20 July 2021

Wilmington plc

Year-end trading update - ahead of expectations

Wilmington plc, (LSE: WIL, 'Wilmington' or 'the Group') the provider of data, information, education and training services in the global Governance, Risk and Compliance (GRC) markets, today provides a trading update for the year ended 30 June 2021.

Wilmington ended the year ahead of expectations for revenue, Adjusted PBT* and net debt. 

Trading in both the Information & Data, and Training & Education divisions was strong in H2 resulting in Group revenue for the year being unchanged, despite the lack of face-to-face training or events. Revenues excluding events have grown year-on-year in both divisions, underlining the strength of the Wilmington franchise.

Full-year adjusted profits are ahead of FY20 as the Group benefitted from the swift digitisation of its products and services at the beginning of the Covid pandemic, strong revenues, tight control of overheads and actions taken to reduce less profitable lines of business. 

Cash flows have also been notably strong with Group net debt at 30 June 2021 down to £17.7m (30 June 2020: £27.7m).

Wilmington expects to publish its year end results during the week commencing 20 September 2021.

Mark Milner, Chief Executive Officer, commented:

"This robust performance, despite the pandemic which resulted in all our products needing to be delivered digitally, reflects the restructuring and repositioning that we executed over the last year or so and our leading market positions.

"Importantly, cash flow was also strong, which has enabled us to continue to invest in new products, reduce debt, repay the UK furlough support and resume paying dividends. 

"We operate in large GRC and Regulatory Compliance markets with strong growth characteristics. Our new structure and operating model support our clear strategy to focus on our core purpose of helping our customers to do the right business in the right way. 

"The resilient nature of our digital business delivery, the gradual return of face-to-face training and events and our investment in new products and capabilities means we expect both revenues and profits to make good progress in the new financial year."

*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.