Wilmington plc announces its half year results
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Strong ongoing revenue growth, up 16%. Organic revenue growth up 3%
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Recurring revenue from organic businesses up 6%, underpinned by strong retention rates
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Robust balance sheet with net cash at 31 December 2024 £31.3m (31 Dec 23: £28.0m; 30 Jun 24: £67.8m) reflecting strong trading performance and cash conversion offset by the net cash outflow from portfolio acquisition and disposals
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Continued portfolio enhancement with the acquisition of Phoenix Health & Safety in October 2024, expanding position in the growing HSE (Health, Safety and Environmental) training market, improving Group growth rates
- Ongoing adjusted profit before tax up 39% to £11.4m and ongoing adjusted profit before tax margin up 4ppt to 25%
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Repeat revenues, including organic recurring revenues of 38%, now 72% of continuing revenues (71% in H1 FY24)
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Continued investment in the development of single technology platform for the whole Group
"We have delivered another strong financial performance, particularly profitability and earnings. Our margin also continued to improve. "We have also continued to execute on our strategy of replacing low growth and low margin businesses with scalable high growth, high margin businesses, which are enhancing the quality of the Group. "We have a notably strong balance sheet which leaves us well placed to continue to invest across the business, in both organic and inorganic opportunities. "Trading in the current financial year continues to be in line with expectations."
Chief Executive Officer
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