TIDMWIL
RNS Number : 4805U
Wilmington PLC
23 November 2023
23 November 2023
Wilmington plc
Acquisition of Astutis for up to GBP21.5 million
Wilmington plc (LSE: WIL, "Wilmington" or "the Group"), the
provider of data, information, education and training services in
the global Governance, Risk and Compliance ("GRC") markets, has
acquired Astutis Limited ("Astutis") for a total consideration of
up to GBP21.5 million.
Astutis, which offers training for a range of globally
recognised and regulated health, safety and environmental
qualifications, strengthens Wilmington's portfolio of GRC training
and education solutions by expanding its capabilities into the
health, safety and environmental markets.
Wilmington has acquired Astutis for an initial consideration of
GBP16.8 million, with contingent consideration of up to GBP4.7
million based on Astutis' performance in each of the two years
ending 30 June 2025 and 30 June 2026. The total consideration will
be financed from the Group's existing cash resources.
The acquisition is part of Wilmington's strategy to focus on
consolidating its already strong presence in the large, growing and
rapidly evolving GRC markets. These markets are underpinned by
strong macro drivers, particularly the increasing volume and
enforcement of regulation, complex geopolitical landscape,
increased importance of ESG and widespread adoption of
technological and data-driven compliance solutions.
The acquisition is expected to be earnings enhancing in the
first full year of ownership. In the 12-month period ended 30 June
2023, Astutis reported unaudited revenues of GBP7.4 million, up 25%
YOY and has demonstrated a strong track record of organic growth
over a number of years. Profit before tax during the period was
GBP2.0 million with gross assets of GBP5.3 million, including
intangible assets.
Mark Milner, Chief Executive Officer of Wilmington, said:
"The acquisition of Astutis, which is earnings enhancing, is
consistent with our strategy in the GRC market to broaden and
strengthen our training and education capabilities.
"Astutis embodies all of our six key business characterises in
that it operates in growing GRC focussed regulated markets, has a
strong and experienced management team, a comprehensive products
suite, growing revenues and profits, and excellent digital
capabilities.
"At the heart of our focus is our ambition to help our
customers, who are operating in increasingly regulated markets, to
do the right business in the right way, by providing a
complementary range of information & data and training &
education solutions. Astutis' business model and core capabilities
are a natural fit with our Training & Education division and
will be highly complementary to our portfolio adding expertise
within the Health, Safety and Environmental markets."
Background to Astutis
Established in 2011 by Steve Terry, Brenig Moore and David Lea,
Astutis has become a leading provider for workforce health and
safety training, with an increasingly important capability in
environmental management and sustainable business. Steve Terry and
Brenig Moore are remaining with the business.
Astutis is differentiated through the quality of its learning
experience and by virtue of its digital-first delivery model, with
strong offerings in e-learning and virtual training. It has strong
relationships with enterprise clients both in the UK and
overseas.
Astutis offers training for a range of globally recognised
Health, Safety and Environmental qualifications which are awarded
by leading accreditation partners such as NEBOSH, IOSH and IEMA [1]
. To date, over 100,000 Health, Safety and Environmental
professionals have qualified with Astutis and over 5,000
organisations have trusted Astutis with their staff
development.
Astutis' mission is to support learners and organisations to
upskill and achieve legal compliance and integrity with the latest
Health, Safety and Environmental protocols.
Headquartered in Cardiff, Wales, Astutis has over 50
employees.
The person responsible for arranging the release of this
announcement on behalf of Wilmington plc is Mark Milner, a director
and Chief Executive Officer of Wilmington plc.
For further information, please contact:
Wilmington plc 020 7490 0049
Mark Milner, Chief Executive Officer
Guy Millward, Chief Financial Officer
Meare Consulting 07990 858548
Adrian Duffield
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014 as it forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018.
Upon the publication of this announcement this inside information
is now considered to be in the public domain.
Notes to Editors
Wilmington plc is the recognised knowledge leader and partner of
choice for data, information, education and training in the global
Governance, Risk and Compliance (GRC) markets. Wilmington employs
close to 1,000 people and sells to around 120 countries. Wilmington
is listed on the main market of the London Stock Exchange.
[1] National Examination Board in Occupational Safety and Health
(NEBOSH); Institution of Occupational Safety and Health (IOSH); and
Institute of Environmental Management and Assessment (IEMA)
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END
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