It was clear at the final results that Wilmington was seeing positive organic tailwinds behind both Information & Data and Education & Training. However, caution around further Covid roadblocks held us back from upgrading estimates. Today’s trading update confirmed these roadblocks have not transpired. The combination of healthy H1 organic growth (approaching 10% on a pre-FX basis) and underlying margin gains are likely to drive a very strong H1 YoY performance.
