Updates

Wilmington - Buys accountancy training business

November 2006

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.

Since our last update, Wilmington has made an attractive acquisition and has announced results for the year to 30 June at the top end, all helping the shares hit a 52-week high. Turning to the results, sales were up 12% to £89.8m. Adjusted profit was up 13% to £13.8m and a slightly lower tax charge led to eps of 11.6p. Operating cash flow increased by 16.1% to £16.9m (2005: £14.6m), reflecting a further increase in underlying subscription revenues. The adjusted operating margin increased to 15.4% (2005: 15.1%), the fourth year of margin improvement. Last year’s growth was down to Wilmington's legal & regulatory side, where two acquisitions meant the division represented 58% of sales and 75 ...

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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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