Interim Results

Wilmington Group Plc
26 February 2004


For Immediate Release                               Thursday 26th February 2004


                              WILMINGTON GROUP PLC

                                Interim Results
                     For the 6 Months to 31st December 2003


Wilmington Group plc, the business information and media group, today announces
its interim results for the 6 months to 31st December 2003.

Interim results highlights:

    • Turnover of £37.5m (2002: £37.0m), despite the closure and disposal of
      non-core assets

    • Pre-tax profits before amortisation of goodwill and intangible assets
      of £3.55m, up 5% (2002: £3.40m).

    • Adjusted earnings per share (before amortisation) up 11% to 2.73p per
      share (2002: 2.46p)

    • Earnings enhancing acquisition of Agence de Presse Medicale International
      SAS for £5.3m completed in the period

    • Interim dividend up 25% to 1.0p per share (2002: 0.8p per share)

Commenting on the interim results, Charles Brady, Chief Executive of Wilmington,
said:

'Wilmington has succeeded in growing the business in a challenging trading
environment and we are satisfied with the performance during the first half of
this year. The impact of the restructuring instigated during the last financial
year, as well as the continued focus on specific clusters of expertise, has
provided the Board of Wilmington with confidence in its ability to deliver
profitable growth. The outlook for the full year continues to be encouraging.'


For further information, please call:

Charles Brady                                         On the day: 020 7466 5000
Chief Executive, Wilmington                           Thereafter: 0121 355 0900

Bobby Morse/Suzanne Brocks                                   Tel: [phone]
Buchanan Communications


CHAIRMAN'S STATEMENT


Results for the six months ended 31st December 2003

I am pleased to announce the results of Wilmington Group plc for the six months
to 31st December 2003.

As previously indicated in our update of 9th December 2003, trading performance
was ahead of the corresponding period in 2002. Turnover increased in the six
months to 31st December 2003 to £37.5m (2002: £37.0m). Profit before tax and
amortisation of goodwill and intangible assets increased to £3.55m (2002:
£3.40m). Adjusted earnings per share, calculated before the amortisation of
goodwill and intangible assets, increased to 2.73p (2002: 2.46p).

An interim dividend for the current year of 1.0p per share (2002: 0.8p per
share) will be paid on 7th April 2004 to shareholders on the register on 12th
March 2004.


Business Review

The improvement in the Group's performance in the first half of the financial
year has been achieved against the background of demanding trading conditions
particularly in their impact on magazine advertising revenues. Nevertheless the
Group has increased turnover and profits and this reflects the quality and
resilience of our businesses.

Our goal remains long term profit growth from assets that meet the information
and training requirements of professional business communities. We have
continued to implement our strategy of creating stronger positions in individual
markets by focusing our investment, both organic and by acquisition, in our key
markets. During the first half, we progressed a number of new initiatives and
the integration of new businesses. We also completed an important complementary
acquisition of Agence de Presse Medicale International SAS ('APM') towards the
end of the period.

The Business Information Division, which creates and sells value added
information products to business to business markets, increased its turnover in
the first half by 7% compared with the previous year. Although trading
conditions are challenging, opportunities do exist and the business performed
well. Profits in the first half were in line with our expectations and reflected
the costs incurred to support future growth as well as the seasonal weighting to
the second half of the financial year.

Binleys, which provides contact information for the healthcare and
pharmaceutical industries, achieved good growth in turnover and we added to our
presence in the healthcare market with the acquisition of APM from Reuters in
December 2003. Based in Paris, APM provides a real-time health news information
service in the French language for a subscriber base of hospital managers,
general practitioners, pharmaceutical companies and government and public
bodies.

In August 2003 we completed the merger of RED with Muze UK, our principal
competitor for music catalogue data. The integration of these businesses is on
target and the expected benefits should emerge in the second half of the
financial year.

As indicated in our trading update of 9th December 2003, trading conditions
remained difficult in the Media Division. As a result, revenues decreased by
11%, partly as a result of the closure or sale of non-core titles in the
previous year. Nevertheless, the Division generally performed in line with our
expectations. The benefits of the management reorganisation undertaken in the
last financial year are coming through and we continue to invest in the design
magazine business to enhance our long-term position in this market. This
Division is seasonally weighted towards the second half and is expected to
deliver a modest overall profit for the financial year.

The Professional Training Division has enjoyed a successful six months with good
turnover growth and profits up by 23% compared to the previous year.

The core business of continuing legal education has benefited from the
investment in product development to produce a substantial improvement in
turnover and profits.

The international programmes on the management of trust companies have performed
well in volatile market conditions.

Central Law Training (Scotland) and Bond Solon are showing strong organic growth
and have launched new products which have been well received. Across the
Professional Training Division there are various new initiatives where
development costs are being incurred, reflecting the many opportunities
available. In particular, we have recently launched major new programmes related
to compliance and money laundering for international financial institutions.


Outlook

Our businesses are run by experienced management teams and continue to generate
good profit streams with strong cashflows. We have a robust balance sheet,
together with bank facilities, to support the Group's growth through organic
developments and selective complementary acquisitions.

Although trading conditions in our sector continue to be challenging, we feel
that they are more stable than at the same time last year. These conditions and
new business opportunities encourage us to believe that we can continue to make
progress towards our goal of delivering annual profit growth. The first half of
the year was slightly ahead of our expectations and, as in the previous year, we
expect that the Group's performance will be weighted to the second half. The
outlook for the full year continues to be encouraging.

I would like to thank my fellow directors, senior management and the Group's
employees for their continued hard work and commitment.

Bernard Jolles
Chairman


CONSOLIDATED PROFIT AND LOSS ACCOUNT

                           Notes     Six months     Six months   Twelve months
                                 ended 31st Dec     ended 31st      ended 30th 
                                           2003       Dec 2002       June 2003
                                    (unaudited)    (unaudited)       (audited)
                                          £'000          £'000           £'000

Turnover - continuing                    37,538         36,235          77,398
businesses
- discontinued                                -            753           1,021
operations
                                         -------       --------        --------
                               2         37,538         36,988          78,419
Cost of Sales                           (12,673)       (14,001)        (26,348)
                                          -------       --------        --------
Gross profit                             24,865         22,987          52,071
Operating expenses                      (21,219)       (19,461)        (42,700)
                                          -------       --------        --------
Operating profit before                   3,646          3,526           9,371
amortisation of goodwill
and intangible assets
Amortisation of goodwill                 (2,073)        (2,123)         (4,435)
and intangible assets
                                          -------       --------        --------
Operating profit -                        1,573          1,371           4,906
continuing businesses
- discontinued                                -             32              30
operations
                                          -------       --------        --------
                               2          1,573          1,403           4,936
Exceptional items              3              -              -            (239)
                                          -------       --------        --------
                                          1,573          1,403           4,697
Interest receivable and                      11              6              78
similar income
Interest payable and                       (107)          (131)           (364)
similar charges
                                          -------       --------        --------
Profit on ordinary                        1,477          1,278           4,411
activities before
taxation

Taxation                       4           (988)        (1,012)         (2,600)
                                          -------       --------        --------
Profit on ordinary                          489            266           1,811
activities after
taxation

Minority interests                         (252)          (317)           (715)
                                          -------       --------        --------
Profit/(loss) for the                       237            (51)          1,096
financial period and
attributable to
shareholders

Dividends                                  (833)          (666)         (2,078)
                                          -------       --------        --------
Retained loss for the                      (596)          (717)           (982)
period                                    =======       ========        ========

Earnings per ordinary          5           0.28p         (0.06)p          1.32p
share                                     =======       ========        ========

Diluted earnings per           5           0.28p         (0.06)p          1.32p
ordinary share                            =======       ========        ========

Adjusted earnings per          6           2.73p          2.46p           6.65p
ordinary share                            =======       ========        ========



There were no recognised gains or losses in the six months ended 31st December
2003 (2002: £Nil) other than those shown in the profit and loss account.


CONSOLIDATED BALANCE SHEET
                                     As at 31st     As at 31st      As at 30th 
                                       Dec 2003       Dec 2002       June 2003
                                    (unaudited)    (unaudited)       (audited)
                                          £'000          £'000           £'000

Fixed assets

Goodwill and intangible assets           65,460         63,666          62,444
Tangible assets                           9,517         10,126           9,749
                                         --------       --------         -------
                                         74,977         73,792          72,193
                                         --------       --------         -------
Current assets

Stock and work in progress                2,385          2,519           2,053
Debtors                                  15,977         13,883          16,320
Cash at bank and in hand                  1,663              -           5,787
                                         --------       --------         -------
                                         20,025         16,402          24,160

Creditors: Amounts falling due          (35,252)       (24,567)        (31,964)
within one year
                                         --------       --------         -------
Net current liabilities                 (15,227)        (8,165)         (7,804)
                                         --------       --------         -------
Total assets less current                59,750         65,627          64,389
liabilities
Creditors: Amounts falling due                -         (5,900)         (4,900)
after more than one year
Provision for liabilities and              (618)          (687)           (678)
charges
                                         --------       --------         -------
Net assets                               59,132         59,040          58,811
                                         ========       ========         =======
Capital and reserves

Called-up share capital                   4,168          4,156           4,156
Share premium account                    42,362         42,149          42,149
Other reserves                              949            949             949
Profit and loss account                   9,589         10,450          10,185
                                         --------       --------         -------
Shareholders' funds                      57,068         57,704          57,439
Minority interests                        2,064          1,336           1,372
                                         --------       --------         -------
                                         59,132         59,040          58,811
                                         ========       ========         =======


CONSOLIDATED CASH FLOW

                           Notes     Six months     Six months   Twelve months
                                     ended 31st     ended 31st      ended 30th 
                                       Dec 2003       Dec 2002       June 2003
                                    (unaudited)    (unaudited)       (audited)
                                          £'000          £'000           £'000

Reconciliation of operating 
profit to net cash inflow 
from operating activities:

Operating profit                          1,573          1,403           4,936
Adjustment for items not                  2,932          2,778           5,537
involving the flow of
funds
Net working capital            7         (2,950)        (1,403)          2,463
movement                                 --------       --------        --------

Net cash inflow from                      1,555          2,778          12,936
operating activities

Returns on investments
and servicing of finance                 --------       --------        --------

Interest received                            11              6              78
Interest and similar                        (90)          (131)           (364)
charges paid
Dividends paid to                           (25)             -            (157)
minority shareholders in
subsidiary undertakings                  --------       --------        --------

Net cash outflow                           (104)          (125)           (443)

Taxation

Corporation tax paid                       (944)        (1,288)         (2,719)
Capital expenditure and
financial investment                     --------       --------        --------

Purchase of goodwill and                      -            (94)         (1,075)
intangible fixed assets
Purchase of tangible                       (546)          (541)         (1,375)
fixed assets
Sale of tangible fixed                       23             75             272
assets                                   --------       --------        --------

Net cash outflow                           (523)          (560)         (2,178)

Acquisitions and
disposals                                --------       --------        --------

Purchase of subsidiary                  (11,297)             -               -
undertakings and minority
interests
Purchase of businesses                     (350)        (1,069)         (1,529)
Sale of businesses                            -            160             663
                                         --------       --------        --------

Net cash outflow                        (11,647)          (909)           (866)

Equity dividends paid                    (1,413)          (416)         (1,055)
                                         --------       --------        --------

Cash (Outflow)/inflow                   (13,076)          (520)          5,675
before financing

Financing                                --------       --------        --------

Issue of shares                             225             65              65
Repayment of loan notes                       -           (295)           (295)
                                         --------       --------        --------
                                            225           (230)           (230)
                                         --------       --------        --------
(Decrease)/increase in                  (12,851)          (750)          5,445
cash                                     ========       ========        ========

Reconciliation of net cash 
flow to movement in net 
(debt)/cash

Change in net (debt)/cash               (12,851)          (750)          5,445
resulting from cash flow

Arising on acquisitions                     794              -               -
and disposals

Net cash brought                          5,590            145             145
forward                                  --------       --------        --------

Net (debt)/cash carried                  (6,467)          (605)          5,590
forward                                  ========       ========        ========




1.         Nature of Information

The interim accounts for the six months ended 31st December 2003, and the
comparative figures for the six months ended 31st December 2002 are neither
audited nor reviewed by the Company's auditors. The comparative figures for the
twelve months ended 30th June 2003 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 and the comparative figures are prepared on the basis of
the accounting policies set out in the accounts of the Group for the twelve
months ended 30th June 2003.


2.            Segmental information

                                     Six months     Six months   Twelve months
                                     ended 31st     ended 31st      ended 30th 
                                      Dec  2003       Dec 2002       June 2003
                                    (unaudited)    (unaudited)       (audited)
                                          £'000          £'000           £'000

Turnover:
Business Information                     10,352          9,712          22,935
Media                                    15,369         17,259          34,614
Professional Training                    11,817         10,017          20,870
                                         --------       --------        --------
                                         37,538         36,988          78,419
                                         ========       ========        ========

Profit before taxation:
Business Information                      1,601          1,678           4,711
Magazine Publishing                        (553)          (257)             83
Professional Training                     2,598          2,105           4,338
                                         --------       --------        --------
Operating profit after exceptional        3,646          3,526           9,132
items but before amortisation
Less: interest                              (96)          (125)           (286)
                                         --------       --------        --------
                                          3,550          3,401           8,846
Less: amortisation                       (2,073)        (2,123)         (4,435)
                                         --------       --------        --------
Profit on ordinary activities             1,477          1,278           4,411
before taxation                          ========       ========        ========



3.            Exceptional items

Exceptional items for the twelve months to 30th June 2003 comprised profit on
sale of businesses of £553,000 less restructuring costs of £792,000.



4.            Taxation

                                     Six months     Six months   Twelve months
                                     ended 31st     ended 31st      ended 30th 
                                      Dec  2003       Dec 2002       June 2003
                                    (unaudited)    (unaudited)       (audited)
                                          £'000          £'000           £'000

The tax charge comprises:
UK corporation tax at current             1,138          1,044           2,642
rates
Adjustment to previous year                 (90)             -              74
                                         --------       --------        --------
                                          1,048          1,044           2,716
Deferred tax credit                         (60)           (32)           (116)
                                         --------       --------        --------
                                            988          1,012           2,600
                                         ========       ========        ========

The total tax charge as a percentage of profit before taxation is 66.9% because
of the disallowable amortisation of certain intangibles.


5.      Earnings per ordinary share


Earnings per ordinary share is calculated on the basis of profit on ordinary
activities after taxation and minority interests divided by 83,233,254 (2002:
83,112,829) being the weighted average number of ordinary shares of 5p in issue.

Diluted earnings per ordinary share is calculated on the basis of profit on
ordinary activities after taxation and minority interests divided by 83,453,890
(2002: 83,122,308), being the diluted weighted average number of ordinary shares
of 5p.


6.      Adjusted earnings per ordinary share


Adjusted earnings per ordinary share has been calculated based on an adjusted
profit after taxation and minority interests but before amortisation of goodwill
and intangible assets and exceptional items of £2,269,000 (2002: £2,041,000).


7.      Net working capital movement

                                     Six months     Six months   Twelve months
                                     ended 31st     ended 31st      ended 30th 
                                      Dec  2003       Dec 2002       June 2003
                                    (unaudited)    (unaudited)       (audited)
                                          £'000          £'000           £'000

(Increase)/decrease in stock and           (332)          (282)            176
work in progress
Decrease/(increase) in debtors            1,137          2,173            (344)
(Decrease)/increase in creditors         (3,755)        (3,294)          2,631
                                         --------       --------        --------
                                         (2,950)        (1,403)          2,463
                                         ========       ========        ========


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



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