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Wolters Kluwer announces First-Quarter 2023 Trading Update
Wolters Kluwer, the Euronext quoted global technology company with a sizeable financial technology presence, has released its first-quarter 2023 trading update. First-quarter revenues were up 5% in constant currencies and up 6% organically, with recurring revenues (82%) up 7% organically.
Nancy McKinstry, CEO and Chair of the Executive Board, commented: “We have seen a good start to the year, with performance broadly as expected. Product investment has been sustained at high levels as we continue to pursue opportunities for organic growth while enhancing our solutions for customers. The creation of a fifth division, Corporate Performance & ESG, was implemented in March and our teams around the world are focused on executing on our strategy. We are confident in reiterating our guidance for full-year 2023.”
Other highlights included digital & services revenues (94%), which grew 7% organically. Expert solutions revenues (58%), grew 7% organically.
The company says it expects “full-year organic growth to be in line with the prior year and the adjusted operating profit margin to improve. We continue to expect first half 2023 organic growth to be slower compared to the prior year period, most notably in Governance, Risk & Compliance and Health. We continue to expect the adjusted operating margin to decline in the first half before improving in the second half.”
In February the company reported annual revenues of almost €5.5 billion for 2022, also announcing that it had created a new division, known as Corporate Performance & ESG (CP & ESG), the fifth division for the Dutch technology firm. The new division aims to meet the growing demand from corporations and banks for integrated financial, operational, and ESG performance management and reporting solutions.
The financial technology businesses – TeamMate, CCH Tagetik, Finance, Risk & Reporting (FRR) – as well as Enablon (a provider of integrated software solutions for Risk & Compliance, Engineering & Operations, and EHSQ & Sustainability) have now moved to the new division.
The move “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 a London-based company spokesperson.
As part of the changes at the company, Steve Meirink, previously Executive Vice President and General Manager of Wolters Kluwer Compliance Solutions, became CEO of Wolters Kluwer’s Financial and Corporate Compliance (FCC) division. FCC is home to CT Corporation as well as Compliance Solutions.
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