Wilmington Group, a professional information and training group, said it did as well as it expected in the fiscal year just ended, with earnings boosted by cost reductions that were implemented last year.
Adjusted pre-tax profit is set to be in line with the previous year, a reflection of increased finance charges from the new banking arrangements put in place in June 2011. The increased finance charges were flagged back in February. Adjusted earnings before interest, tax and amortisation (EBITA) should show year-on-year growth, however, with the EBITA margin improving, largely as a result of cost reductions implemented in the autumn.
Cash flow during the year has been good with net borrowings at the year end below £37m (2011: £40m).
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