Wilmington (LSE:WIL), the Governance, Risk and Compliance (GRC) RegTech services group, said revenue for the year ended 30 June is expected to reach £120m, up from £89.7m a year earlier.
Ongoing business revenue is expected to grow around 37%, with organic revenue, stripping out acquisitions and currency effects, up approximately 4%. Adjusted pre-tax profit is expected to be at least £31m, up from £27.7m last year and slightly ahead of the £30.5m market consensus figure, while ongoing operating profit is expected to rise 32%.
Recently acquired Spanish business Conversia led the growth, delivering more than 20% like-for-like expansion, with eight of Wilmington's nine ongoing businesses growing year on year.
Net debt stood at £53.1m at 30 June, down from £65m at the end of December, equivalent to less than 1.7 times EBITDA against 1.98 times six months earlier; the group held net cash of £42.2m a year ago.
"We have delivered another strong set of results with ongoing revenue and profit growth both increasing by over 30%", said chief executive Mark Milner, adding that Conversia showed "notable organic growth from, as expected, high-quality recurring revenues".
Wilmington expects to publish its full-year results on 29 September.
News Intelligence what this means for the company
Wilmington reported full-year adjusted pre-tax profit of at least £31m, beating the £30.5m consensus, as reported revenue jumped 37% to £120m—though organic growth was only 4%, with the bulk driven by the recently acquired Spanish business Conversia. Net debt fell to £53.1m (1.7x EBITDA) from £65m six months earlier, improving the balance sheet despite the acquisition-heavy growth profile.
The beat on profit and debt reduction are genuine positives, but the 37% headline revenue growth masks a 4% organic slowdown in the core business, making Wilmington's growth increasingly dependent on M&A rather than underlying momentum. The Conversia acquisition is performing well (20%+ like-for-like growth), but investors should watch whether organic growth stabilizes when full-year results arrive on 29 September.
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