Interim Management Statement

RNS Number : 6150D

Wilmington Group Plc

18 May 2012

 



18 May 2012

Wilmington Group plc

Interim Management Statement

Wilmington Group plc, the professional information and training group, today issues its interim management statement for the period from 1 January 2012 until the date of this announcement.

Trading Performance

Overall trading performance in the quarter ended 31 March 2012 and subsequently to the date of this statement has been in line with our expectations.

Revenues in the quarter to 31 March 2012 were 2% ahead of the corresponding period in the prior year, with Publishing & Information and Training & Events 2.4% ahead and 1.6% ahead respectively. Profit margins in both divisions made progress, particularly so in Training & Events, driven by the cost reductions that resulted from the changes implemented in the Autumn.

Cash flow during the period covered by this announcement has been strong with net debt at 30 April 2012 of £39.3m (April 2011: £40.4m).

Outlook

Our outlook for the full year remains unchanged with Adjusted EBITA¹ showing improvement and Adjusted Profit before Tax² being broadly in line with the prior year reflecting increased finance charges from the banking arrangements put in place in June 2011. 

Most areas of our business are performing in line with our plans.  The transition of our publishing business towards a fully digital business continues and with it the phasing out of the remaining print products.  The actions we took in the first half of the financial year to implement changes to the legal training business are delivering benefits.  We are mindful of the continuing difficult economic conditions, particularly in the UK and Europe, and are managing our cost base accordingly.

We remain committed to building a higher quality business which will deliver additional shareholder value in the years ahead.

1 Adjusted EBITA - Adjusted Profit before Tax and net finance costs

2 Adjusted Profit before Tax - profit before tax, amortisation of intangible assets, unwinding of the discount on the provisions for future purchase of non-controlling interests, unwinding of the discount on deferred consideration, share based payments and non-recurring items

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For further information, please contact:

Wilmington Group Plc	020 7422 6800
Charles Brady, Chief Executive
Basil Brookes, Finance Director
Weber Shandwick Financial	020 7067 0700
Nick Oborne or Stephanie Badjonat

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 £80 million, Wilmington floated on the London Stock Exchange in 1995.

 

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