27 July 2022

Wilmington plc

Year-end trading update - profitability ahead of expectations

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 2022.

Group revenue is expected to be in the order of £121.0m (2021: £113.0m) with organic revenue growth of 13%.  Events revenues were particularly strong in the US in H2.  Overall organic revenue growth excluding events was 5%.

Adjusted profit before tax (unaudited) was ahead of expectations at £20.7m* (2021: £15.0m).  Both divisions recorded double-digit organic revenue growth and improved profitability. 

Cash conversion has been strong with Group net cash on 30 June 2022 at £20.5m (31 December 2021: £11.0m; 30 June 2021: net debt £17.7m).

Wilmington expects to publish its year end results on 22 September 2022.

Mark Milner, Chief Executive Officer, commented:

"We are executing our strategy by growing revenues and profits organically in the large, expanding and rapidly evolving GRC markets by investing in our business and actively managing our portfolio of businesses.

"A combination of good organic revenue growth, tight control of overheads and a targeted reduction in lower margin business has resulted in this strong performance.

"We have also continued to see solid growth in our underlying recurring revenues, reflecting the resilience of the business overall."

*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.  

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.