**Summary of Wilmington PLCs Half-Year Financial Report (H1 FY26)**
**Financial Performance Highlights**
**Revenue Growth** Ongoing revenue increased by 17% to £47.7 million (H1 FY25: £40.9 million), with organic revenue growth of 4%.
**Adjusted EBITA** Up 9% to £10.4 million (H1 FY25: £9.5 million).
**Adjusted PBT** Steady at £11.8 million (H1 FY25: £11.8 million), with margins impacted by acquisitions.
**Adjusted Basic EPS** Stable at 9.92p (H1 FY25: 9.90p).
**Interim Dividend** Increased by 3% to 3.10p (H1 FY25: 3.00p).
**Net Debt** £65.0 million (H1 FY25: Net cash of £31.3 million), primarily due to the £105.2 million acquisition of Conversia.
**Strategic Developments**
**Acquisition of Conversia** Completed in December 2025, expanding Wilmington’s presence in the GRC Data Privacy market and enhancing recurring revenue streams. Conversia is performing ahead of forecasts, with over 70% of its revenues annually recurring.
**RegTech Platform Investment** Continued development of a proprietary RegTech platform with embedded AI, supporting five leading brands and over 100,000 users since September 2025.
**Portfolio Enhancement** Focus on high-quality, recurring revenues, with repeat revenues now at 73% of ongoing revenues (H1 FY25: 71%).
**Operational Review**
**Segment Performance**
**HSE** Revenue grew 62% to £9.9 million, driven by acquisitions of Astutis and Phoenix Health & Safety.
**Data Privacy** New segment with £1.8 million revenue from Conversia.
**Legal** Organic revenue growth of 3%, with strong subscription revenue and customer retention.
**Financial Services** Organic revenue growth of 4%, with strong performance in Axco and ICA/CLTi.
**Financial Position and Outlook**
**Net Debt:** £65.0 millionreflecting the Conversia acquisitionwith leverage below 2.0x EBITDA.
**Cash Generation** Operating cash conversion at 70% (H1 FY25: 72%), with strong cash flows expected in H2.
**Outlook** Trading in line with market expectations, supported by a strong contracted order book and repeat business.
**CEO Commentary (Mark Milner)**
Highlighted solid organic growth, strong cash conversion, and the strategic significance of the Conversia acquisition in expanding GRC and Data Privacy capabilities.
Emphasized the transformation of Wilmington into a focused GRC RegTech services group, leveraging AI and proprietary technology.
**Conclusion**
Wilmington PLC demonstrated robust financial performance in H1 FY26, driven by organic growth and strategic acquisitions. The company continues to invest in its RegTech platform and AI capabilities, positioning itself for sustained growth in the GRC and Data Privacy markets. Trading remains in line with market expectations, supported by a strong order book and recurring revenue streams.
| Metric | H1 FY26 | H1 FY25 | Change |
|---|---|---|---|
| Revenue | £47.7m | £40.9m | 17% |
| Adjusted EBITA | £10.4m | £9.5m | 9% |
| Adjusted PBT | £11.8m | £11.8m | 0% |
| Adjusted PBT margin | 25% | 29% | -4ppt |
| Adjusted basic EPS | 9.92p | 9.90p | 0% |
| Interim dividend | 3.10p | 3.00p | 0.10p |
| Net (debt)/cash | (£65.0m) | £31.3m | N/A |
Debt Comparison
| Date | Net (debt)/cash |
|---|---|
| 31 Dec 2025 | (£65.0m) |
| 31 Dec 2024 | £31.3m |
| 30 Jun 2025 | £42.2m |
Note: The significant increase in net debt is due to the acquisition of Conversia for £105.2m (£101.9m net of cash received).
This HTML code creates two tables: 1. The first table compares the key financial metrics (Revenue, Adjusted EBITA, Adjusted PBT, Adjusted PBT margin, Adjusted basic EPS, and Interim dividend) for H1 FY26 and H1 FY25, along with the percentage change. 2. The second table compares the net debt/cash position at different dates, highlighting the significant increase in net debt due to the Conversia acquisition. The tables are formatted with borders and headers for better readability. The `N/A` value in the first table indicates that the change in net debt/cash is not directly comparable due to the significant acquisition.