18th Sep 2014 08:18
LONDON (Alliance News) - Wilmington Group PLC Thursday maintained its outlook for financial year 2015, expressing confidence that tighter regulatory control and complex legislation in its key market will drive demand going forward, after it posted higher pretax profit in the year that ended on June 30.
The training, events, publishing and information company raised its total dividend to 7.3 pence from 7.0 pence in the previous year.
Wilmington posted a pretax profit of GBP8.6 million in the recent financial year, up from GBP5.1 million in the previous year, boosted by a revenue rise to GBP90.0 million from GBP85.0 million and lower exceptional costs.
Revenue growth was boosted by strong growth in the banking & compliance, and pensions & insurance divisions, as well as a maiden contribution from its August 2013 acquisition Compliance Week.
The company's legal and healthcare divisions saw a weaker performance, facing continued competitive pressure. Wilmington said that, as a result of this, it has made "significant" changes to the management teams of both business, and strengthened its client offerings.
Adjusted earnings before interest, tax and amortisation margin improved to 20.8% from 19.8%, as the company's higher margin business grew and it discontinued lower-margin activities.
Chief Executive Charles Brady is retiring from his role, although he will stay on at the company as an executive director and chairman of the international compliance associate. Brady will be succeeded by former WPP PLC executive Pedro Ros at the beginning of October.
Wilmington said its trading in the current year has started in line with its expectations, and cited an improving macro economic climate.
"As we continue to see tighter regulatory control and more complex legislation implemented in our key markets, we remain confident that these changes will continue to drive the demand for our products and services globally," Chairman Mark Asplin said in a statement.
Shares in Wilmington were trading down 0.7% at 215.25 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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