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 £123.5m (2021: £121.0m). Recurring revenue up 7% underpinned by strong retention rates.
Adjusted* profit before tax (unaudited) from continuing operations is expected to be £24.1m, up 30% on last year. Adjusted profit before tax (unaudited) is likely to be ahead of expectations at £24.3m* (2022: £20.7m), up some 18%.
Cash conversion continued to be strong with Group net cash on 30 June 2023 at £42.2m (31 December 2022: £22.9m; 30 June 2022: £20.5m).
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 £22.8m.
| For further information, please contact:
Wilmington plc Mark Milner, Chief Executive Officer Guy Millward, Chief Financial Officer
Meare Consulting Adrian Duffield |
020 7490 0049
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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