15th Aug 2007 07:01
Wilmington Group Plc15 August 2007 For immediate release 15 August 2007 Wilmington Group plc Disposal of Non-Core Assets Further to our announcement of 6th June 2007 the Board of Wilmington Group plc("Wilmington" or "the Group") is pleased to announce the successful completionof the sale of its non-core businesses in its Design, Construction, Power,Catering, Automotive and Specialist markets. The purchaser, Progressive MediaPublications Ltd, has acquired the entire issued share capital of WilmingtonMedia Limited ("WML") and Dewberry Redpoint Limited ("DRL") for a total cashconsideration of £12 million on a debt-free, cash-free basis, subject to certainnet asset adjustments at completion, thereby reducing Wilmington's borrowings.In the year to 30th June 2006, the businesses had combined revenues of £19.8mand operating profit before amortisation of intangible assets of £1.2m. At 30thJune 2006, the businesses had gross assets of £7.9m. Wilmington Chief Executive, Charles Brady, commented: "Our focus will now be on the development of training and information businesses in professional markets. Wilmington is confident it will significantly improve the revenues and the performance of the Group through organic growth and by acquisition. I would like to thank all the employees of the businesses that have been included in this transaction for their vital part in the history and progress of Wilmington. I wish them well in the future." Enquiries: Wilmington Group PLCCharles Brady, Chief Executive 0207 422 6800 Weber Shandwick FinancialNick Oborne / Georgia Dempsey 0207 067 0700 Grant Thornton Corporate FinanceStuart Sparkes 0870 324 2631 Numis SecuritiesJames Serjeant 0207 260 1309 Hoare Govett LtdSara Hale 0207 678 8000 Notes to Editors Wilmington Group plc is one of the UK's leading providers of information andtraining for professional business markets. The Group provides training,arranges industry events and publishes magazines, directories, databases andspecial reports focused primarily on its three principal sectors of Legal &Regulatory, Healthcare and Media & Entertainment. Capitalised at approximately£190 million, Wilmington floated on the London Stock Exchange in 1995. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Wilmington