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.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
