Wilmington Group plc is one of the UK's leading providers of information and training for professional business markets including accountancy and tax; banking; charities; financial compliance; healthcare; insurance; law and pensions.
Wilmington Group, the provider of Information, Compliance, and Education to professional markets presents its Interim Management Statement for the period from 1 July 2012 to date.
Wilmington has reported revenues during the period from 1 July 2012 to date in line with management's expectations. The banking & bompliance and pensions & insurance businesses have delivered good revenue growth, but revenues in its legal division have reduced as planned as marginal events started in 2011 have run their course. Revenues in its Healthcare business is marginally down on 2012 due to a weakening in the Euro exchange rate, which affects its APM business.
The Company says it has seen good growth in profits and operating margins across all the business divisions except, as expected, business intelligence. The legal division in particular has enjoyed strong margin and profit growth reflecting the successful restructuring last year.
The Companys say the reorganisations announced last year have gone well and it expects to benefit from the resultant cost savings over the next few months. It is actively pursuing further efficiency gains across its businesses.
Management says "Cash flow is strong and debt is reducing according to plan. Our businesses continue to perform well and produce excellent and reliable cash flow. The outcome for the year will be in line with our expectations"
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