2021 Summary 

Revenues for the year

Adjusted EBITA

Adjusted profit before tax

Organic revenue 
2020: -8%

Adjusted EBITA margin
2020: 12.4%

Loss before tax 
2020: profit £6.4

Adjusted earnings per share
2020: 10.71p

Total dividend
2020: Nil

Group net debt (excl. lease liabilities) 
2020: £27.7m

Basic loss per share
2020: earnings 5.33p

Final dividend
2020: Nil

Cash conversion at
2020: 189%


New divisional structure

As part of the renewed strategic focus on the large and growing Governance, Risk and Compliance (GRC) and Regulatory Compliance markets, the business has been reoganised into two divisions:

Information & Data

Our Information & Data division is addressing the $1bn regulatory intelligence market. Its key drivers are the increased importance of independent, authoritative and actionable intelligence; increased investment in technology to solve regulatory compliance challenges; and disruptive technologies that create opportunities and threats.

Training & Education

Our Training & Education division is addressing the $4bn compliance training market.  Its key drivers are the shift from insourced to outsourced training; the shift from face-to-face to digital and blended training; increased demand for continuous learning and micro-learning; and increased focus on ROI through personalised learning experiences and outcomes-based programmes.

Chair's Statement

Chair's Statement

We made good progress in the year, demonstrating the value of our diversified portfolio and digital-first strategy while we continue to adapt to the impact of Covid-19.

I would like to thank all our employees for their continued commitment and resilience in these testing and difficult times.

Martin Morgan
December 2021 Chair's Statement

Chief Executive's Statement

Chief Executive's Statement

We have continued to refine and embed our digital capabilities across the business, reflecting our ambition to create a fully digital enterprise whilst retaining the flexibility to offer our customers face-to-face and hybrid solutions. These strong results with profitability up 27% demonstrate the continued and growing demand for our information and data products, despite the disruption caused by the pandemic. We are now at an inflexion point with a simplified portfolio and are well positioned to address large and growing markets which are increasingly online.

Mark Milner
Chief Executive Officer
December 2021 Chief Executive's Statement

Operating model

Wilmington characteristics

Our operating model is strengthened by the way that we draw on our core competencies to embed a set of defining characteristics into all of our businesses. It is these core competencies, exhibited as unique Wilmington characteristics, that in combination form a crucial element of our competitive advantage. 

As a fully digital enterprise, we demonstrate best in class digital capabilities including:

  • Delivery platform agnostic
  • Multi-device enabled
  • Guaranteed excellence in User Experience (UX) and User Interface (UI) solutions
  • Digital front and back office

Our businesses are data enabled, allowing them to provide unique insight and innovative solutions to their customers, driven by:

  • Unique methods of data collection, measurement, integration, and analysis, supported by dynamic user interfaces
  • Proprietary data and bespoke services

Our businesses occupy strong positions in the markets they serve, exhibited via the following credentials:

  • Market leaders – within the top three
  • Unique products with owned IP
  • Strong brands valued highly by customers

The markets in which we operate present opportunities for sustained growth:

  • Macro fit with Wilmington's core markets
  • Micro fit with a growing end-user base in which our solutions are integrated into customer systems

Our product and revenue model drives value by targeting the following actions:

  • Identifying attractive economics
  • Prioritising repeatable revenue streams
  • Leveraging success across the portfolio to maximise the benefit of synergistic potential

Our businesses are led by individuals who are best placed to accelerate their growth, evidenced by their core competencies:

  • Experts in their field, aligning sector specific knowledge to product development and delivery
  • Innovators seeking to embrace change to deliver bespoke customer solutions

Operational Excellence

Our strategy is executed via our clearly defined pillars of growth: our simplified structure and key drivers of operational excellence: People, Product, Technology and Data, and Sales and Marketing. 



As we continue to enhance our product portfolio, we adhere to clear internal guidelines to achieve best practice. By applying an integrated approach to assessing product viability, our product requirement processes allow us to identify clear opportunities for investment.


Technology and data

The innovation within our businesses is enabled by strong technology and data capabilities. Our investment in technology transformation demonstrates our commitment to a robust foundation for product growth and development.


Sales and marketing

The execution of dynamic sales and marketing strategies are essential to ensure that we realise the full potential of our product portfolio. Excellence in this area is demonstrated by strong leadership and a proactive sales culture, complemented by a focus on insightful KPI analysis.



The creativity, adaptability and dedication of our people is critical to our success. To continue to drive operational excellence in this area we are committed to developing our people and championing diversity at all levels within our workforce.

Segmental Review

Making a Positive Impact

Sustainability Report
Wilmington Sustainability