Strong start to the year Wilmington released its H1 FY22 results today, with organic revenue growth of 12%, driven by the acceleration of the digitalisation programme and the return of face-to-face events to pre-pandemic levels The Group reported revenue of £58.9m, up 7% and exceeding pre-Covid levels. Adj PBT of £9.5m, was up 35%. Interim dividend of 2.4p, up 14% y-o-y. Wilmington outlined that it is now seeing the results of the Group’s repositioning and redirection, the acceleration of its digitalisation programme and investment in new products over the last two years. Both divisions delivering Information & Data delivered 10% organic growth. Profitability in the division materially improved, driving towards a margin target in excess of 20%. Training & Education delivered 15% organic growth. The increase in the division’s revenue was accompanied by an increase in costs as face-to-face events brought a return of venue hire and travel costs. However, the Group have maintained a much higher proportion of digital training delivery volumes compared to the pre-pandemic period, resulting in higher margins. Robust balance sheet position A robust balance sheet position with Group net cash of £11.0m (at 31 Dec 2021), following the sale of the AMT financial training business in December 2021 for £23.4m. Outlook If the major face-to-face events happen in March, the Group anticipates FY22 profitability will improve further. Wilmington’s investment focus is on establishing single technology platforms for each division, which supports the Group’s digital first approach and will enable the Group to grow organically and by acquisition more efficiently.