13th May 2014 10:52
LONDON (Alliance News) - Business support company Wilmington Group PLC Tuesday said it is on track to meet full-year expectations, after revenue grew 5% on the year in its fiscal third quarter while underlying operating profit and margins were up in all divisions except legal.
The company, which provides information, compliance and education to professional markets, said revenue growth in the three months to end-March was fueled by recent acquisitions but capped by some continued rationalisation.
It said the strength of the pound had a small impact on earnings abroad when they are translated back into sterling, while its legal division was continuing to face challenging conditions.
Elsewhere, revenue was up in pensions and insurance, banking and compliance, and its healthcare unit, with all three divisions helped by recent acquisitions. Revenue declined in its business intelligence unit and legal.
Wilmington said net debt stood at GBP34.6 million on March 31, down from GBP35.3 million a year earlier, despite the spending on acquisitions. It said that illustrated its strong cash generation.
Wilmington Group shares were up 0.2% at 230.00 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Wilmington