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A decline in bank product revenue and in tax publishing countered 4 percent organic growth in tax and accounting software for Wolters Kluwer's Tax & Accounting operations for the first half ended June 30. The result for the parent of CCH was flat organic revenue for the North American operations while a decline in high-margin bank product revenue at the company's Small Firm Services cut into the EBITA margin.

EBITA for the Tax & Accounting division fell to about $148 million, off 5 percent while revenue rose to about $590 million, flat in constant currency and organically. The company said it also increased its investment in back office infrastructure, customer service and sales and marketing pushed EBITA down. Wolter Kluwer's revenue was about $2.1 billion, up 3 percent in constant currencies and 1 percent organically. EBITA was about $419 million, up 1 percent in constant currencies and down 2 percent organically.

Total company operations were hurt by the economic climate in Europe.

Executives continued to be high on the U.S. tax and accounting operations and said that investments in that business were aimed at improving results even more. "We want to see better growth in that division so we are investing to make that happen," said chief executive Nancy McKinstry. She also commented that "the margins in tax and accounting are world class."

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