Wilmington (WIL) H2 2025 earnings summary

Executive summary

• Achieved resilient results in FY25 with 11% ongoing revenue growth, supported by strong contributions from Health & Safety and recent acquisitions, despite significant external change and disruption.

• Ongoing adjusted operating profit rose 8% to £30.3m, with a 30% margin.

• Strategic pivot to focus on governance, risk, and compliance (GRC) continues, with portfolio reshaping through acquisitions (Phoenix, Conversia) and disposals (Compliance Week, FRA).

• Technology transformation advanced with rollout of RegTech platform and AI-powered product offerings.

Financial highlights

• Ongoing revenue increased to £99.5m (up 11% year-over-year); organic revenue declined 1% due to US healthcare market challenges.

• Adjusted profit before tax up 18% to £28.4m; adjusted PBT margin increased to 27% from 24%.

• Dividend per share increased 2% to 11.5p, maintaining a cover of at least two times adjusted basic EPS.

• Cash conversion of profits at 107%; share buyback of £3.4m completed; CapEx remains at zero, with technology investment expensed.

• Net cash decreased by £25.6m due to acquisitions and share buybacks.

Outlook and guidance

• Current trading is in line with expectations, with steady demand in non-U.S. markets and solid order books for Q1.

• Conversia acquisition expected to close by end of November, anticipated to be earnings accretive in its first full year.

• FRA's event schedule consolidated for FY26, expected to improve profitability despite lower revenue.

• No anticipated short- or mid-term impact from deregulation in core markets.