Sparks - Wilmington

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Wilmington (LSE: WIL) – Better margin on trimmed revenue

Wilmington’s trading update indicates that seven of the nine group businesses continue to show good progress, with the recent acquisitions trading strongly (double digit) and group revenue from the ongoing businesses up 11%. Full-year revenue expectations, however, have been trimmed to reflect the continuing impact on FRA of changes to the Medicare Advantage programme in the US, with full-year organic growth now guided to -1%, down from +3%. However, adjusted PBT is now expected to come in at £27.7m, ahead of previous market expectations of £27.0m, implying a margin of 27%, well ahead of last year’s 22%.

Wilmington has inherently strong cash conversion and net cash at year end (30 June) was £41.9m, giving plenty of scope for both further M&A and returns to shareholders. The acquisition pipeline remains healthy.

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25.07.25

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