21st Feb 2019 12:12
LONDON (Alliance News) - Wilmington PLC on Thursday said it remains on track to achieve its annual targets as profit rose significantly in the first half on credit division disposal.
The provider of information, education and networking services said pretax profit in the six months to the end of December more than doubled to GBP5.8 million from GBP2.2 million a year before, but revenue remained flat at GBP58.3 million.
At constant currency and adjusting for the impact of acquisitions and disposals, revenue was also flat year-on-year, the company said, which compares to an organic reduction of 3% in the first half of last financial year.
Meanwhile, profit benefited from the GBP1.9 million gain made on the sale of Wilmington's specialist credit reporting business in mid-July 2018. Adjusted pretax profit decreased to GBP6.7 million from GBP9.1 million the prior year, due to the increases in expenses, including the investments in infrastructure and general cost inflation.
Wilmington declared an interim payout of 4.1 pence, up 2.5% from 4.0p paid the year prior.
"The first six months of the current year have seen initial progress in our stated goal of returning Wilmington to organic revenue growth," said Interim Executive Chair Martin Morgan.
"With all three divisions demonstrating positive trading momentum, overall the group remains on track to achieve its full year expectations," added Morgan.
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