Final Results

Wilmington Group Plc
18 May 2001

PRELIMINARY RESULTS FOR THE YEAR ENDED 28th FEBRUARY 2001

                             FINANCIAL HIGHLIGHTS


                                                    2001         2000
                                                   £'000        £'000
Turnover                                          72,769       57,808      +26%
Profit before tax                                  9,081        7,156      +27%
Profit before tax and amortisation                12,017        9,207      +31%
EPS before amortisation                           10.17p        8.54p      +19%

Dividend                                           2.50p        2.08p      +20%



  * Sales up by 26%
  * Eighth consecutive year of record profits
  * EPS before amortisation up by 19%
  * Dividend increases by 20%
  * Ungeared balance sheet - platform for further development.



Commenting on the results, Brian Gilbert, Chairman of Wilmington Group said:

'We remain confident that we have a content base from which we can continue to
grow our existing assets. In addition we have been consistently successful in
making strategic acquisitions that are complementary to our corporate
strategy. We are keen to repeat and exceed the record we have established over
the last nine years. Opportunities continue to arise in the information market
place. We remain committed to investing in areas that generate real value and
translate into earnings growth. An ungeared balance sheet and the considerable
financial and management resources available to the Company add to our ability
to achieve this objective.'

'The new financial year has opened with trading patterns that are in line with
expectations and I am confident that the current year will continue the
profitable development of long-term revenue streams for our Company'.



Rory Conwell, Chief Executive of Wilmington Group states:

'Wilmington has once again continued its outstanding record of developing
profits from the ownership and delivery of high quality communications
products. These are designed to fulfil the information requirements of
professional business communities and generate sustainable and progressive
revenue streams.'



Enquiries:
Brian Gilbert, Chairman                         Tel: [phone]

Wilmington Group plc
Rory Conwell, Chief Executive                   Tel: [phone]

Wilmington Group plc
Dominic Morley                                  Tel: [phone]

WestLB Panmure
John Webb                                       Tel: [phone]

Marshall Securities





HIGHLIGHTS

Turnover

Group turnover rose from £57,808,000 to £72,769,000 an increase of 26%.

Revenues from non-advertising sources, including subscriptions and information
services, represented approximately 59% of revenue (2000:53%).

Profit Before Tax

Profit before tax rose from £7,156,000 to £9,081,000, an increase of 27%.
Profit before tax and amortisation of goodwill and intangible assets
('adjusted profits') rose from £9,207,000 to £12,017,000, an increase of 31%.

Earnings Per Share

Adjusted earnings per share which is calculated before the amortisation of
goodwill and intangible assets, rose by 19% to 10.17p from 8.54p. Earnings per
share rose from 6.00p to 7.02p, an increase of 17%. This is calculated on the
weighted average number of shares in issue of 80,734,060. Diluted earnings per
share calculated on the diluted average number of shares of 81,807,287 were
6.93p (2000:5.94p).

Gearing and Cashflow

At the balance sheet date the Group had net cash of £1,512,000 as a result of
the placing and open offer completed in March 2000.

During the year there was £11,361,000 operating cash inflow. After £2,282,000
replacement capital expenditure and the payment of corporation tax and
dividends totalling £4,756,000 there was a free cashflow of £4,323,000.

Dividends

The Board recommends a dividend of 2.50p (2000:2.08p) an increase of 20%. This
dividend is payable on 6th July 2001 to eligible shareholders on the register
on 1st June 2001.



BUSINESS REVIEW

Wilmington has once again continued its outstanding record of developing
profits from the ownership and delivery of high quality communications
products. These are designed to fulfil the information requirements of
professional business communities and generate sustainable and progressive
revenue streams.

The Group owns key brands in professional publishing and information
marketplaces. These consist of a number of leading brands in vertical markets
- such as legal, power and interior design - and a number of important
products in broader sectors - such as automotive, healthcare, catering and
entertainment.

Wilmington services these markets through two divisions: Publishing and
Information; and Events.

Wilmington remains committed throughout its business to the ownership of
intellectual property rights and content in its principal markets. Revenues
originate from subscriptions and copy sales, data sales and list rentals,
advertising, events and professional service fees.

The majority of income still derives from traditional hard copy publications.
However, the company has focused on the continued extension of its brands.
This is underlined by our involvement in high quality training through our
subsidiary, Central Law Training. This enables us to capitalise on our healthy
position in legal and professional marketplaces through the extensive
additional contacts that this activity generates.

The company has also developed numerous income-generating electronic
initiatives. A visit to Connectingbusiness.com will confirm that we have an
extensive range of Internet based applications for all our principal markets.
Usage of the Internet as a business-to-business medium has provided the
company with an opportunity to leverage its relationships with business
communities by providing the appropriate content for its marketplaces.



DEVELOPMENTS

Wilmington has always placed great emphasis on the productive management of
our existing businesses and the majority of our profits derive from assets
that were owned at the beginning of the year. This underlines not only the
skills of our managers but also our determination to build a progressive and
sustainable business.

As well as managing existing businesses we have been active in our search to
acquire complementary assets and have made a series of key acquisitions which
extend our position in the provision of information to professional business
communities.

In September 2000 Wilmington acquired 75% of the share capital of Beechwood
House Publishing Ltd. The remaining 25% is held by the managers and founders
of the business, Walter and Aimee Brinzer. Established in 1992 Beechwood,
operating under the brand name 'Binley's', is widely perceived to be the
market leader in the provision of detailed contact information about NHS
Management throughout the healthcare management services industry and the
pharmaceutical industry.

In September 2000 Wilmington also acquired a 75% interest in Hollis
Directories Ltd. The remaining 25% is held by management and staff led by the
company's Managing Director, Gary Zabel. For over 30 years Hollis has provided
quality data to the marketing services industry. Among its many established
titles are the Hollis UK Press & Public Relations Annual, the Hollis
Sponsorship & Donations Yearbook, The Advertisers Annual and The Marketing
Handbook.

In February 2001 Wilmington acquired 75% of Bond Solon Training Ltd ('Bond
Solon'). The remaining 25% is held by the management led by Catherine Bond,
Mark Solon and Ian Beaumont. Bond Solon is the UK's leading witness and
evidence training company having coached over 20,000 clients in how to produce
first class written and oral evidence.



THE FUTURE

The objective of Wilmington is to grow and to grow profitably. We believe that
our existing base gives a superb platform from which to achieve this.

Wilmington has a consistent track record of performance and delivery. It has
always been profitable and produced an excellent cash flow. Its asset base has
been consistently improving. It has an ungeared balance sheet and access to
additional resources. It has the resilience that derives from an experienced
management team managing a diverse revenue base i.e. a range of media, revenue
types and geographic spread.

The new financial year has opened with trading patterns that are in line with
expectations and I am confident that the current year will continue the
profitable development of long-term revenue streams for our Company. We
anticipate demanding trading conditions to continue in a number of our markets
which should be compensated for by the breadth of media and markets in which
Wilmington operates.

Over the coming years growth opportunities will derive from better performance
from existing products; new products in existing marketplaces e.g. events to
complement publishing activities; acquisition of new quality media assets;
scope to reduce costs and raise revenues by efficient use of digital
technology; and extension of our geographic range.

                     CONSOLIDATED PROFIT AND LOSS ACCOUNT

                    For the year ended 28th February 2001


                          Continuing                           2001
                          Operations       Acquisitions       Total        2000
                               £'000              £'000       £'000       £'000

                    Notes
Turnover            1 & 2     70,257              2,512      72,769       57,808
Cost of Sales               (24,588)              (438)    (25,026)     (19,585)
Gross profit                  45,669              2,074      47,743       38,223
Operating expenses    3     (34,371)            (1,259)    (35,630)     (28,013)
Amortisation of              (2,826)              (110)     (2,936)      (2,051)
goodwill and
intangible assets
Total operating             (37,197)            (1,369)    (38,566)     (30,064)
expenses
Operating profit               8,472                705       9,177        8,159
Interest receivable                                             203           39
and similar income
Interest payable                                              (299)      (1,042)
and similar charges
Profit on ordinary    1                                       9,081        7,156
activities before
taxation
Taxation                                                    (2,846)      (2,497)
Profit on ordinary                                            6,235        4,659
activities after
taxation
Minority interests                                            (566)        (343)
Profit for the                                                5,669        4,316
period and
attributable to
shareholders
Dividend proposed                                           (2,030)      (1,515)
Retained profit for                                           3,639        2,801
the period
Earnings per          4                                       7.02p        6.00p
ordinary share
Diluted earnings      4                                       6.93p        5.94p
per ordinary share
Adjusted earnings     4                                      10.17p        8.54p
per ordinary share


                          CONSOLIDATED BALANCE SHEET

                           As at 28th February 2001




                                                            2001           2000
                                                           £'000          £'000
Fixed Assets
Goodwill and intangible assets                            52,760         46,830
Tangible assets                                           11,463          8,044
                                                          64,223         54,874

Current Assets
Stock and work in progress                                 1,540            996
Debtors                                                   18,489         14,954
Cash at bank and in hand                                   1,833          1,188
                                                          21,862         17,138

Creditors: Amounts falling due within one year          (23,691)       (26,330)
Net current liabilities                                  (1,829)        (9,192)

Total assets less current liabilities                     62,394         45,682
Creditors: Amounts falling due after more than           (2,094)       (20,750)
one year
Net assets                                                60,300         24,932


Capital and reserves
Called up share capital                                    4,057          3,645
Share premium account                                     39,792          8,775
Other reserves                                               949            949
Profit and loss account                                   14,459         10,820
Equity Shareholders' funds                                59,257         24,189
Minority interests                                         1,043            743
                                                          60,300         24,932

                       CONSOLIDATED CASH FLOW STATEMENT

                    For the year ended 28th February 2001




                                                            2001           2000
                                                    Notes  £'000          £'000

Net cash inflow from operating activities           6(a)  11,361          9,451

Returns on investments and servicing of finance
Interest received                                            203             39
Interest and similar charges paid                          (790)          (551)
Dividend paid to minority shareholders in                      -           (26)
subsidiary undertaking

Net cash outflow                                           (587)          (538)

Taxation
Corporation Tax paid                                     (3,235)        (2,618)

Capital expenditure and financial investment
Purchase of goodwill and intangible fixed assets         (1,547)          (329)
Purchase of tangible fixed assets                        (5,375)        (2,261)
Sale of tangible fixed assets                                792            123

Net cash outflow                                         (6,130)        (2,467)

Acquisitions
Purchase of subsidiary undertakings                 5(a) (3,313)       (26,805)
Purchase of businesses                                         -        (3,733)

                                                         (3,313)       (30,538)

Equity dividends paid                                    (1,521)        (1,237)

Cash outflow before financing                            (3,425)       (27,947)

Financing
Issue of shares                                           28,727            315
(Repayment)/ receipt of bank loans                      (24,000)         23,933

                                                           4,727         24,248
Increase/(decrease) in cash in the year             6(b)   1,302        (3,699)

Reconciliation of net cash flow to movement in net  6(b)
cash/(debt)
Increase/(decrease) in cash in the year                    1,302        (3,699)
Cash outflow/(inflow) from decrease/(increase) in         24,000       (23,933)
net debt
Change in net cash/(debt) resulting from cash flow        25,302       (27,632)
Cash arising on acquisitions and disposals                   885          2,376
Net (debt)/cash brought forward                         (24,675)            581

Net cash/(debt) carried forward                            1,512       (24,675)


                       NOTES TO THE PRELIMINARY RESULTS

1 Segmental information


                                                            2001           2000
                                                           £'000          £'000
Turnover:
Publishing and Information                                55,179         47,915
Events                                                    17,590          9,893
                                                          72,769         57,808

                                                            2001           2000
                                                           £'000          £'000
Profit before taxation:
Publishing and Information                                 6,057          6,822
Events                                                     3,120          1,337
                                                           9,177          8,159
Less: interest                                              (96)        (1,003)
                                                           9,081          7,156

                                                            2001           2000
                                                           £'000          £'000
Net assets:
Publishing and Information                                30,338         24,239
Events                                                    29,962            693
                                                          60,300         24,932

The Group's borrowing of £24 million used to finance the acquisition of Central
Law Group was deducted from the net assets of Events in the previous year. This
loan was repaid in March 2000 from the proceeds of a placing and open offer.

2 Turnover

                                                          2001             2000
                                                         £'000            £'000
The geographical analysis of turnover is as follows:
United Kingdom                                          60,388           49,484
Overseas                                                12,381            8,324
                                                        72,769           57,808

                                                          2001             2000
                                                         £'000            £'000
3 Operating expenses

Distribution and selling costs                          21,852           18,617
Administrative expenses                                 13,778            9,396
                                                        35,630           28,013

4 Earnings per share

The calculation of earnings per share is based on            £               £
profit after taxation and minority interests of      5,669,000       4,316,000
and on the average number of ordinary 
shares in issue during the year                     80,734,060      71,910,942

And on the diluted average number 
of ordinary shares during the year                  81,807,287      72,708,902

Earnings per ordinary share                              7.02p           6.00p
Diluted earnings per ordinary share                      6.93p           5.94p
Adjusted earnings per ordinary share                    10.17p           8.54p


In order to show the results on a comparable basis to prior years before the
adoption of FRS 10, an adjusted earnings per ordinary share has been
calculated using an adjusted profit after taxation and minority interests but
before amortisation of goodwill and intangible assets of £8,210,000 (2000: £
6,143,000).

5 Acquisitions

During the year the Group acquired 75% of the share capital of Beechwood House
Publishing Limited, Hollis Directories Limited, and Bond Solon Training
Limited.

Assets and liabilities of subsidiary undertakings acquired:

                                                  Fair value
                                Book value       Adjustments         Fair value
                                     £'000             £,000              £'000
Tangible fixed assets                  157               (6)                151
Debtors                              1,160              (50)              1,110
Cash                                   907                 -                907
Creditors due within one year      (2,281)              (52)            (2,333)
Goodwill and intangible assets         435             5,304              5,739
                                       378             5,196              5,574
Less minority interests                                                   (167)
Consideration                                                             5,407

Satisfied by:
Cash                                                                      3,313
Loan stock                                                                2,094
                                                                          5,407


Adjustments were made to the book values of the net assets acquired to reflect
their fair values and the application of group accounting policies.

6.       Notes to the consolidated cash flow statement

a.       Reconciliation of operating profit to net cash inflow from operating
         activities




                                                          2001             2000
                                                         £'000            £'000
Operating profit                                         9,177            8,159
Depreciation of tangible fixed assets                    1,648            1,359
Amortisation of goodwill and intangible fixed assets     2,936            2,051
(Profit) on sale of tangible fixed assets                (347)             (64)
(Increase)/decrease in stock and work in progress        (737)              244
(Increase) In debtors                                  (2,546)          (3,849)
Increase in creditors                                     1230            1,551
Net cash inflow from operating activities               11,361            9,451

(b) Analysis of movement in net cash/ (debt)
                                                   Arising on           At 28th
                                             acquisitions and          February
               At 1st       Cashflow                disposals              2001
                March
                 2000          
                £'000          £'000                    £'000             £'000
Cash at bank    1,188          (240)                      885             1,833
and in hand
Bank          (1,863)          1,542                        -             (321)
overdraft
                (675)          1,302                      885             1,512
Loan due     (20,750)         20,750                        -                 -
after one
year
Loan due      (3,250)          3,250                        -                 -
within one
year
             (24,675)         25,302                      885             1,512





7.        Nature of the financial information

The foregoing financial information does not amount to full accounts within
the meaning of Section 240 of the Companies Act 1985. The financial
information has been extracted from the Group's Annual Report and Accounts for
the year ended 28th February 2001 on which the auditors have given an
unqualified report.

Copies of the Annual Report and Accounts will be posted to shareholders
shortly and will be available from the Company's registered office at Paulton
House, 8 Shepherdess Walk, London N1 7LB.