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Interim Management Statement

15th Nov 2011 07:00

RNS Number : 0715S
Wilmington Group Plc
15 November 2011
 



 

 

 

 

 

15 November 2011

Wilmington Group plc

 

Interim Management Statement

 

Wilmington Group, the information and training group, today announces its Interim Management Statement which is being made to the Group's Annual General Meeting which is being held today.

 

Overall trading during the period from 1 July to date has been broadly in line with our expectations.Trading conditions within the Legal Training business have continued to be difficult but we have now completed a detailed review of the business and initiated a plan to address the challenges and opportunities in this market. As part of this we have recruited a new managing director, Rob Farquharson, to lead the legal and corporate training businesses. Rob qualified as a solicitor with Clifford Chance, was a consultant at Bain & Co and for the last 7 years was at Reed Elsevier, most recently as Director of Lexis Nexis Connect.

 

We are reducing the Group's cost base to deliver annualised savings of £1m per year, predominantly in the Legal Training business, with associated exceptional costs of a similar scale expected to be incurred in the current year.

The balance of our businesses both within Training & Events and Publishing & Information continue to perform well and produce excellent cash flow. Whilst the first half year will fall short of prior year, the cost savings and management initiatives now being undertaken are expected to deliver a significant improvement for the second half. Together they should deliver an outcome for the year in line with current expectations for the overall business and return the Group to its growth path going forward.

 

At the full year we indicated our intention to strengthen our Non Executive Board. We expect to announce appointments in this respect very shortly.

 

ends

 

For further information, please contact:

 

Wilmington Group Plc

Charles Brady, Chief Executive

Basil Brookes, Finance Director

020 7422 6800

Weber Shandwick Financial

020 7067 0700

Nick Oborne / Stephanie Badjonat

 

Notes to Editors

 

Wilmington Group plc is one of the UK's leading providers of information and training for professional business markets. The Group provides training, arranges industry events and publishes directories, databases, magazines and special reports for a variety of markets including the legal, health, accounting, pension, charities, financial and insurance sectors. Capitalised at approximately £74 million, Wilmington floated on the London Stock Exchange in 1995.

This information is provided by RNS
The company news service from the London Stock Exchange
 
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