04 March 2013
Wilmington Group plc
("Wilmington" or "the Group")
Acquisition of Inese further strengthens Wilmington's presence in the Insurance market
Wilmington Group plc, the provider of Information, Compliance and Education to professional markets announces the acquisition of the trading assets of Inese, the leading provider of information and events to the insurance industry in Spain ("the Business"), from Reed Business Information ("RBI") for a net consideration of €1.4m in cash. The consideration will be financed out of the Group's existing £65m multicurrency debt facility.
Inese was established in 1892 and was acquired by RBI in 2000. Inese is the leading provider of Spanish language subscription based publications, online services for the Spanish Insurance Industry along with a number of annual events including the leading industry congress; "Insurance Week". Inese also operates a digital news service in Latin America.
Approximately 40% of Inese's revenue is derived from subscriptions, and a further 30% from annual awards and events. Throughout the last 3 years revenue has been stable and the business has enjoyed overall renewal rates on its subscription base of around 90%. Approximately 30% of total revenue is delivered digitally. In the year to 31st December 2012 Inese made a profit before taxation of €0.7m*1 and had gross assets of €0.8m.
The acquisition of Inese is consistent with Wilmington's strategy of acquiring businesses with high repeat revenues and strong, cash generative income streams in the Group's key markets. The Business will form part of the Wilmington Pensions and Insurance Division and will work closely with the Axco insurance information business, providing Axco with access to Spanish language insurance markets.
The acquisition is expected to be earnings enhancing in the first full year of ownership.
*1 unaudited before central overheads
Commenting on the acquisition Charlie Brady, Chief Executive of Wilmington Group, said:
"Inese is a business that Axco has worked with over many years and we are delighted that the opportunity has arisen for them to join the Wilmington Group. Inese has a very experienced management team who collectively bring with them a wealth of knowledge and experience in the Spanish insurance industry as well as access to the fast growing Latin American insurance markets where Axco is actively seeking to expand its presence."
For further information, please contact: |
Wilmington Group plc Charles Brady, Chief Executive Tony Foye, Finance Director
|
020 7422 6800 |
FTI Consulting Charles Palmer |
020 7831 3113 |
Notes to Editors
Wilmington Group plc is one of the UK's leading providers of Information, Compliance and Education for professional business markets. The Group provides business intelligence, information, training, education, events and support services for a variety of markets including the accountancy, banking, charities, financial services, healthcare, insurance, legal, and pensions sectors. Capitalised at approximately £135 million, Wilmington floated on the London Stock Exchange in 1995.
