Pre-close Trading Update

RNS Number : 3703P

Wilmington Group Plc

15 July 2010

 



15 July 2010

Wilmington Group plc

Pre Close Period Statement

Wilmington Group plc ('Wilmington' or 'the Group') today announces its pre close trading update.

Trading Performance

Trading performance for the year to 30 June 2010 is expected to be in line with the Board's expectations.

The Group's Publishing and Information business, which has generally performed well during the economic downturn, has seen overall trends in revenue and profit in the six months to 30 June 2010 in line with those experienced in the six months to 31 December 2009.

The Group's Training and Events business is expected to show revenues for the six months to 30 June 2010 marginally ahead of the corresponding period in the prior year.  The legal training market has stabilised with the volume of face-to-face bookings in the quarter to June ahead of the corresponding period in the prior year.  Webinar bookings continued to show good year-on-year growth.  Trading in the investment banking sector continues to improve.

We continue to benefit from a strong balance sheet, low gearing and excellent cash flow and have significant unutilised committed bank facilities.

Outlook

The Group has produced a robust trading performance as a result of the prompt action taken to reduce costs in the prior financial year.  The benefits of operational efficiencies and cost savings have come through as anticipated.  Whilst trading conditions continue to be difficult our trading performance and the levels of bookings indicate that our principal markets have either stabilised or are showing signs of growth.  The prevailing uncertainty surrounding the precise extent of Government spending cuts continues to cause some concern in those markets with exposure to the UK public sector.

Change, particularly new legislation or regulation, usually drives information and training requirements in the professional business markets we serve.  The Board continues to believe that the professional markets will provide a good environment for medium term growth.  To that end, we announced in May that we expect to invest up to £2 million over the course of the year in a number of organic product developments particularly in relation to the Flexible Legal Practice course, the overseas expansion of our business in the banking and finance sector and deeper content and enhanced functionality for a number of our information products.

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For further information, please contact:

Wilmington Group Plc	020 7422 6800
Charles Brady, Chief Executive
Basil Brookes, Finance Director
Weber Shandwick Financial	020 7067 0700
Nick Oborne or Clare Thomas
Numis Securities	0207 260 1309
James Serjeant
RBS Hoare Govett	0207 678 8000
Sara Hale

Notes to Editors

Wilmington Group plc is one of the UK's leading providers of information and training for professional business markets. The Group provides training, arranges industry events and publishes directories, databases, magazines and special reports for a variety of markets including the legal, health, accounting, pension, charities and financial sectors. Capitalised at approximately £114 million, Wilmington floated on the London Stock Exchange in 1995.

 

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