. We have also continued to see good growth in our
recurring revenues and strong cash conversion of profits.

 

"Over the last two years, the business has seen a solid growth in its
international scale and reach which has resulted in our profits growing in
each quarter."

 

*Adjusted profit before tax (PBT) is calculated as PBT after adding back
amortisation of intangible assets except computer software and profits/losses
on disposals and business closures. Market consensus Adjusted profit before
tax is £22.8m.

 

 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. 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.

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