Wilmington PLC Trading Statement (1523E)
04 Noviembre 2020 - 1:00AM
UK Regulatory
TIDMWIL
RNS Number : 1523E
Wilmington PLC
04 November 2020
4 November 2020
Wilmington plc
('Wilmington' or 'the Group')
Trading Update
Wilmington plc, the provider of data, information, education and
networking services in Risk & Compliance, Healthcare and
Professional knowledge areas today announces an update on trading
for the three months to 30 September 2020. This statement is being
made ahead of its Annual General Meeting ('AGM') which is taking
place later today. The AGM is taking place as a closed meeting due
to the restrictions imposed in response to Covid-19.
Trading Update
The Board is pleased to announce that financial results for the
quarter have been encouraging and were ahead of management's
previous expectations. Adjusted PBT was ahead of the corresponding
period in the last financial year despite revenue being down around
6% on an underlying basis at constant currency due to the inability
of the Group to run face-to-face training and events in the
period.
The Group's Preliminary Results announced on 17 September 2020
demonstrated the extent to which the digital transformation of
face-to-face events and training to virtual formats had been
successful. The speed with which this transformation was delivered
helped to mitigate a significant element of the potential first
quarter revenue impact from Covid-19. Decisive action to reduce
costs has also continued - the savings in direct costs as a result
of this transition were augmented by an overhead reduction exercise
that was undertaken over the summer resulting in the improved
year-on-year profitability.
Each of the Group's three divisions has seen trading ahead of
internal expectations. Notable performances were seen in our core
subscription-led data businesses, which make up around 50% of Group
revenues and which have continued to hold up well during the
pandemic. Additionally, in Compliance, ICA Singapore has seen good
registrations for new qualifications and in Professional, the
investment banking training business was able to convert its summer
intake programme to virtual formats and hence deliver revenue in
line with the prior year.
Cashflow in the quarter was also better than previously expected
with net debt as at 30 September 2020 of GBP28.0m (30 September
2019: GBP41.2m). In October, to secure its headroom, the Group
extended by twelve months the term on its existing GBP65.0m
revolving credit facility by exercising the pre-existing option
that it had to do so. The facility will now expire on 3 July
2024.
Outlook
Following the strong first quarter trading performance the Group
is on track to at least achieve the expectations for the half year
that it set out in the Preliminary Results announcement on 17
September 2020. This is for revenue and profit in the first half to
be in line with that achieved in the second half of the year to 30
June 2020.
Predictions for second half performance remain difficult at this
current time due to the uncertainty over the extent to which the
Group will be able to run face-to-face events in that period.
Recent lockdowns and developments globally in the spread of
Covid-19 are likely to delay the resumption of face-to-face
activities and it is not possible to say at this stage when that
resumption will be. The Group is currently in active discussions
with customers over its key H2 events such as RISE National and is
considering all alternatives around format and timing.
In the Preliminary Results announcement we set out a range of
potential outcomes for H2 depending on whether or not we could run
face-to-face events and training. Recent trading experience leads
us to believe that a fully virtual H2 would deliver better revenue
and profitability than we guided to at that time as the lower end
of the potential range. So whilst the chances of that scenario
occurring have increased in recent weeks as the pandemic has
developed, we feel increasingly confident in our ability to
mitigate some of the associated financial effects of that potential
outcome.
The Group plans to announce its Interim Results for the six
months ended 31 December 2020 on Thursday 18 February 2021.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement this inside information is now considered to be in the
public domain.
For further information, please contact:
Wilmington plc 020 7490 0049
Mark Milner, Chief Executive Officer
Richard Amos, Chief Financial Officer
FTI Consulting 020 3727 1000
Charles Palmer / Dwight Burden / Emma Hal l / Debbie Oluwaseyi
Sonaike
Notes to Editors
Wilmington is the recognised knowledge leader and partner of
choice for data, information, education and networking in Risk
& Compliance, Healthcare and Professional areas. Wilmington
employs close to 1,000 people and sells to around 120 countries.
Wilmington plc is listed on the main market of the London Stock
Exchange.
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END
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