19th Sep 2013 11:40
LONDON (Alliance News) - Wilmington Group PLC Thursday reported flat revenues and a drop in profits for the full year, as the closure or sale of its loss-making businesses offset revenue contributions from recent acquisitions.
The company engaged in training and events, publishing and information said that its pretax profit for the year was GBP5.1 million, compared with GBP6.3 million a year earlier.
The company maintained its final dividend at 3.5 pence, making a total dividend of 7.0 pence for the year. Wilmington said its outlook for 2014 remains unchanged, and it is trading in line with management expectations.
It reported full-year revenues of GBP85.0 million, fairly flat when compared with GBP85.3 million a year earlier, due to the restructuring of its legal division, the disposal or closure of its lower margin businesses, and its exit from contract publishing, which it said offset a revenue contribution of GBP2.1 million from two recent acquisitions.
Subscriptions and deferred revenue rose by 7% to GBP18.6 million. Wilmington said subscription and other repeatable revenue now represent 79% of overall revenue.
The company also said that international revenues now represent 32% of total revenue, and that it has reduced its exposure to advertising to only 6% of revenue. Print revenue fell to GBP3.8 million from GBP4.5 million a year earlier.
Wilmington reduced its net debt by GBP2.8 million during the year, to GBP33.4 million, despite investing GBP6.3 million of net cash on acquisitions in the year. It also said it gained GBP4.4 million in cash from the disposal of a surplus freehold property.
Wilmington made three acquisitions during the year, including the recent purchase of Compliance Week, which it said will begin to contribute to profits in 2014.
Wilmington Group shares were trading at 198.50 pence per share, up 1.0% or 2.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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