2nd Interim Results-Replacmnt

Wilmington Group Plc
11 April 2002

Wilmington Group plc

11th April 2002

Wilmington Group plc advises that the following replaces its Second Interim
Results announcement released today at 07:00 under RNS number 3638U. 

The two amendments are as follows. Firstly, one of the figures contained in 
Note 2 - 'Segmental Information', being Magazine Publishing Turnover is 
£39,379,000 and not £99,379,000 as previously disclosed. 

Secondly, in the Consolidated Cash Flow Statement the 2001 figure for 
(Decrease)/increase in cash in the period is £1,302,000 and not (£1,302,000) as 
previously disclosed.

The full text is reproduced below and remains otherwise unaltered.




Wilmington Group plc

Second Interim results for the 12 months to 28th February 2002






        *     Solid organic sales growth in difficult markets

        *     Dependable performance from professional information and training

        *     Advertising sales slightly ahead but yields under pressure

        *     Strong cash flow

        *     Good financial position and well placed to expand


Charles Brady, Chief Executive of Wilmington Group, said:


'In difficult market conditions, Wilmington has continued to develop and has
delivered its ninth successive year of sales growth. We have benefited from the
defensive characteristics of our professional information and training
activities. We have undertaken a significant cost reduction exercise which has
achieved savings of £2.0 million in a full year. However advertising yields
still remain under pressure.

Whilst the economic environment is currently having a negative impact on the
media sector this should provide us with opportunities to meet our objective of
long term profitable growth. We are particularly well placed to take advantage
of our strong financial position and the significant bank facilities at our
disposal. We therefore remain cautiously optimistic about our prospects in the
longer term.'

For further information please contact:

Brian Gilbert, Executive Chairman

Wilmington Group plc    Tel: [phone]

Charles Brady, Chief Executive

Wilmington Group plc    Tel: [phone]

Chairman's Statement

Second interim results for the twelve months ended 28th February 2002

I have pleasure in announcing the second interim results of Wilmington Group plc
for the twelve months to 28th February 2002.

As reported in last year's Annual Report, the financial year end of the company
has been changed to 30th June in order to address the uneven split of profits,
which has previously been significantly weighted to the second half of the yaer.
As a result, this announcement covers interim results for the twelve months to
28th February 2002 and a full Report and Accounts will cover the 16 months to
30th June 2002.

I am delighted that the company has delivered its ninth successive year of sales
growth. Turnover during the period increased by 9.3% to £79.6 million from £72.8
million, principally from organic developments. However, a combination of the
cost of investing for this growth and demanding trading conditions, particularly
in advertising based products, has resulted in a reduction in profit before
interest, tax and amortisation (adjusted profit) to £10.1 million from £12.1
million.

The majority of our profits derive from professional information and training
and these have increased in the period. However, (x%) of revenues derive from
advertising in magazines where yields have been under intensive pressure.
Overall, the revenues from these advertising products have increased but profits
have reduced when compared with the same period last year.

Operating profit fell from £9.2 million to £6.9 million. Adjusted earnings per
share, which is calculated before amortisation of goodwill and intengible
assets, fell from 10.17p to 7.58p. Basic earnings per share has fallen from
7.02p to 3.63p.

Your Board remains committed to a progressive dividend policy and is therefore
pleased to propose an interim dividend of 2.50p per ordinary share for the
twelve months ended 28th February 2002 which will be paid on 22nd May 2002 to
eligible shareholders registered on 19th April 2002. A final dividend will be
proposed with the results for the 16 months to 30th June 2002.

A fundamental pillar of our business is its ability to generate strong cash
flow. Operational cash inflow of £10.6 million is 105% of operating profit
before amortisation compared with 94% last year.

Business Review

Our results demonstrate that, notwithstanding the implications of the current
economic climate, we continue to make further progress in our strategy for
long-term profitable growth. This strategy is based on the ownership of quality
communications assets that meet the information requirements of professional
business communities and generate sustainable, profitable revenue streams. We
serve these markets through magazines, databases, electronic information,
training and other media.

Although no major acquisitions were made during the last twelve months, previous
acquisitions have been integrated well into the Group. We continue to pursue
suitable new opportunities that would complement the range and diversity of our
existing revenue streams. Given the current market environment, the Board
believes that Wilmington will be able to use its strong financial position to
purchase valuable assets at attractive prices.


Revenues from our professional information and training activities have
increased since last year. In particular, our training business has strong
defensive qualities as it is based on the compulsory training of UK solicitors.

We are not dependent on advertising based magazines for the majority of our
profits. However, even before the events of 11 September 2001, we believed that
pressure on advertising yields would increase. We therefore implemented a
significant cost reduction exercise, which achieved savings in the region of £2
million in a full year at a cost of less than £0.5 million. In addition, we are
in the process of comprehensively reviewing our entire portfolio and the
structure of our magazine publishing activities in particular.

These are challenging times for a media business and I would like to thank my
fellow directors, senior management and the Group's employees for their
continuing efforts and commitment. In February, I announced that Charlie Brady
was appointed Chief Executive of the Group. Charlie has demonstrable management
and leadership skill and I believe he will be instrumental in moving the
business forward. Charlie takes over from Rory Conwell, who stepped down from
the position of Chief Executive for personal reasons. I am pleased to say that
Rory will remain on the Board with specific responsibility for the development
and expansion of our business information activities.

Outlook

We are a broadly based company with valuable assets and strong cash flow, much
of it deriving from subscriptions and mandatory training. I am pleased to report
that these businesses continue to trade well. In contrast, difficult trading
conditions persist in our magazines' market where we are heavily dependent on
advertising revenues. We continue to review our operations and have taken action
to reduce our cost base to compensate for reduced margins on advertising sales.

Looking ahead, Wilmington remains committed to long term profitable growth and,
to help us meet our objective, a review of our magazine portfolio is under way.
We are looking to focus on markets where we believe there is good growth
potential and where we believe we can present a resilient product offering to
the sector.

The market place provides us with many opportunities for growth and we are
particularly well placed to take advantage of these on account of our strong
financial position and the significant bank facilities at our disposal. We
therefore remain cautiously optimistic about the prospects in the longer term.





Brian Gilbert
Chairman
11th April 2002



Notes

Consolidated Profit and Loss Account
                                                                        Twelve months                Year
                                                                                Ended               Ended
                                                                        28th February       28th February
                                                                                 2002                2001
                                                                          (unaudited)           (audited)
                                                                                £'000               £'000

                                                         Notes
Turnover                                                   2                   79,562              72,769

Cost of sales                                                                (28,471)            (25,026)

Gross profit                                                                   51,091              47,742

Operating expenses                                                           (40,986)            (35,630)

Operating profit before amortisation of goodwill                               10,105              12,113
and intengible assets

Amortisation of goodwill and intengible assets                                (3,256)             (2,936)

Operating profit                                                                6,849               9,177

Interest payable and similar charges                                            (272)               (299)
Interest receivable and similar income                                             37                 203

Profit on ordinary activities before taxation              2                    6,614               9,081
Taxation                                                   3                  (2,744)             (2,846)

Profit on ordinary activities after taxation                                    3,870               6,235
Minority interests                                                              (917)               (566)

Profit for the period and attributable to                                       2,953               5,669
shareholders
Dividends                                                                     (2,037)             (2,030)

Retained profit for the period                                                    916               3,639

Earnings per ordinary share                                4                    3.63p               7.02p

Diluted earnings per ordinary share                        4                    3.16p               6.93p

Adjusted earnings per ordinary share                       5                    7.58p              10.17p

There will be no recognised gains or losses in the twelve months ended 28th
February 2002 (2001 - £Nil) other than those shown in the profit and loss
account.

Consolidated balance sheet


                                                                                As at                As at
                                                                        28th February        28th February
                                                                                 2002                 2001
                                                                          (unaudited)            (audited)
                                                                                £'000                £'000
Fixes assets
Goodwill and intangible assets                                                 53,172               52,760
Tangible assets                                                                11,209               11,463
                                                                               64,381               64,223

Current assets
Stock and work in progress                                                      1,520                1,540
Debtors                                                                        19,151               18,489
Cash at bank and in hand                                                          967                1,833
                                                                               21,638               21,862

Creditors: Amounts falling due within one year                               (22,320)             (23,691)
Net current (liabilities)                                                       (662)              (1,829)

Total assets less current liabilities                                          63,699               62,394

Creditors: Amounts falling due after more than one                            (2,091)              (2,094)
year
Net assets                                                                     61,608               60,300

Capital and reserves
Called up share capital                                                         4,065                4,057
Share premium account                                                          39,936               39,792
Other reserves                                                                    949                  949
Profit and loss account                                                        15,375               14,459

Shareholders' funds                                                            60,325               59,257

Minority interests                                                              1,283                1,043
                                                                               61,608               60,300

Consolidated cash flow
                                                                        Twelve months           Year ended
                                                                                ended        28th February
                                                                   28th February 2002                 2001
                                                                           (unaudited            (audited)
                                                                                £'000                £'000

                                                        Notes

Reconciliation of operating profit to net cash
inflow from operating activities:
Operating profit                                                                6,849                9,177
Adjustment for items not involving the flow of                                  5,062                4,237
funds
Net working capital movement                              6                   (1,263)              (2,053)

Net cash inflow from operating activities                                      10,648               11,361

Returns on investment and servicing of finance
Interest received                                                                  37                  203
Interest paid                                                                   (272)                (790)

Net cash outflow                                                                (235)                (587)

Taxation
Tax paid                                                                      (3,229)              (3,235)

Capital expenditure and financial investment
Purchase of goodwill and intangible assets                                    (3,226)              (1,547)
Purchase of tangible fixed assets                                             (1,747)              (5,375)
Sales of tangible assets                                                          195                  792

Net cash outflow                                                              (4,778)              (6,130)

Acquisitions and disposals
Purchase of subsidiary undertakings                                             (639)              (3,313)

Equity dividends paid                                                         (2,513)              (1,521)

Cash outflow before financing                                                   (746)              (3,425)

Financing
Issue of shares                                                                   152               28,727
Repayment of bank loan                                                              -             (24,000)

                                                                                  152                4,727

(Decrease)/increase in cash                                                     (594)                1,302

Reconciliation of net cash flow to movement in net
(debt)/cash
(Decrease)/increase in cash in the period                                       (594)                1,302
Cash outflow from decrease in net debt                                              -               24,000

Change in net (debt)/cash resulting from cash flow                              (594)               25,302
Arising on acquistion                                                              49                  885
Net cash (debt) brought forward                                                 1,512             (24,675)

Net cash carried forward                                                          967                1,512

Notes


 1. Nature of information

    The interim accounts for the twelve months ended 28th February 2002 are
    neither audited nor reviewed by the Company's auditors. The comparative
    figures for the year ended 28th February 2001 are not the Company's
    statutory accounts within the meaning of Section 240 of the Companies Act
    1985 but are abridged from such accounts which have been reported on by the
    Company's auditors and delivered to the Registrar of Companies. The report
    of the auditors on such accounts was unqualified and did not contain any
    statement under Sections 237(2) or 273(3) of the Companies Act 1985.

    The interim accounts are prepared on the basis of the accounting policies
    set out in the accounts of the Group for the year ended 28th February 2001.

 2. Segmental information
                                                                        Twelve months                   Year ended
                                                                                ended                         28th
                                                                                                          February
                                                                                 28th
                                                                             February                         2001
                                                                                 2002                    (audited)
                                                                          (unaudited)                        £'000
                                                                                £'000


    Turnover:
    Information                                                                20,032                       17,791
    Magazine publishing                                                        39,379                       37,388
    Professional training                                                      20,151                       17,590

                                                                               79,562                       72,769

    Profit before taxation:
    Information                                                                 4,015                        4,160
    Magazine publishing                                                         1,206                        3,737
    Professional training                                                       4,884                        4,216

                                                                               10,105                       12,113

    Operating profit before amortisation:
    Less: amortisation                                                        (3,256)                      (2,936)
    Operating profit                                                            6,849                        9,177
    Less: interest                                                              (235)                         (96)

    Profit on ordinary activities before taxation                               6,614                        9,081

 3. Taxation

There is a corporation taxation charge for the twelve months ended 28th February
2002 of £2,744,000 (2001 - £2,846,000) based on the Group's profits for the
period at current corporation tax rates. The tax charge as a percentage of
profit before taxation is 41.5% because of the amortisation of certain
intangibles.



4. Earnings per ordinary share

Earnings per share is calculated on the basis of profit on ordinary activities
after taxation and minority interests divided by 81,246,874 (2001 - 80,734,060)
being the weighted average number of ordinary shares of 5p in issue.

The diluted earnings per share is calculated on the basis of profit on ordinary
activities after taxation and minority interests divided by 81,686,345 (2001 -
81,807,287) being the diluted weighted average number of ordinary shares of 5p
in issue.

5. Adjusted earnings per ordinary share

In order to show results on a comparable basis to prior years before adoption of
FRS10 'Goodwill and Intangible Assets', an adjusted earnings per ordinary share
has been calculated using profit after taxation and minority interests but
before amortisation of goodwill and intangible assets of £6,162,000 (2001 -
£8,210,000).


6. Net working capital movement

                                                                      Twelve months            Year ended
                                                                              ended         28th February
                                                                      28th February                  2001
                                                                               2002             (audited)
                                                                        (unaudited)                 £'000
                                                                              £'000

Decrease/(increase) in stock and work in progress                                20                 (737)
(Increase) in debtors                                                         (486)               (2,546)
(Decrease)/increase in creditors                                              (797)                 1,230
                                                                           (11,263)               (2,053)

Copies of this report are available from the Company's registered office at
Paulton House, 6 Shepherdess Walk, London N1 7LB

Advisers

Financial Advisers and Stockbrokers                   Registrars

Hoare Govett Limited                                  Lloyds TSB Registrars Scotland
250 Bishopsgate                                       P O Box 28448
London EC2M 4AA                                       Finance House
                                                      Orchard Brae
                                                      Edinburgh E44 1WQ

Registered Auditors                                   Principal Bankers

PKF                                                   Barclays Bank plc
New Garden House                                      P O Box 544
78 Hatton Garden                                      54 Lombard Street
London EC1N 8JA                                       London EC3V 9EX

Solicitors

Lawrence Graham
190 Strand
London WC2R 1JN





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