Wilmington plc’s Chief Executive Officer Pedro Ros, speaking at the company’s full-year results presentation in London, said: “Wilmington continues to make good strategic progress as we focus the business on key areas of growth.”
Revenues for the twelve months ended 30 June 2017 were up 14% to £120.3m, with international revenues accounting for 43% of the total, while Adjusted Profit before Tax, at £21.4m, increased by 5%. The directors propose an increase in final dividend to 4.6p, bringing total dividends for the year to 8.5p (up 5%).
Pedro highlighted good revenue growth from Wilmington’s Risk & Compliance division, driven by demand for compliance offerings, and strong growth from the Healthcare division, where revenue was up by 28%. The January 2017 acquisition of Health Service Journal adds scale to the Healthcare division, which – uniquely – now has a complete UK industry presence across both the provider/payer and the private sectors.
Chairman Mark Asplin commented:
“Overall it has been a positive financial performance as we move towards our objective of becoming a single integrated international business. Wilmington has continued to meet the challenges that necessary change inevitably brings; a balance of growing revenue and profits whilst making material investments in new products, systems, offices, personnel and in new businesses.”
Pedro reported that growth within Healthcare reflected excellent returns from acquisitions made since the beginning of 2016, and Mark confirmed that Wilmington will continue to review opportunities to enhance growth and to add expertise through selective earnings-enhancing acquisitions consistent with strategy.
Commenting on the ongoing transition to “One Wilmington”, Pedro said:
“We are progressing well with project Sixth Gear which is a project to accelerate the integration of Wilmington. Sixth Gear is already well advanced in the achievement of many of its objectives including the consolidation of the London offices, the consolidation of all UK travel and subsistence, marketing best practice, procurement, key account management and centralised functions.”
Mark also noted that Chief Financial Officer Tony Foye has informed the Board of his intention to step down from his position in due course. Tony will remain in his position until June 2018 while a successor is found and to ensure a smooth and orderly handover.
Recognising Tony’s substantial contribution during his time with Wilmington, Mark said:
“I would like to thank Tony for his dedication and contribution to the Group over the last five years. Tony has been instrumental in developing the Group's strategy during his tenure and, on behalf of the Board and employees of Wilmington, we wish him all the best in his future endeavours when he leaves the Group next year."
This article is extracted from the full year results for the twelve months ended 30 June 2017 issued by Wilmington plc and presented on the 13 September 2017. Readers are advised to refer to the full text here: