Wilmington releases financial results

Wilmington plc reports as follows:

We are pleased to report another year of good progress and delivering on our strategy with notably strong increases in revenues, profits and cash generation. We continued to focus and streamline our portfolio of businesses on the international Governance, Risk and Compliance (GRC) markets.

Key highlights include:

• 14% revenue growth from ongoing businesses. Organic growth of 9%. All ongoing businesses grew.
• Annual recurring revenues up 16%, now 36% (2023: 33%) of Group organic revenues.
• Adjusted profit before tax from ongoing businesses up 42% to £24.1m (2023: £16.9m).
• Total adjusted PBT margin up to 22% from 20%.
• Dividend increased by 13% to final dividend of 11.3p.
• Robust balance sheet with net cash at 30 June 2024 £67.8m (2023: £42.2m) reflecting strong trading performance and cash conversion as well as the net cash received from portfolio changes.
• Continued to enhance and streamline portfolio, supporting our clear strategy of operating in (regulated) GRC markets.
• Investment in the development of single technology platform for the whole business.

Mark Milner, chief executive officer said: “This year, we saw strong increases in revenues, profits, and cash generation, aligning with our strategy. Our margins have significantly improved, and we've continued to seek opportunities for growth and profitability through strategic acquisitions. Our core business areas have grown due to effective product innovation and solid customer relationships. Acquisitions have also played a major role in our success, adding valuable assets to our portfolio.”

The full results can be seen here.