Wilmington PLC Trading Statement (1677H)

TIDMWIL

RNS Number : 1677H

Wilmington PLC

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 GBP123.5m (2021: GBP121.0m). Recurring revenue up 7% underpinned by strong retention rates.

Adjusted* profit before tax (unaudited) from continuing operations is expected to be GBP24.1m, up 30% on last year. Adjusted profit before tax (unaudited) is likely to be ahead of expectations at GBP24.3m* (2022: GBP20.7m), up some 18%.

Cash conversion continued to be strong with Group net cash on 30 June 2023 at GBP42.2m (31 December 2022: GBP22.9m; 30 June 2022: GBP20.5m).

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 GBP22.8m.

 
 For further information, please contact: 
 
  Wilmington plc 
  Mark Milner, Chief Executive Officer         020 7490 0049 
  Guy Millward, Chief Financial Officer 
 
  Meare Consulting 
  Adrian Duffield                              07990 858548

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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