AGM and Q1 Trading Update

RNS Number : 3031V

Wilmington PLC

02 November 2017

 

2 November 2017

Wilmington plc

AGM and Q1 Trading Update

Wilmington plc ("Wilmington" or "the business"), the provider of information, education and networking services in Risk & Compliance, Professional and Healthcare knowledge areas, announces its trading update for the three-month period to 30 September 2017 with comments reflecting trading to date. This statement is also being made at the Group's Annual General Meeting being held today.

Trading Update

Revenue for the three months was up 6% against the same period last year (6% in constant currency terms) supported by the acquisition of Health Service Journal ("HSJ"). Underlying revenue was down 3%, partially impacted by a decision to reduce the output of some networking events as part of a refocus of the US program.

Adjusted profits before tax were marginally down compared to last year reflecting the slow start as well as the initial impact of the previously announced additional investment in our new learning management system ("LMS"), strategic marketing systems, and the acceleration in the digitisation of our training products.  

Net debt as at 30 September 2017 was £42.4m (2016: £38.7m). The increase in net debt reflects, inter alia, the net investment in HSJ of £16.9m in January 2017, offset by the net proceeds from the sale of the Underwood Street offices and good underlying cash generation. 

Outlook

The overall trading outlook has not changed since the full year 2017 results announcement published in September. With the three divisions in place and an ongoing commitment to investing in opportunities around the further digitisation of our business, we are confident in our prospects. We continue to see the trends of tighter regulatory control and more complex legislation being implemented in most of our key markets, which in turn is driving demand for many of our products and services.

Overall, Wilmington is on track to deliver against expectations for the full year.

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For further information, please contact:

Wilmington  plc   Pedro Ros, Chief Executive Officer Tony Foye, Chief Financial Officer FTI Consulting Charles Palmer / Emma Hall / Adam Davidson

020 7422 6800 020 3727 1000

Notes to Editors

Wilmington plc is the recognised knowledge leader and partner of choice for information, education and networking in Risk & Compliance, Professional and Healthcare areas. Capitalised at approximately £210 million, Wilmington floated on the London Stock Exchange in 1995.

 

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