I am pleased to present my report on Wilmington’s results for the twelve months ended 30 June 2013. We have moved forward in line with our strategic aims of building a higher quality business comprising a larger proportion of subscription and repeatable revenues.
Focusing on the financial results I am delighted to report continued success making good progress towards our medium term financial targets. Wilmington has delivered an improved financial performance with Adjusted EBITA up 8% (£1.2m) to £16.9m from £15.7m in 2012. Revenues were stable at £85.0m (2012: £85.3m) reflecting the restructuring of the legal division, the disposal or closure of lower margin businesses and our exit from contract directory publishing. These were counterbalanced by a revenue contribution of £2.1m from our two acquisitions made in the year and a full year contribution from Millennium acquired in May 2012. The result of our actions is a very satisfactory growth in adjusted EBITA margin to 19.8% (2012:18.4%).
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