Wilmington (WIL) H1 2025 earnings summary

Executive summary

• Ongoing revenue grew 16% year-over-year to £44.9m, with seven of nine businesses reporting growth and organic growth of 3%.

• Ongoing operating margin increased to 28%, and adjusted profit before tax rose 39% to £11.4m; adjusted basic EPS up 40% to 9.59p.

• Portfolio strengthened by the acquisition of Phoenix Health & Safety in October 2024, expanding HSE presence and expected to be earnings enhancing.

• Interim dividend maintained at 3.0p per share, supported by a robust balance sheet and net cash of £31.3m.

• Trading remains in line with expectations for the current financial year.

Financial highlights

• Ongoing revenue reached £44.9m, up 16% year-over-year; statutory continuing revenue up 6% to £46.6m.

• Ongoing operating profit increased 18% to £12.4m; organic operating profit up 10%.

• Ongoing adjusted profit before tax rose 39% to £11.4m; adjusted basic EPS up 40% to 9.59p.

• Net cash position of £31.3m at 31 December 2024, after £29.2m spent on Phoenix acquisition.

• Free cash flow before dividends was £3.1m; equity dividends paid totaled £7.5m.

Outlook and guidance

• Trading is in line with expectations, with continued focus on sustainable growth and operational improvements.

• Digital Hub and RegTech platform rollouts continue, with new AI solutions in beta and further customer onboarding expected.

• Focus remains on organic and inorganic growth in GRC and regulatory compliance markets, with disciplined capital allocation for further acquisitions.