B2B publisher Wilmington has sold three of its magazines for an undisclosed sum – and said today that trading conditions remained “challenging”.
The Press Gazette publisher said in a trading update that the three titles – Manufacturing Chemist, Cleanroom Technology and Soap, Perfumery and Cosmetics – were “not core”.
The buyer is Mike Harrington, previously the managing director of Wilmington Business Information.
Wilmington said the group’s performance in the three months to the end of September was “broadly in line with the board’s expectations”, with revenues up four per cent on a like-for-like basis.
“We are confident that our publishing and information businesses are robust and should perform in line with the prior year,” the company said.
But it said that as a result of deteriorating economic conditions, it had carried out a ‘thorough review’of how it can ‘maximise productivity and, where appropriate, reduce our cost base”.
It has carried out a number of “cost and staff savings” to create a “more effective operational structure” at a one-off cost of about £700,000.
Wilmington also revealed that its talks with a private equity buyer this summer, which did not result in a deal, had cost the company £600,000.