Interim Management Statement

RNS Number : 9084V

Wilmington Group Plc

10 November 2010

 



10 November 2010

Wilmington Group plc

 Interim Management Statement

Wilmington Group plc, the information and training group, today issues its Interim Management Statement for the period from 1 July 2010 to date.  The statement is being made to the Group's Annual General Meeting which is being held today.

Trading performance during the quarter to 30 September and subsequently to the date of this statement has been in line with our expectations with both revenue and profits ahead of the prior year.  As anticipated, the graduate training programmes for investment banks have generated significantly improved revenues and profits compared to the prior year.  Axco Insurance Information Services, acquired on 21 September 2010, is trading in line with our expectations.  The integration process has begun well.

Outlook

Whilst many of our businesses are producing robust performances, generating good levels of profit and excellent cash flow, the economic outlook continues to be patchy with many markets remaining unpredictable.  The legal market in particular having looked to have stabilised shows little evidence of a sustained recovery. 

Trading conditions remain tough, but we continue to concentrate on focused management and cost control.  At the same time we remain excited about the opportunities which exist in our markets and continue to invest in international expansion and in new product development.   After expensing the full cost of these investments we expect the Group's performance for the 6 months ending 31 December 2010 to be marginally improved compared to the 6 months ended 31 December 2009, however the second half may prove to be more challenging as the impact of the Government spending cuts becomes clearer.

As indicated above we continue to invest in the business and we have a strong balance sheet and good cash flows which have enabled us to continue to invest for the medium term as well as to seek out value enhancing acquisitions.

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 £145 million, Wilmington floated on the London Stock Exchange in 1995.

 

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