The final results had been well flagged at the end July trading update, with H2 showing a strong recovery for the Education & Training business complementing a solid performance from the Information & Data business. We upgraded our estimates following the previous trading update and are leaving our broad estimates largely unchanged post the final results. All eyes will be on the November trading update which will provide greater colour on the potential outcomes for the US Healthcare business. There are risks here to both the upside and downside, although the early indications are promising. We believe Wilmington is exiting the pandemic in good shape. The organisational restructure provides both greater clarity around the key value drivers in the group as well as confidence in the strategic growth focus on Wilmington’s core Compliance and GRC markets. Combined with better commercial execution and internal product and service innovation, this should increase confidence around the mid-single digit organic future growth profile. The balance sheet is now in a healthy position and significantly increases the group’s optionality around internal investment and external M&A. Wilmington’s rating has steadily improved as 2021 has progressed, although it continues to lag the Information peer group. Whilst upgrades would be a catalyst to unlock a further re-rating, the current valuation remains relatively undemanding for a company that has demonstrated impressive resilience.