Wilmington PLC on Monday upped its full-year dividend, despite seeing its full-year profit fall.
In its financial year ended June 30, the London-based provider of information and training for governance and risk & compliance reported that revenue rose 2.1% to £123.5 million from £121.0 million a year earlier.
Adjusted pretax profit rose 30% to £24.1 million from £18.6 million. It said that this reflects continuing efficiencies of its digital-first model
Statutory pretax profit, however, fell 36% to £24.0 million from £36.1 million. This is because Wilmington’s gain on disposal of its subsidiaries fell by 87% to 2.2 million from £16.3 million.
At the end of 2022 it sold its Spanish insurance business Inese for net proceeds of £2.6 million, with a gain of £2.2 million, while at the end of 2021 it sold its financial trading business AMT for £23.4 million with a gain of £16.1 million.
On the back of the results, Wilmington declared a final dividend of 7.3p, versus 5.8p a year ago. This bought the final dividend to 10.0p, up 22% from 8.2p.
Looking ahead, Wilmington said its current financial year has started in line with its expectations, with continued organic revenue growth and improved profits and cash.
Shares in Wilmington rose 0.4% to 311.20 pence each in London on Monday morning.
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