The information was provided by CFO Kevin Entricken during the webcast for earnings for the year ended December 31 in answer to an analyst’s question. Although no divisional or product figures were provided, Entricken replied, “We are probably farthest along with the cloud in our tax and accounting group.”
The company’s Tax and Accounting division had revenue of about $1.54 billion for 2019, an increase of 9 percent over 2018, up 6 percent organically. North America Professional Tax & Accounting, which produced 51 percent of division revenue, had organic growth of 4 percent, compared to 6 percent in 2018. Executives said software solutions experienced 6 percent organic growth, led by the CCH Axcess suite.
Overall net profit was approximately $860 million for the most recently ended year, an increase of 9 percent in constant currencies. Revenue for 2019 was roughly $5.1 billion, rising 8 percent over the prior year, up 5 percent in constant currency and 4 percent organically.