Interim Results
2024/25
17th February 2025
Mark Milner | Guy Millward | |
Chief Executive Officer | Chief Financial Officer | © 2025 Wilmington PLC. All rights reserved. |
Agenda.
1 Headlines, Mark Milner
- Financials, Guy Millward
- Operational Review & Outlook, Mark Milner
4 Q&A
3 | © 2025 Wilmington PLC. All rights reserved. |
Headlines
4 | © 2025 Wilmington PLC. All rights reserved. |
Headlines.
- Ongoing1 revenue growth of 16%
- Annual recurring revenue is up 6% to 38% (H1 FY24: 36%) and repeatable revenue is 72% (H1 FY24: 71%)
- Ongoing operating margin is up to 28%
- Ongoing adjusted profit before tax2 growth of 39%
- Robust balance sheet - net cash3 of £31.3m at 31 December 2024
- Interim Dividend retained at 3.0p
- Portfolio strengthened with the acquisition of Phoenix Health & Safety
- Another strong period of delivery
5
1. Ongoing - eliminating the impact of disposals
2. Adjusted results exclude adjusting items, impairment, other income, amortisation of intangible assets (excluding computer software)
3. Excluding lease liabilities
© 2025 Wilmington PLC. All rights reserved.
Financials
6 | © 2025 Wilmington PLC. All rights reserved. |
Operating review.
6 MONTHS TO | 6 MONTHS TO | ||||
31 DECEMBER | 31 DECEMBER | ABSOLUTE | ORGANIC | ||
2024 | 2023 | VARIANCE | VARIANCE | ||
£M | £M | % | % | ||
REVENUE | |||||
HSE | 6.1 | 0.6 | 1003% | ||
Legal | 7.0 | 7.3 | (5%) | (5%) | |
Financial Services - Insurance | 10.7 | 11.4 | (6%) | (3%) | |
Financial Services - Other | 21.1 | 19.4 | 9% | 9% | |
ONGOING REVENUE | 44.9 | 38.7 | 16% | 3% | |
Non-core | 1.7 | 5.2 | |||
STATUTORY CONTINUING | 46.6 | 43.9 | 6% | ||
REVENUE | |||||
- Growth in seven of the nine ongoing businesses
- HSE (Astutis and Phoenix acquisitions) is up double-digit ppts on a like-for-like basis
- Financial services growth led by double-digit growth in Mercia
- FRA (Insurance) and Bond Solon (Legal) see revenue declines due to market turbulence (FRA) and prior year exceptional contracts (Bond Solon)
- Recurring revenue up to 38% of organic revenue (HY24: 36%)
- Repeat revenues 72% of total organic revenue (HY24: 71%)
7 | © 2025 Wilmington PLC. All rights reserved. |
Group income statement.
6 MONTHS TO | 6 MONTHS TO | ABSOLUTE | ORGANIC | ||
31 DECEMBER 2024 | 31 DECEMBER 2023 | VARIANCE | VARIANCE | VARIANCE | |
£M | £M | £M | % | % | |
ONGOING OPERATING PROFIT | 12.4 | 10.5 | 1.9 | 18% | 10% |
Ongoing margin | 28% | 27% | |||
Organic margin | 30% | 28% | |||
Non-core (loss)/profit | (0.4) | 0.3 | |||
1.2 | 11% | ||||
STATUTORY CONTINUING OPERATING PROFIT | 12.0 | 10.8 | |||
Central overheads | (2.2) | (2.2) | - | ||
Share-based payments | (1.0) | (0.9) | (0.1) | ||
STATUTORY CONTINUING ADJUSTED EBITA | 8.8 | 7.7 | 1.1 | 14% | 16% |
Net finance income | 2.2 | 0.8 | 1.4 | ||
ONGOING ADJUSTED PROFIT BEFORE TAX | 11.4 | 8.2 | 3.2 | 39% | |
STATUTORY CONTINUING ADJUSTED PBT | 11.0 | 8.5 | 2.5 | 30% | |
Adjusting items | (5.8) | (0.4) | (5.4) | ||
PROFIT BEFORE TAX | 5.2 | 8.1 | (2.9) | ||
Taxation | (2.6) | (2.2) | (0.4) | ||
PROFIT AFTER TAX | 2.6 | 5.9 | (3.3) | ||
PROFIT FROM IFRS 5 DISCONTINUED OPERATIONS | - | 1.2 | (1.2) | ||
TOTAL PROFIT AFTER TAX | 2.6 | 7.1 | (4.5) | ||
Underlying tax rate | 25% | 25% | - | ||
ONGOING ADJUSTED BASIC EPS | 9.59p | 6.83p | 2.76p | 40% | |
DIVIDEND PER SHARE | 3.00p | 3.00p | - | - | |
8
- Ongoing operating profit growth 18%. Organic operating profit growth 10% driven by revenue growth and cost control
- Ongoing adjusted PBT up 39% to £11.4m
- Profit margins improved with revenue growth and disposal of lower margin businesses.
- Ongoing operating margins increased to 28% and organic operating margins increased to 30%
- Ongoing adjusted basic EPS up 40% to 9.59p
- Adjusting items: amortisation of acquired intangibles £1.1m, M&A £3.3m (earn-out accruals plus Phoenix acquisition), office lease termination due to disposals £1.4m (offsets gain in FY24)
- Dividend held at 3.00p
© 2025 Wilmington PLC. All rights reserved.
Group cash flow.
6 MONTHS TO | 6 MONTHS TO | ||
31 DECEMBER 2024 | 31 DECEMBER 2023 | VARIANCE | |
£M | £M | £M | |
ADJUSTED EBITDA (continuing & discontinued) | 9.1 | 11.3 | (2.2) |
Share-based payments | 1.0 | 0.9 | 0.1 |
Movement in working capital | (3.8) | (2.9) | (0.9) |
CASH INFLOW FROM OPERATIONS | 6.3 | 9.3 | (3.0) |
Interest received | 1.3 | 0.9 | 0.4 |
Tax paid | (3.5) | (3.6) | 0.1 |
Payment of lease liabilities | (1.0) | (0.4) | (0.6) |
Net capital proceeds | - | 0.3 | (0.3) |
FREE CASH FLOW BEFORE DIVIDENDS | 3.1 | 6.5 | (3.4) |
Equity dividends | (7.5) | (6.5) | (1.0) |
Issue of new shares | 0.8 | 0.8 | - |
Acquisition outflow, net of cash received | (29.2) | (14.8) | (14.4) |
Adjusting and other items | (4.1) | (0.2) | (3.9) |
CHANGE IN NET CASH | (36.9) | (14.2) | (22.7) |
Cash classified as held for sale | 0.4 | - | 0.4 |
Brought forward net cash | 67.8 | 42.2 | 25.6 |
CARRIED FORWARD NET CASH pre lease liabilities | 31.3 | 28.0 | 3.3 |
Lease liabilities | (2.1) | (5.9) | 3.8 |
CARRIED FORWARD NET CASH | 29.2 | 22.1 | 7.1 |
- Cash conversion of profits at 72% (HY24: 92%) - down due to payment timing but will revert to 100% for full year given H2 subscription receipts
- Net cash increase of £7.1m despite significant outflow for acquisition of Phoenix Health & Safety
- Acquisition outflow relates to acquisition of Phoenix Health & Safety net of cash acquired
- Adjusting items relates largely to M&A activity with £1.1m relating to exit of Whitechapel office
-
Lease liabilities significantly reduced due to exit
of Whitechapel office following disposals
9 | © 2025 Wilmington PLC. All rights reserved. |
Operational Review and Outlook
10 | © 2025 Wilmington PLC. All rights reserved. |
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