Wolters Kluwer Q1 Trading Update: Revenues up 6% organically
By Gloria Methri
Wolters Kluwer, a provider of professional information, software solutions, and services, has released its Q1 2023 trading update. The company reported 5% growth in constant currencies and 6% organic growth in revenues for the first quarter, with recurring revenues up 7% organically.
Other highlights include recurring revenues (82%) up 7% organically, non-recurring revenues up 2% organically; digital & services revenues (94%) grew 7% organically; expert solutions revenues (58%) grew 7% organically.
The update revealed that the Tax & Accounting division recorded double-digit organic growth, mainly driven by cloud software, and benefited from continued strength in outsourced professional services and a favorable print book publishing schedule in North America.
Tax & Accounting’s Corporate Performance unit, comprising CCH Tagetik and U.S. Corporate Tax, recorded accelerated double-digit organic growth, supported by strong performance in cloud software and services across all major global regions.
Wolters Kluwer expressed confidence in its guidance for the full-year 2023, with sustained high levels of investment in product development and pursuit of opportunities for organic growth.
Nancy McKinstry, CEO and Chair of the Executive Board said, “We have seen a good start to the year, with performance broadly as expected. Product investment has been sustained at high levels as we continue to pursue opportunities for organic growth while enhancing our solutions for customers. The creation of a fifth division, Corporate Performance & ESG, was implemented in March and our teams around the world are focused on executing our strategy. We are confident in reiterating our guidance for full-year 2023.”
In February, the technology company announced that it was bringing together four of its global enterprise software businesses to form a new division, Corporate Performance & ESG. The aim is to meet the demand from banks for integrated financial, operational, and ESG performance management and reporting solutions. The announcement follows full-year 2022 results for the company, with 2022 annual revenues touching almost €5.5 billion.
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