Wilmington (WIL) H2 2026 & Strategy update earnings summary

Executive summary

• Ongoing revenue reached £120.0m, up 37%, with 4% organic growth; eight of nine continuing businesses grew.

• Conversia delivered 20% pro forma FY growth and 26% growth during the ownership period, ahead of expectations.

• Repeat revenue remained 80% of ongoing revenue; ARR rose 6% to 38% of organic revenue and 41% of continuing revenue including Conversia.

• Current trading is in line with market expectations, with solid Q1 revenue across all businesses.

Financial highlights

• Ongoing adjusted EBITDA rose 33% to £29.8m and adjusted PBT increased 15% to £30.1m.

• Ongoing revenue was £120.0m, up 37%; statutory continuing revenue rose 34%.

• Ongoing adjusted operating profit increased 26% to £35.3m, with a 29% operating margin.

• Adjusted basic EPS rose 14% to 26.31p; total dividend proposed up 9% to 12.5p, including a final dividend of 9.4p, up 11% year over year.

• Cash conversion was 95%; excluding Conversia, conversion was 103%.

Outlook and guidance

• FY 2027 opened with solid Q1 revenue across all businesses, in line with market expectations.

• Astutis and Phoenix reported strong year-to-date revenue growth following improved H2 sales in FY 2026.

• HSE operating margin was 13% in FY 2026; target is the mid-20s in 12–18 months, conditional on revenue growth, with an ambition to return to 30%.

• Conversia is expected to reach a high-20s or 30% operating margin over two to three years, with no significant additional cost expected.

• FRA is expected to become more profitable in FY 2027 after overhead reductions; growth is expected to continue beyond the current year.