Interim Management Statement

RNS Number : 0493R

Wilmington Group Plc

14 November 2012

 



Wilmington Group plc

Interim Management Statement

14 November 2012

Wilmington Group, the provider of Information, Compliance, and Education to professional markets presents its Interim Management Statement for the period from 1 July 2012 to date.  This statement is also being made at the Group's Annual General Meeting being held today.

Starting from the interim results for the period to 31^st December 2012, the Group will be presenting its results by reference to its six business divisions; Accountancy, Banking & Compliance, Business Intelligence, Healthcare, Legal, and Pensions & Insurance.

Revenue during the period from 1 July 2012 to date has been in line with our expectations. Our Banking & Compliance and Pensions & Insurance businesses have both delivered good revenue growth. In the Legal division revenues have reduced compared to 2011 as expected, as the reduction of marginal events started in 2011 runs its course, together with the loss of revenue from the Company Formation business sold in June 2012.  Reported revenue to date in Healthcare is marginally down on 2012 due to a weakening in the Euro exchange rate, which affects our APM business.

We have seen good growth in profits and operating margins across all the business divisions except, as expected, Business Intelligence. The Legal division in particular has enjoyed strong margin and profit growth reflecting the successful restructuring last year.

The Group actively manages its cost base and the reorganisations announced last year have gone well. We expect to benefit from the resultant cost savings over the next few months and are actively pursuing further efficiency gains across our businesses.

Cash flow is strong and debt is reducing according to plan. Our businesses continue to perform well and produce excellent and reliable cash flow.

Whilst macro trading conditions continue to be challenging, we anticipate that the Group will produce good levels of profitability and that the outcome for the year will be in line with our expectations.

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For further information, please contact:
Wilmington Group Plc Charles Brady, Chief Executive Tony Foye, Finance Director Designate	020 7422 6800
Weber Shandwick Financial Nick Oborne or Stephanie Badjonat	020 7067 0700

Notes to Editors:

Wilmington Group plc is one of the UK's leading providers of information and training for professional business markets including accountancy and tax; banking; charities; financial compliance; healthcare; insurance; law and pensions. Capitalised at approximately £117 million, Wilmington floated on the London Stock Exchange in 1995.

 

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