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Slight Growth for WK Tax and Accounting

Wolters Kluwer’s Tax and Accounting business faced a tough year with the conditions surrounding the Covid-19 pandemic impacting sales. The unit’s revenue rose by 1 percent for the year ended December 31 with overall sales flat compared to 2019.

Revenue for Tax and Accounting reached about $1.73 billion for 2020, up 3 percent in constant currencies, 2 percent organically. Operating income for the segment rose 11 percent to roughly $52 million, up 12 percent both in constant currencies and organically.

“New sales were challenged by a cautious spending pattern,” CEO Nancy McKinstry said in the company’s recent earnings webcast.

WK’s revenue for the most recently ended year was approximately $5.55 billion, virtually unchanged from 2019 and representing an increase of 1 percent in constant currencies, 2 percent organically.

The only products mentioned by name, Tagetik and Teammate, had an 8-percent rise in revenue over the prior year, down from double-digit growth, McKinstry sad.

Bob Scott
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
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