Financial and legal training provider Wilmington has reported increased profits as it successfully chased higher margin work over the 12 months to the end of June.
Adjusted profits before tax for the full year were £14m, a rise of 4.6% on the prior year, with earnings before interest, tax and amortisation (EBITA) up 10.2% to £16.5m.
The EBITA margin rose from 17.8% in the prior year to 19.3% in 2011/12.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
In the publishing and information division the share of revenues generated by online and digital products increased to 76% of the total.
Total group revenues climbed 1.8% to £85.3m.
The proposed final dividend is 3.5p per share, keeping the full year figure at 7p per share.
Mark Asplin, Chairman, said: "The legal training business is now more profitable and in better shape than it was twelve months ago, although market conditions affecting our client base remain difficult."
"The phasing out of legacy publishing products will continue during the current year as the Group continues to invest in subscription based digital products and migrates its business away from print directories and services in which it does not own intellectual property."
Wilmington's share price rose 8.8% in early trading and has now advanced 40% in the last 12 months.
Pension withdrawals on the rise, HMRC data reveals
Pension withdrawal data has led to some raising concerns over savers ‘raiding’ their pensions unsustainably.
By John Fitzsimons Published
ONS: UK economy recovered from pandemic faster than previously thought
Revisions from the ONS showed the UK economy has grown since the pandemic, while the latest data showed GDP grew in the second quarter of 2023.
By Nicole García Mérida Published