Wilmington on track to meet full year expectations after in-line first quarter

6th Nov 2014 14:02

Wilmington Group confirmed on November 6 that it is on track to meet expectations for the full year despite the currency headwinds encountered by several of its units. After trading in line with expectations in its first quarter to end-September, the company made a statement ahead of its annual general meeting, explaining that it was progressing well on its review of its business and expects to update investors more comprehensively in December.Revenue in its Banking and Compliance business was boosted after securing further major training programmes with international banks. Alongside Pensions and Insurance, Wilmington noted the division has been hit by exchange rate movements due to its significant international operations.Pensions and Insurance offset their small fall in demand with cost control. 2013's investment in Healthcare manifested itself in positive revenue growth, despite a hit from the Euro on its French language medical news agency. Wilmington said it was encouraged by a good start to the year, although it was too early to know if challenging conditions for Healthcare have abated.Difficult conditions continued in Legal, though the declines were slow and some areas continued to see growth. A lower cost base has also helped improve the division's performance.Business Intelligence revenue was up slightly in the quarter and accountancy saw growth driven by demand for face-to-face public course training, which has helped improve the overall contribution of the division.Chief executive officer Pedro Ros, who assumed the role on October 1 having joined the board July 14, remained positive about the company's operational cashflows. Net debt as of September 30 was 32.6m, down 6.6m from the same time in 2013.Shares in Wilmington were trading down 2.27% at 215.00 as of November 6, 14:30.