Wilmington (WIL) Trading Update summary

Financial performance

• Ongoing business revenue grew 11%, driven by recent HSE sector acquisitions showing double-digit growth.

• Seven out of nine businesses achieved year-on-year growth, despite US healthcare market disruption.

• Reported revenue expected at £101.5m, down from £126m, reflecting portfolio changes and US market impact.

• Operating profit from ongoing businesses up 11%; adjusted profit before tax expected at £27.7m, with margin rising to 27%.

• Organic revenue decreased 1% due to US events business challenges.

Cash and capital management

• Cash conversion remained strong at 107% of profits.

• Net cash at year-end was £41.9m, after the Phoenix Health & Safety acquisition and £3.4m spent on share buybacks.

• Continued focus on investing cash in acquisitions to enhance revenue and profit quality.

Strategic and operational highlights

• Portfolio actively managed with two disposals and two acquisitions in the year.

• Both recent acquisitions delivered double-digit growth.

• Ongoing focus on a higher quality, slimmed-down portfolio to drive growth and margin improvement.

• Year-end results scheduled for release on 22 September 2025.