Updates

Wilmington

March 2014

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

H1 results showed sales up 5% to £43m, with acquisitions contributing £3.6m of this, implying flat like for like sales. But Wilmington has been in a ferment of change as it ditches the poor performing parts and focuses on its best business. Consequently adjusted pretax profit was up 18% to £7.1m for eps of 6.2p. Net debt is £40.3m. Two third of the profits comes from the pensions & insurance (sales +27% to £8.28m) and banking & compliance (+23% to Â£10.7m) businesses. These have lots of fixed costs and as the top line has improved Wilmington has been able to hold / raise margins at a mouthwatering 42% and 25%, respectively despite significant investment in the businesses. Chief executive Charles Brady says the business ...

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Wilmington (October 2015)

Wilmington (August 2015)

Wilmington (June 2015)

Wilmington (March 2015)

Wilmington (October 2014)

Wilmington (October 2013)

Wilmington (March 2013)

Wilmington (December 2012)

Wilmington - Quality of earnings and margins rise (October 2012)

Wilmington (June 2012)

Wilmington - "Unprecedented organic growth" (May 2012)

Wilmington - Bid approach (August 2008)

Wilmington (July 2007)

Wilmington - Buys accountancy training business (November 2006)

Wilmington - Further acquisitions should excite (April 2006)

Wilmington - Bolt on acquisition (November 2005)

Wilmington (October 2005)

Wilmington - Training and compliance growing like topsy (August 2005)

Wilmington - Further acquisitions expected (March 2005)

Wilmington - H1 trading at top end of expectations (January 2005)

Wilmington - Pleasing results (October 2004)

Wilmington (August 2004)

Wilmington - Results will be ahead of forecast (August 2003)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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