Wilmington Group Plc
13 July 2004
For immediate release Tuesday 13 July 2004
WILMINGTON GROUP PLC
PRE-CLOSE PERIOD STATEMENT
Wilmington Group plc ('Wilmington' or the 'Group') today announces its pre-close
period statement in respect of the year ended 30 June 2004.
Trading results for the year ended 30 June 2004 are expected to be in line with
market expectations.
Wilmington has had a good year with both record turnover and increased profits.
Progress with our existing businesses combined with a number of strategic
acquisitions have contributed to the further development of the Group.
Business Information
The Business Information division is expected to show increased turnover and
profits for the year ended 30 June 2004. The integration of RED with Muze UK
has been successfully completed and as expected the benefits of the merger have
come through in the second half of the year. Profits from Wilmington's
Healthcare business are expected to have grown significantly. The acquisition
of Agence de Presse Medicale, announced in December 2003, has met the Group's
profit expectations during the six months that it has been part of Wilmington.
Media Division
Magazine advertising has remained difficult in most of our markets. Due to the
success of initiatives to create alternative sources of revenue, the profits of
the Drinks and Catering business are anticipated to meet our expectations.
Overall profits of the Media division for the year ended 30 June 2004 are
expected to be below our expectations as a consequence of weaker advertising
rates in the Design market. We expect these conditions to continue in the year
ending 30 June 2005.
The process of rationalising the Media division's activities continues and a
number of actions are being undertaken to reduce costs and increase
efficiencies. As a consequence one off costs of approximately £0.5m are
expected to be incurred in the year ending 30 June 2005. In addition, a
portfolio of seven industrial magazines was sold in May 2004 for a consideration
of £1.2m of which £0.2m was received on completion with the balance payable in
two equal instalments. The profit on disposal was balanced by costs incurred on
other corporate transactions which were not completed.
Professional Training
The Professional Training division is expected to show continued growth with
record turnover and increased profits for the year ended 30 June 2004. The core
Continuing Professional Development programme for lawyers has shown strong year
on year growth. There have also been pleasing performances from Bond Solon and
CLT Scotland.
Summary
The results for the year ended 30 June 2004 are expected to reflect the progress
in developing the Group as a provider of information and training. The strategy
of targeted acquisitions and developing a variety of income sources within key
markets means that reporting results by media type no longer reflects the
Group's approach. The Group therefore intends in future to report performance
of its business analysed by market sector.
It is anticipated that Wilmington will announce its preliminary results for the
year ended 30 June 2004 during the week commencing 13 September 2004
For further information please call:-
Charles Brady (Chief Executive) 0121 355 0900
Basil Brookes (Finance Director) 0207 422 6800
Bobby Morse (Buchanan Communications) 0207 466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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