Nancy McKinstry, Wolters Kluwer Wolters Kluwers says its tax and accounting business had organic growth in the first quarter ended March 31. But in its trading update this week for the recently update period, the parent of CCH says that is its operating profit during the most recently ended period fell “due to planned restructuring initiatives.” The restructuring plans are reported to be weighted toward the first half of 2014.

Overall, first-quarter revenue dropped by 1 percent owing to the strength of the euro. However, revenue rose by 2 percent in constant currencies and by the same amount organically. The report follows the normal pattern for companies that provide trading updates in that general trends are outlined, but specific earnings and revenue numbers are not reported. 

Wolters Kluwer predicted restructuring costs in Tax & Accounting and Legal & Regulatory would range from about $35 million $42 million, at least twice the amount last year, and perhaps more. No specific cuts were discussed.

The company reported that software products, which represent more than 60 percent of divisional revenue, performed well, but were partly offset by decreases in other product lines, with print singled out.

Prepared remarks from CEO Nancy McKinstry were brief, pointing to the general trends with organic revenue increasing in its high-growth businesses and digital products offsetting the expected decline in print and other transactional and cyclical products. She is confident Wolters Kluwer will achieve the financial guidance issued earlier for 2014 results.

Last modified on Wednesday, 07 May 2014
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