Wilmington PLC AGM and Q1 Trading Update (3031V)
November 02 2017 - 3:00AM
UK Regulatory
TIDMWIL
RNS Number : 3031V
Wilmington PLC
02 November 2017
2 November 2017
Wilmington plc
AGM and Q1 Trading Update
Wilmington plc ("Wilmington" or "the business"), the provider of
information, education and networking services in Risk &
Compliance, Professional and Healthcare knowledge areas, announces
its trading update for the three-month period to 30 September 2017
with comments reflecting trading to date. This statement is also
being made at the Group's Annual General Meeting being held
today.
Trading Update
Revenue for the three months was up 6% against the same period
last year (6% in constant currency terms) supported by the
acquisition of Health Service Journal ("HSJ"). Underlying revenue
was down 3%, partially impacted by a decision to reduce the output
of some networking events as part of a refocus of the US
program.
Adjusted profits before tax were marginally down compared to
last year reflecting the slow start as well as the initial impact
of the previously announced additional investment in our new
learning management system ("LMS"), strategic marketing systems,
and the acceleration in the digitisation of our training
products.
Net debt as at 30 September 2017 was GBP42.4m (2016: GBP38.7m).
The increase in net debt reflects, inter alia, the net investment
in HSJ of GBP16.9m in January 2017, offset by the net proceeds from
the sale of the Underwood Street offices and good underlying cash
generation.
Outlook
The overall trading outlook has not changed since the full year
2017 results announcement published in September. With the three
divisions in place and an ongoing commitment to investing in
opportunities around the further digitisation of our business, we
are confident in our prospects. We continue to see the trends of
tighter regulatory control and more complex legislation being
implemented in most of our key markets, which in turn is driving
demand for many of our products and services.
Overall, Wilmington is on track to deliver against expectations
for the full year.
-End-
For further information, please contact:
Wilmington plc
Pedro Ros, Chief Executive
Officer
Tony Foye, Chief Financial
Officer 020 7422 6800
FTI Consulting
Charles Palmer / Emma Hall
/ Adam Davidson 020 3727 1000
Notes to Editors
Wilmington plc is the recognised knowledge leader and partner of
choice for information, education and networking in Risk &
Compliance, Professional and Healthcare areas. Capitalised at
approximately GBP210 million, Wilmington floated on the London
Stock Exchange in 1995.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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