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(Sharecast News) - Canaccord Genuity lifted its target price for Wilmington to 470p from 445p on Thursday, pointing to stronger FY26 delivery, a clearer strategic shift into GRC RegTech services and early outperformance at Conversia.
The Canadian bank stated Wilmington's fullyear results were in line with guidance, with ongoing revenues up 37% yearonyear and growth across eight of nine core units. Adjusted pretax profits rose 13% to £31.4m, though margins eased around 470 basis points due to lowermargin M&A and investment.
At its capital markets event, Wilmington formally repositioned itself as a GRC RegTech services group, moving away from legacy media. Canaccord said the unified tech platform and expansion into regulatory intelligence and workflow tools should lift recurring revenues - currently around 40% - potentially towards 70% to 80%, improving visibility and leverage.
Canaccord, which reiterated its 'buy' rating on the stock, also highlighted coordinated AI strategies as a competitive advantage in regulated markets.
Canaccord added that Conversia continued to outperform, with 20% annualised growth and strong uptake of its SIGNO GDPR software-as-a-service platform, which has added 19,000 customers. With less than 2% market share, Canaccord said the growth runway remained significant.
Reporting by Iain Gilbert at Sharecast.com
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