AGM Statement and Q1 Trading Update

RNS Number : 2254S

Wilmington PLC

05 November 2019

 

5 November 2019

Wilmington plc

('Wilmington', 'the Group' or 'the Company')

AGM Statement and Q1 Trading Update

Wilmington plc, the provider of information, education and networking services in Risk & Compliance, Healthcare and Professional knowledge areas, today announces a trading update for the three month period to 30 September 2019.  This statement is being made ahead of its Annual General Meeting that is taking place later today.

Trading Update

Building on the momentum that was created in the previous financial year, Group revenue performance in the first quarter of the year has been in line with our expectations.  In what is traditionally the quietest quarter for trading, overall revenue increased 2.5% on an organic basis (i.e. at constant currencies and after adjusting for acquisitions and disposals) compared to the same period last year.  This compares to the 1.5% organic revenue increase achieved across the prior full year.  Each of the divisions individually achieved an organic revenue increase.

The increase in revenue was supported by encouraging new business sales performance across the Group, an increasingly important lead indicator of progress.  Sales activity levels in Risk & Compliance and Healthcare were both up on the prior year, with Professional flat.    

In line with the increase in revenue, adjusted profit before tax in the first quarter was also up year on year.    

Outlook

Overall the business remains on track to deliver against the expectations communicated in our announcement on 19 September 2019.  The timing of certain revenues might shift slightly more to the second half, as the recent decision by the UK Government to defer its Autumn Budget until after the General Election means that related revenues previously expected to be delivered by the Professional division in November will now not be recognised until the second half of our financial year.  However the overall revenue and sales performance in the first quarter gives the Board early encouragement that momentum across the Group is continuing to develop as required to achieve full year revenue and profit expectations. 

The Group plans to announce its Interim Results for the six months ended 31 December 2019 on Thursday 20 February 2020.

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.

For further information, please contact:

Wilmington plc   Mark Milner, Chief Executive Officer Richard Amos, Chief Financial Officer FTI Consulting Charles Palmer / Dwight Burden / Emma Hall / Leah Dudley

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, Healthcare and Professional areas. Wilmington employs close to 1,000 people and sells to around 120 countries. Wilmington is a premium listed company on the main market of the London Stock Exchange.

 

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