Wolters Kluwer Reports 6% Organic Growth in Half Year Results

Wolters Kluwer, the Dutch information and software solutions company with a sizeable financial technology business, has released its half-year 2023 financial results. Revenues were €2,725 million, up 6% organically and recurring revenues (82% of total revenues), were up 7% organically.

“We delivered 6% organic growth as continued strong momentum in recurring revenues more than offset the anticipated downturn in non-recurring revenue streams. Operating costs and margins developed as expected and we remain confident of delivering a full-year margin improvement,” noted Nancy McKinstry, CEO and Chair of the Executive Board. “We made important progress towards our strategic goals and are excited about pursuing growth opportunities across the business. Around 50% of our digital revenues are from products that leverage AI and we see generative AI as another powerful tool to drive value for our customers.”

The company has long had AI embedded in solutions and was recently profiled by Forbes, which noted that its “Financial and Corporate Compliance (FCC) division [has] created an organization—called Customer Information Management/Operational Excellence (CIOx) —to better understand customer needs and build new products and solutions. Members of the group are expected to spend time with customers and identify their needs. The goal is to create solutions that fit customers’ workflows and develop solutions that address their problems.”

In fact, AI is helping to drive growth. “We continue to add advanced technologies, into our products allowing us to supplement and accelerate our deep domain expertise with the latest technology,” said Paul Lyon, Senior Director, External Communications, Wolters Kluwer. “As a result, we view artificial intelligence as an opportunity – AI-powered analytics systems are helping to accelerate our company’s growth opportunities, not to mention the growth opportunities of our clients.”

Away from AI, the growth at Wolters Kluwer has also been aided by success from its recently formed Corporate Performance and ESG (CP & ESG) division, headed by Karen Abramson.

Wolters Kluwer CP & ESG, created in March 2023, harnesses four global, cloud-based software businesses whose combined reach provides industry-leading solutions. The division brings together CCH Tagetik, OneSumX, TeamMate, and Enablon, in “a family of solutions which are driving up standards of corporate responsibility, workplace safety, global sustainability and regulatory compliance across multiple industry sectors,” the company says.

The launch of the division coincided with the company reporting annual revenues of almost €5.5 billion for 2022. The move to create CP & ESG “uniquely positions the company to capitalize on the growing and evolving demand for software, data, and insights across corporate performance management and ESG,” according to Lyon, speaking at the time.  “ESG solutions are a core growth driver for Wolters Kluwer,” he said, adding that the new division is home to approximately 2,500 professionals globally.

The full report is available on the Wolters Kluwer News Pages.