Wolters Kluwer’s Tax and Accounting business had mild growth for the first quarter ended March 31. The company said if a recent trading update for the quarter the unit had “mid-single-digit organic growth, as expected”.
In some European countries, public companies issue trading updates for the first and third quarter, but only provide actual revenue, expense and earnings numbers for the half and year.
The company said the unit's operating profit margin declined, owing to the inclusion of Tagetik, which was acquired in April 2017, and increased investment in product development. WK also said software for professionals and corporates “saw sustained high single-digit organic growth.”
The drop in the value of the U.S. dollar against the euro took a toll on overall revenue, which fell 8 percent from last year’s first quarter. However, the top line was up 2 percent in constant currencies and 4 percent organically.
“We are making progress on fostering the development of recently acquired businesses and have successfully completed several non-core disposals in the first quarter,” CEO Nancy McKinstry said in a prepared statement.
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
