25th Feb 2014 09:13
LONDON (Alliance News) - Wilmington Group PLC's Chief Executive Charles Brady announced his retirement Tuesday, and the company said it was on track to meet full-year expectations as revenue rose in the half year ended December 31, 2013.
The training, events, publishing and information company raised its interim dividend to 3.6 pence from 3.5 pence in the previous year. It said it had seen a solid start to 2014 and was on track to meet full-year expectations.
Wilmington posted revenue of GBP43.1 million in the recent six months, up from GBP40.9 million in the same period the previous year. As a result of higher operating expenses - and the non-recurring benefit of GBP2.3 million Wilmington received from its sale of its headquarters Paulton House in 2012 - pre-tax profit dropped to GBP3.7M from GBP5.1 million in the previous year.
Revenue growth was boosted by first time contributions from the company's recent acquisitions, although this was offset somewhat by the continued rationalisation and disposal of Wilmington's under-performing businesses.
The company said that it had seen good performances from its Pensions & Insurance and Banking & Compliance businesses, although it had seen more challenging conditions in its Healthcare and Legal markets. Tighter regulatory control and more complex legislation in its key markets continued to drive demand for its products and services, Wilmington said.
The search for Brady's replacement will be led by Chairman Mark Asplin. Brady will remain in his role until a successor has been found to ensure the handover.
"[Brady] has successfully moved Wilmington from a traditional UK print publisher to a digital subscription information and education provider to professional business markets," said Asplin in a statement. "The vast majority of the group's current business has either been acquired or created during his twelve year tenure as Chief Executive."
Shares in Wilmington were down 2.8% at 247.75 pence Tuesday morning following the annoucement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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