Interim Results

Wilmington Group Plc
16 October 2000



Wilmington Group plc


Interim results for the six months to 31st August 2000


*      Sales increase by 24.0%

*      Adjusted profits increase by 10.3%

*      Operating cash inflow increases by 31.1%

*      £28.6 million raised from placing and open offer

*      Acquisition of Hollis Directories and Beechwood House Publishing


Brian Gilbert, Chief Executive of Wilmington Group reports:

'I am delighted to announce to our shareholders another set of favourable
results which continue our unbroken record of sales and profit growth.

In March 2000 all Group borrowings were repaid following a successful placing
which raised £28.6 million for the Company.  This was followed by the
arrangement of extensive banking facilities to form a platform for future
growth.  In September 2000 we acquired two high quality businesses, Hollis
Directories and Beechwood House Publishing.  These extend our position in the
provision of information for professional markets with two leading brands.

I remain confident of reporting a satisfactory result for the year.  Our
publishing programme continues, as in 1999, to be significantly weighted to
the second six months of our financial year.  Our half-year earnings figures
correspond with our expectations and do not undermine our target of continued
adjusted earnings per share growth for the full year.

The prospects for our industry are exciting.  There is a marked increase in
both acquisition prospects and the extraordinary pace at which business to
business e-commerce is developing.  We remain uniquely placed to take
advantage of these opportunities.'


For further information please contact:-

Brian Gilbert, Chief Executive
Wilmington Group Plc                              Tel: [phone]

Basil Brookes, Finance Director
Wilmington Group Plc                              Tel: [phone]

John Webb
Marshall Securities Ltd                           Tel:  [phone]

Dominic Morley
WestLB Panmure Ltd                                Tel:  [phone]


Chairman's Statement

Results for the six months ended 31st August 2000


I am pleased to announce another set of good results for Wilmington Group plc
for the six months to 31st August 2000.

Significant sales growth was demonstrated as revenues increased by 24.0 per
cent to £30,269,000 from £24,403,000.  Profit after interest but before tax
and amortisation of goodwill and intangible assets ('adjusted profit')
increased by 10.3 per cent to £4,108,000 compared to £3,725,000 for the
equivalent period last year.

Profit performance and return on sales have exceeded our budgeted
expectations.  The adjusted return on sales before tax reduced in the first
half to 13.6 per cent from 15.3 per cent in 1999 as a result of two major
anticipated factors.  Firstly, we have continued to invest in future projects
including internet development and secondly, as I indicated in my statement in
May, there has been an increasing shift in the balance of our major and most
profitable annual titles to the second half of the year.  This has produced
results which continue to be weighted to the second six months.

Adjusted earnings per share, which is calculated before the amortisation of
goodwill and intangible assets, fell from 3.62p to 3.35p.  Profit attributable
to shareholders, which is after the amortisation of goodwill and intangible
assets, fell by 18.4 per cent from £1,793,000 to £1,463,000.  Consequently,
earnings per share have fallen by 27.5 per cent from 2.51p to 1.82p.  These
earnings figures are in accordance with our expectations and do not undermine
our target of continued adjusted earnings per share growth for the full year.

The strong cash generative aspects of our business were underlined by net cash
inflow from operating activities of £5,838,000 an increase of 31.1 per cent
from £4,452,000 in 1999.

In March 2000 all Group borrowings were repaid following a successful placing
and open offer which raised approximately £28.6 million net of expenses.  This
placing was organised to create a platform from which the Group could take
advantage of the increase in the level of opportunities for growth.  Since the
placing the Group has arranged new banking facilities on more favourable
terms.

In accordance with existing policy we intend to pay one final annual dividend
in June.

Business Review

Our results have been generated from the ownership of quality communications
assets that serve the information requirements of professional business
communities and generate sustainable revenue streams.  We communicate to these
markets through magazines, databases, electronic information, events and other
media.

These results reflect a full six months of the activities of Central Law Group
(CLG) which was acquired in June 1999.  CLG is a major provider of
post-qualification legal training with additional interests in legal
publishing and high quality legal conferences.  CLG has proved a positive
addition to our activities and has performed beyond our expectations in the
period under review.

Overall, turnover of our publishing and information businesses has shown a
modest overall increase.  This is despite a number of revenue streams in the
first six months of 1999 not being repeated in the same period in the current
year.  A number of our markets, particularly those dependent on display
advertising, have under-performed.  This has however been compensated for by
over-performance in other areas.

The outlook for our publishing and information activities was strengthened by
the acquisition in September 2000 of two high quality businesses which extend
our publishing for professional business communities.  Hollis Directories is
widely regarded as the single most authoritative reference point of
information for people working in media and PR.  Beechwood House Publishing is
a leading producer of contact databases covering the health and medical
profession and expands our presence in this market.

Outlook

We are confident of reporting satisfactory results for the full year which
should continue our excellent record.  CLG, which has now been fully
integrated into Wilmington and is performing above our expectations, is
expected to make a significant contribution.

We have been careful to focus our investment strategy around good quality
content and information and will continue to direct resources towards these
areas.  There are currently many acquisition possibilities and we are
committed to continue our record of making acquisitions that create value for
Wilmington's shareholders.  We are taking advantage of the pace at which
e-commerce business is developing.

In closing I would, once again, thank my fellow Directors, Senior Management
and the Group's employees for their continued excellent performance.

Dennis Rooke
Chairman
16th October 2000


Consolidated Profit and Loss Account


                         Six months ended       Six months            Year
                         31st August 2000       ended 31st            ended
                            (unaudited)         August 1999           29th
                                                (unaudited)           February
                                                                      2000

                         £'000
                                                £'000
                                                                      (audited)

                   Notes

                                                                      £'000


Turnover                           30,269                24,403          57,808
Cost of Sales                    (10,497)               (7,796)        (19,585)
Gross profit                       19,772                16,607          38,223
Operating expenses               (15,710)              (12,611)        (28,013)
Amortisation of                   (1,386)                 (900)         (2,051)
goodwill and
intangible assets
Operating profit                    2,676                 3,096           8,159
Interest payable                    (108)                 (305)         (1,042)
and similar
charges
Interest                              154                    34              39
receivable and
similar income
Profit on ordinary                  2,722                 2,825           7,156
activities before
taxation
Taxation               2          (1,108)               (1,007)         (2,497)
Profit on ordinary                  1,614                 1,818           4,659
activities after
taxation
Minority interests                  (151)                  (25)           (343)
Profit for the                      1,463                 1,793           4,316
period and
attributable to
shareholders


Dividends                               -                     -         (1,515)
Retained profit                     1,463                 1,793           2,801
for the period
Earnings per           3            1.82p                 2.51p           6.00p
ordinary share
Diluted earnings       3            1.80p                 2.47p           5.94p
per ordinary share
Adjusted earnings      4            3.35p                 3.62p           8.54p
per ordinary share

There were no recoginsed gains or losses in the six months ended 31st August
2000 (1999 - £Nil) other than those shown in the profit and loss account

Consolidated Balance Sheet


                           As at                   As at               As at

                           31st August 2000       31st August         29th
                           (unaudited)            1999                February
                                                 (unaudited)          2000
                                                                     (audited)
                           £'000                        £'000         £'000     


Fixed Assets
Goodwill and intangible               48,538              48,726         46,830
assets
Tangible assets                        8,671               7,450          8,044
                                      57,209              56,176         54,874
Current Assets
Stock and work in progress             1,694               1,239            996
Debtors                               11,872              10,068         14,954
Cash at bank and in hand               3,717                   -          1,188
                                      17,283              11,307         17,138

Creditors: Amounts falling          (17,221)            (19,375)       (26,330)
due within one year
Net current assets/                       62             (8,068)        (9,192)
(liabilities)

Total assets less current             57,271              48,108         45,682
liabilities
Creditors: Amounts falling
due after more than one
year                                       -            (20,000)       (20,750)
Net assets                            57,271              28,108         24,932

Capital and reserves
Called up share capital                4,055               3,577          3,645
Share premium account                 39,762               6,652          8,775
Other reserves                           949                 949            949
Profit and loss account               12,178               9,812         10,820
Shareholders' funds                   56,944              20,990         24,189
Minority interests                       327               7,118            743
                                      57,271              28,108         24,932



Consolidated Cash Flow


                                  Six months          Six months           Year
                                  ended 31st          ended 31st          ended
                               August 2000           August 1999           29th
                                 (unaudited)         (unaudited)       February
                                                                           2000
                                       £'000               £'000
                                                                                
                                                                     (audited)

                         Note                                             £'000
Reconciliation of
operating profit to net
cash inflow from
operating activities:
Operating profit                       2,676               3,096          8,159
Adjustment for items                   1,849               1,465          3,346
not involving the flow
of funds
Net working capital         5          1,313               (109)        (2,054)
movement
Net cash inflow from                   5,838               4,452          9,451
operating activities

Returns on investments
and servicing of
finance
Interest received                        154                   -             39
Interest paid                          (599)               (200)          (551)
Dividend paid to
minority shareholders
in     subsidiary                          -                   -           (26)
undertaking

Net cash outflow                       (445)               (200)          (538)

Taxation
Tax paid                             (1,522)                   -        (2,618)

Capital expenditure and
financial investment
Purchase of goodwill                 (1,563)               (482)          (329)
and intangible assets
Purchase of tangible                 (1,743)               (872)        (2,261)
fixed assets
Sale of tangible fixed                   653                  54            123
assets

Net cash outflow                     (2,653)             (1,300)        (2,467)

Acquisitions and
disposals
Purchase of subsidiary                     -            (25,274)       (26,805)
undertakings
Purchase of businesses                     -                   -        (3,733)

                                           -            (25,274)       (30,538)

Equity dividends paid                (1,522)             (1,237)        (1,237)

Cash outflow before                    (304)            (23,559)       (27,947)
financing

Financing
Issue of shares                       28,696                  44            315
(Repayment)/ receipt of             (24,000)              20,000         23,933
bank loan

                                       4,696              20,044         24,248
Increase/(decrease) in                 4,392             (3,515)        (3,699)
cash

Reconciliation of net
cash flow to movement
in                 net
cash/(debt)
Increase/(decrease) in                 4,392             (3,515)        (3,699)
cash in the period
Cash outflow/(inflow)
from decrease/
(increase) in                         24,000            (20,000)       (23,933)
  debt
Change in net cash/                   28,392            (23,515)       (27,632)
(debt) resulting from
cash flow
Arising on acquisition                     -               1,848          2,376
Net (debt)/cash brought             (24,675)                 581            581
forward

Net cash/(debt) carried                3,717            (21,086)       (24,675)
forward


Notes

1.                        Nature of information

The interim accounts for the six months ended 31st August 2000 are neither
audited nor reviewed by the Company's auditors.  The comparative figures for
the year ended 29th February 2000 do not constitute full 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.

The interim accounts are prepared on the basis of the accounting policies set
out in the accounts of the Group for the year ended 29th February 2000.

2.                        Taxation

There is a taxation charge for the six months ended 31st August 2000 of £
1,108,000 based on the Group's profits for the period at current corporation
tax rates.

3.                        Earnings per ordinary share

Earnings per share is calculated on the basis of profit on ordinary activities
after taxation and minority interests divided by 80,288,308 (1999-71,506,890)
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
81,283,498 (1999-72,472,143) being the diluted weighted average number of
ordinary shares of 5p.

4.                        Adjusted earnings per ordinary share

In order to show results on a comparable basis to prior years before adoption
of FRS 10 'Goodwill and Intangible Assets', 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 £
2,686,000 (1999-£2,592,000).


5.                  Net working capital movement


                            Six months           Six months          Year ended
                            ended 31st           ended 31st       29th February
                         August 2000            August 1999                2000

                                                                      (audited)

                           (unaudited)          (unaudited)               £'000

                                 £'000                £'000
(Increase)/decrease in           (698)                  157                 244
stock and work in
progress
Decrease/(Increase) in           3,082                1,261             (3,849)
debtors
(Decrease)/increase in         (1,071)              (1,527)               1,551
creditors
                                 1,313                (109)             (2,054)



Copies of this report are available from the Company's registered office at
Paulton House, 8 Shepherdess Walk, London N1 7LB