19th Sep 2019 11:19
(Alliance News) - Wilmington PLC on Thursday reported a steep climb in annual profit after the non-repeat of some one-off costs.
Pretax profit for the year to June 30 jumped to GBP14.7 million from GBP2.3 million, though the adjusted figure fell 12% to GBP19.3 million.
Wilmington, which provides information, education, and networking services to the risk & compliance and healthcare sectors, said the rise was due to business sales and the non-repeat of costs including a goodwill impairment and a head office move.
Wilmington's revenue was up 1% to GBP122.5 million, and organic growth was 1.5%.
The company has paid a final dividend of 5.0 pence per share, taking the year's total to 9.1p, 3% more than the 8.8p paid a year before.
"Wilmington made progress over the year on our objective of focussing the Group on delivering organic growth. We built momentum despite having to deal with the current uncertainties in the political and economic climate," said Non-Executive Chair Martin Morgan.
The Risk & Compliance unit delivered 6% organic revenue growth, after strong demand for online courses. Healthcare recovered from a difficult prior year to achieve 1% organic growth, while Professional revenue fell 2% organically due to the difficult economic and political climate in the UK.
Trading in the first two months of Wilmington's new financial year has met expectations, with "promising" sales growth in all three units.
"The board maintains its view the group is well positioned to build on this and deliver improved performance and increased shareholder value," Morgan commented.
Wilmington shares were 1.9% lower on Thursday morning in London at a price of 197.00 pence each.
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