In a prepared statement, CEO Nancy McKinstry said that, "The first quarter faced tough comparables against the prior year, but overall performance was in line with our expectations." Restructuring, whose expenses largely reflect severance, is expected to help profits in the second half.
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Wolters Kluwer First Quarter Weak
Financial results for Wolters Kluwer were hit by economic conditions with the parent to CCH reported this weak in a trading update for its first quarter ended March 31. Earnings declined slightly with revenue flat at constant currencies and down 1 percent organically with Eurpean economies denting results. In North America, growth in software revenue was offset by declines in bank product fees in its tax business and print publications.
The company does not provide actual revenue and earnings figures in trading updates. It said the first quarter EBITA margin - the measure used instead of the American EBDTA - declined modestly because of investments and restructuring costs. Digital products and recurring revenue showed growth.
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