Interim Results

Wilmington Group Plc
16 October 2001


Wilmington Group plc
16th October 2001


Wilmington Group plc
Interim results for the six months to 31st August 2001


     - Impressive organic sales growth

     - Dependable performance from professional information and
       training

     - Advertising sales increase but yields under pressure

     - Strong cash flow

     - Well placed to expand


Rory A Conwell, Chief Executive of Wilmington Group said:

In difficult market conditions Wilmington has benefitted  in
the   first  six  months  of  the  year  from  the  defensive
characteristics of its professional information and  training
activities.  Advertising yields remain under pressure but  we
have  taken  action  to restore these to historic  levels  of
profitability.

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

For further information please contact:

Brian Gilbert, Executive Chairman
Wilmington Group plc                    Tel:  [phone]

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



Chairman's Statement

Results for the six months ended 31st August 2001

I have pleasure in announcing the results of Wilmington Group
plc for the six months to 31st August 2001.

Turnover  during the period increased by 17%  to  £35,370,000
from  £30,269,000  principally from organic growth.  However,
demanding trading conditions have resulted in a reduction  in
profit before interest, tax and amortisation of goodwill  and
intangible assets to £3,157,000 from £4,062,000.

The   majority   of  our  profits  derive  from  professional
information and training products and these have increased in
the  period. However, 36% of revenues derive from advertising
in  magazines where yields have been under intense  pressure.
Overall,  the  revenues from these advertising products  have
increased  but  profits have reduced when compared  with  the
same period last year.

In  addition, profitability was further affected  by  planned
rescheduling  of  publication  dates  for  a  number  of  our
professional directories that will shift some profit  to  the
second six months.

Operating profit fell from £2,676,000 to £1,527,000. Adjusted
earnings  per  share, which is calculated before amortisation
of  goodwill and intangible assets, fell from 3.35p to 2.45p.
Basic earnings per share has fallen from 1.82p to 0.48p.

The  strong  cash generative characteristics of our  business
were  underlined by net cash inflow from operating activities
of  £5,709,000 compared to £5,838,000 in the first six months
of last year.

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   been
significantly  weighted  to the  second  half  of  the  year.
Consequently, we will release another set of interim  results
for  the  twelve months to 28th February 2002 which  will  be
announced  in April 2002 at which time we intend  to  pay  an
interim  dividend.  In  addition, a final  dividend  will  be
proposed  with  the results for the 16 months  to  30th  June
2002.

Business Review

Our  results  demonstrate that we continue  to  make  further
progress  in  the execution of our strategy for 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 in  the  last  six
months,  acquisitions  prior to  then  have  integrated  well
within  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
events business has strong defensive qualities as it is based
on  the compulsory training of UK solicitors. As a result our
events  business  has not been affected by  recent  terrorist
attacks in the USA.

We  are not dependent on advertising based magazines for  the
majority  of our profits. However, even before the events  of
11th September 2001, we believed that pressure on advertising
yields would increase. We therefore implemented a significant
cost  reduction exercise to achieve savings in the region  of
£2  million in a full year. This exercise was started in July
2001 and will be completed by February 2002. The overall cost
of  this  exercise  is expected to be in the  order  of  £0.5
million. Our target is to restore anticipated net yields  and
profits from advertising based products to previous levels.

This   operational  review  affects  many  staff   who   have
contributed much to the Group over many years. Of course,  it
is  my duty to protect the overall health of the business but
it  is with huge regret that I see the personal cost of  some
of our actions.

Once again, I would like to thank my fellow directors, senior
management and the Group's employees for their hard work  and
commitment. In July 2001 the Board welcomed Bernard Jolles to
the  main  Board as a non-executive director. We are  already
benefiting  from  his extensive corporate  finance  and  City
experience.

I am also delighted to welcome Hoare Govett Limited, a member
of  the ABN AMRO Group, as financial advisers and brokers  to
the Group.

Outlook

Wilmington remains committed to long term profitable  growth.
We  are  a  broadly  based company with valuable  assets  and
strong cash flow, much of it deriving from subscriptions  and
mandatory  training. We are well positioned for further  good
quality development.

However,  in the uncertain general economic environment  and,
in  particular,  with the increasing pressure on  advertising
revenue  yields,  we  must  remain cautious  in  our  overall
expectations   for   the  rest  of  the   financial   period.
Nevertheless,  the actions that we have taken  should  return
profits from existing businesses to previous levels.

Whilst  the current economic environment is inevitably having
a  negative  impact on our sector, this is also providing  us
with  opportunities. We are particularly well placed to  take
advantage   of   our  strong  financial  position   and   the
significant facilities at our disposal. We therefore remain 
cautiously optimistic about the prospects in the longer term.


Brian Gilbert
Chairman

16th October, 2001




Consolidated profit and loss account

                         Six months   Six months   Year
                         ended        ended        ended
                         31st August  31st August  28th February
                         2001         2000         2001
                         (unaudited)  (unaudited)  (audited)
                  Notes  £'000        £'000        £'000
                                                   
Turnover                 35,370       30,269       72,769
Cost of sales            (13,394)     (10,497)     (25,026)
                         ---------    ---------    ---------
Gross profit             21,976       19,772       47,743
Operating                (18,819)     (15,710)     (35,630)
expenses
                         ---------    ---------    ---------
Operating profit before                            
amortisation of goodwill
and intangible assets    3,157        4,062        12,113

Amortisation of goodwill                           
and intangible assets   (1,630)      (1,386)      (2,936)
                         ---------    ---------    ---------
Operating profit         1,527        2,676        9,177
Interest payable         (154)        (108)        (299)
and similar charges

Interest receivable and
similar income              46          154          203
                         ---------    ---------    ---------
Profit on                1,419        2,722        9,081
ordinary activities
before taxation
Taxation          2      (812)        (1,108)      (2,846)
                         ---------    ---------    ---------
Profit on                607          1,614        6,235
ordinary activities 
after taxation
Minority                 (216)        (151)        (566)
interests
                         ---------    ---------    ---------
Profit for the period                              
and attributable
to shareholders          391          1,463        5,669

Dividends                -            -            (2,030)
                         ---------    ---------    ---------
Retained profit          391          1,463        3,639
for the period
                         ---------    ---------    ---------
Earnings per      3      0.48p        1.82p        7.02p
ordinary share
                         ---------    ---------    ---------
Diluted earnings  3      0.48p        1.80p        6.93p
per ordinary
share
                         ---------    ---------    ---------
Adjusted          4      2.45p        3.35p        10.17p
earnings per
ordinary share
                         ---------    ---------    ---------

There  were  no recognised gains or losses in the six  months
ended  31st August 2001 (2000 - £ Nil) other than those shown
in the profit and loss account.




Consolidated balance sheet


                      As at            As at        As at
                      31st August      31st August  28th
                      2001             2000         February
                      (unaudited)      (unaudited)  2001
                                                    (audited)
                      £'000            £'000        £'000
Fixed assets                                        
Goodwill and          54,159           48,538       52,760
intangible assets
Tangible assets       11,546           8,671        11,463
                      ---------        ---------    ---------
                      65,705           57,209       64,223
                      ---------        ---------    ---------
                                                    
Current assets                                      
Stock and work in     2,767            1,694        1,540
progress
Debtors               14,668           11,872       18,489
Cash at bank and in   -                3,717        1,833
hand
                      ---------        ---------    ---------
                      17,435           17,283       21,862
                                                    
Creditors: Amounts                                  
falling due
within one year       (20,224)         (17,221)     (23,691)
                      ---------        ---------    ---------
Net current           (2,789)          62           (1,829)
assets/(liabilities)
                      ---------        ---------    ---------
Total assets less     62,916           57,271       62,394
current liabilities
                                                    
Creditors: Amounts                                  
falling due after more 
than one year         (2,091)          -            (2,094)
                      ---------        ---------    ---------
Net assets            60,825           57,271       60,300
                      ---------        ---------    ---------
Capital and reserves                                
Called up share       4,064            4,055        4,057
capital
Share premium account 39,920           39,762       39,792
Other reserves        949              949          949
Profit and loss       14,845           12,178       14,459
account
                      ---------        ---------    ---------
Shareholders' funds   59,778           56,944       59,257
                                                    
Minority interests    1,047            327          1,043
                      ---------        ---------    ---------
                      60,825           57,271       60,300
                      ---------        ---------    ---------




Consolidated cash flow statement

                                Six months  Six months Year
                                ended       ended      ended
                                31st        31st       28th
                                August      August     February
                                2001        2000       2001
                                (unaudited) (unaudited) (audited)
                        Notes   £'000       £'000      £'000
Reconciliation of                                      
operating profit to
net cash inflow from
operating activities:
                                                    
Operating profit                1,527       2,676      9,177
Adjustment for items                                   
not involving the flow
of funds                        2,516       1,849      4,237

Net working capital     5       1,666       1,313      (2,053)
movement
                                ---------   ---------  ---------
Net cash inflow from            5,709       5,838      11,361
operating activities
                                                       
Returns on investments 
and servicing of
finance           
                                                       
Interest received               46          154        203
Interest paid                   (154)       (599)      (790)
                                                       
Net cash outflow                (108)       (445)      (587)
                                                       
Taxation                                               
Tax paid                        (1,266)     (1,522)    (3,235)
                                                       
Capital expenditure                                    
and financial
investment

Purchase of goodwill            (3,241)     (1,563)    (1,547)
and intangible assets
Purchase of tangible            (1,074)     (1,743)    (5,375)
fixed assets
Sale of tangible fixed          105         653        792
assets
                                                       
Net cash outflow                (4,210)     (2,653)    (6,130)
                                                       
Acquisitions and                                       
disposals
Purchase of subsidiary          -           -          (3,313)
undertakings
                                                       
Equity dividends paid           (2,030)     (1,522)    (1,521)
                                ---------   ---------  ---------
Cash outflow before             (1,905)     (304)      (3,425)
financing
                                                       
                                                       
                                                       
Financing                                              
Issue of shares                 135         28,696     28,727
Repayment of bank loan          -           (24,000)   (24,000)
                                                       
                                135         4,696      4,727
                                ---------   ---------  ---------
(Decrease)/increase in          (1,770)     4,392      1,302
cash
                                ---------   ---------  ---------
                                                       
Reconciliation of net                                  
cash flow to movement
in net (debt)/cash
                                                       
(Decrease)/increase in          (1,770)     4,392      1,302
cash in the period
Cash outflow from               -           24,000     24,000
decrease in net debt
                                ---------   ---------  ---------
Change in net                   (1,770)     28,392     25,302
(debt)/cash resulting
from cash flow
Arising on acquisition          -           -          885
Net cash/(debt)                 1,512       (24,675)   (24,675)
brought forward
                                ---------   ---------  ---------
Net (debt)/cash                 (258)       3,717      1,512
carried forward
                                ---------   ---------  ---------
                                                       





Notes:

1. Nature of Information

The  interim  accounts for the six months ended 31st  August
2001  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.   Taxation

There  is  a corporation taxation charge for the six  months
ended 31st August 2001 of £812,000 (2000  -  £1,108,000) 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 57.2% because of the amortisation of certain 
intangibles.


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 81,207,381 (2000 - 80,288,308) 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 81,749,167 (2000 - 81,283,498)  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 £1,993,000 (2000 - £2,686,000).


5.   Net working capital movement


                            Six months   Six months   Year
                            ended        ended        ended
                            31st August  31st August  28th
                            2001         2000         February
                            (unaudited)  (unaudited)  2001
                                                      (audited)
                            £'000        £'000        £'000
   
(Increase) in stock         (1,227)      (698)        (737)
and work in progress
Decrease/(increase)         3,821        3,082        (2,546)
in debtors
(Decrease)/increase         (928)        (1,071)      1,230
in creditors
                            ---------    ---------    ---------
                            1,666        1,313        (2,053)
                            ---------    ---------    ---------

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