6th Nov 2014 11:02
LONDON (Alliance News) - Wilmington Group PLC Thursday said it is on track to meet expectations for the full year, as it traded in line with expectations in its first quarter to end-September "despite adverse currency effects".
In a statement ahead of its annual general meeting, the company said it was progressing well on its review of its businesses, and expects to update on this review in December.
The company said revenue in its Banking and Compliance business has been boosted as it secured further major training programmes with international banks. The division, as well as Pensions and Insurance, has been hit by exchange rate movements due to its significant international operations, Wilmington noted.
Pensions and Insurance saw a small fall in demand, although this has been largely offset by cost control. Healthcare was helped by significant investment in the previous year, and it saw positive revenue growth compared to the previous year despite a hit from the Euro on its French language medical news agency. Wilmington said that whilst it was too early to see if challenging conditions for this business have abated, it was encouraged by its good start to the year.
In Legal Wilmington continued to see challenging conditions, although declines have slowed, and some areas continued to see growth. A lower cost base has also helped improve the divisions performance.
Business Intelligence revenue was up slightly in the quarter, and helped improve the contribution from the business in combination with a lower cost base. Accountancy saw growth driven by demand for face-to-face public course training, which has helped improve the divisions overall contribution.
Shares in Wilmington are trading down 1.8% at 216.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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