Wilmington - Active portfolio changes boost strong results

Wilmington's FY25 results show revenues from ongoing businesses up 11%, with seven of the nine portfolio companies growing. The ongoing adjusted operating margin remains over 30%. Wilmington has transitioned to a leading professional service platform serving the governance, risk and compliance markets through an active programme of portfolio management. Recent deals added health and safety and ESG to the slate, and the proposed acquisition of Conversia in Spain gives another vertical in data privacy and more geographical diversity. The move to a single platform across the rest of Wilmington gives flexibility and scalability and should facilitate the incorporation of AI where relevant. The rating is undemanding for a group with sound finances in growing, regulated markets.

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