Wilmington benefits from early switch to digital in the pandemic

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Wilmington PLC (LON:WIL) said it performed better than expected in the year just ended.


The provider of data, information, education and training services in the global governance, risk and compliance (GRC) markets said it finished the year ahead of plan on the key performance indicators of revenue, adjusted profit before tax and net debt.


Trading in both the Information & Data, and Training & Education divisions was strong in the second half of the financial year resulting in group revenue for the year being unchanged on the previous year, despite the lack of face-to-face training or events.


Revenues excluding events grew year-on-year in both divisions, the company said.


Full-year adjusted profits will be ahead of the previous year once the final numbers are totted up as the group benefited from the swift digitisation of its products and services at the beginning of the COVID-pandemic, as well as strong revenues, tight control of overheads and actions taken to reduce less profitable lines of business.


Net debt at the end of June had narrowed to GBP17.7mln from GBP27.7mln a year earlier.


“This robust performance, despite the pandemic which resulted in all our products needing to be delivered digitally, reflects the restructuring and repositioning that we executed over the last year or so and our leading market positions,” said Mark Milner, the group’s chief executive officer.


“Importantly, cash flow was also strong, which has enabled us to continue to invest in new products, reduce debt, repay the UK furlough support and resume paying dividends,” he added.


“The resilient nature of our digital business delivery, the gradual return of face-to-face training and events and our investment in new products and capabilities means we expect both revenues and profits to make good progress in the new financial year,” Milner concluded.


Shares in Wilmington were up 6.7% at 222p.

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