Wilmington Group Plc
15 August 2007
For immediate release 15 August 2007
Wilmington Group plc
Disposal of Non-Core Assets
Further to our announcement of 6th June 2007 the Board of Wilmington Group plc
('Wilmington' or 'the Group') is pleased to announce the successful completion
of the sale of its non-core businesses in its Design, Construction, Power,
Catering, Automotive and Specialist markets. The purchaser, Progressive Media
Publications Ltd, has acquired the entire issued share capital of Wilmington
Media Limited ('WML') and Dewberry Redpoint Limited ('DRL') for a total cash
consideration of £12 million on a debt-free, cash-free basis, subject to certain
net asset adjustments at completion, thereby reducing Wilmington's borrowings.
In the year to 30th June 2006, the businesses had combined revenues of £19.8m
and operating profit before amortisation of intangible assets of £1.2m. At 30th
June 2006, the businesses had gross assets of £7.9m.
Wilmington Chief Executive, Charles Brady, commented:
'Our focus will now be on the development of training and information businesses
in professional markets. Wilmington is confident it will significantly improve
the revenues and the performance of the Group through organic growth and by
acquisition.
I would like to thank all the employees of the businesses that have been
included in this transaction for their vital part in the history and progress of
Wilmington. I wish them well in the future.'
Enquiries:
Wilmington Group PLC
Charles Brady, Chief Executive 0207 422 6800
Weber Shandwick Financial
Nick Oborne / Georgia Dempsey 0207 067 0700
Grant Thornton Corporate Finance
Stuart Sparkes 0870 324 2631
Numis Securities
James Serjeant 0207 260 1309
Hoare Govett Ltd
Sara Hale 0207 678 8000
Notes to Editors
Wilmington Group plc is one of the UK's leading providers of information and
training for professional business markets. The Group provides training,
arranges industry events and publishes magazines, directories, databases and
special reports focused primarily on its three principal sectors of Legal &
Regulatory, Healthcare and Media & Entertainment. Capitalised at approximately
£190 million, Wilmington floated on the London Stock Exchange in 1995.
This information is provided by RNS
The company news service from the London Stock Exchange