Document Management

Wolters Kluwer, parent to CCH, turned in essentially flat results for the first half ended June 30, as weakness in print publishing and EMEA countered growth in electronic products, including tax and accounting software. On a constant currency basis, ordinary net income was down 1 percent for the most recently ended period while worldwide revenue rose by 1 percent.

Tax and accounting software grew by 6 percent globally on an organic basis. That meant the rest of the world outpaced North America where the increase was 4 percent over last year's first half. The company noted the decline in bank product fees, combined with weak publishing revenue to offset those increases. North American revenue represents about 56 percent of the Tax and Accounting division total.

In an earnings webcast, chief executive Nancy McKinstry outlined the outlook for 2013. "In tax and accounting we expect a fairly steady year with growth and margins similar to 2012," she said. The bank product business is expected to remain weak.

Worldwide, ordinary net income was about $261 million with revenue at roughly $2.3 billion. Tax and Accounting EBITDA was about $164 million while revenue reached about $640 million.

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