5th Nov 2019 10:44
(Alliance News) - Publishing company Wilmington PLC on Tuesday said good new business sales performance across all divisions led to a year-on-year rise in first quarter revenue and profit.
Wilmington shares in London were trading 2.9% higher at 247.90 pence each in morning trade
The company, which specialises in compliance, legal and healthcare publications, said overall organic revenue, at constant currencies and after adjusting for acquisitions and disposals, for the three months to September 30 increased 2.5% year-on-year.
"The increase in revenue was supported by encouraging new business sales performance across the group, an increasingly important lead indicator of progress. Sales activity levels in Risk & Compliance and Healthcare were both up on the prior year, with Professional flat," Wilmington said, adding that adjusted pretax profit for the quarter was also up in line with the revenue rise.
Wilmington remains on track to deliver against its expectations announced in September, when it said full-year organic revenue growth is expected to be in low to mid-single digit range. In financial 2019, organic revenue was reported to have grown 1.5%.
"The timing of certain revenues might shift slightly more to the second half, as the recent decision by the UK government to defer its autumn budget until after the general election means that related revenues previously expected to be delivered by the Professional division in November will now not be recognised until the second half of our financial year," Wilmington said.
The company is scheduled to release its results for the six months ended December 31 on February 20.
By Tapan Panchal; [email protected]
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