Wolters Kluwer, a global leader in professional information services, today released its 2014 half-year results.
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- Full-year 2014 guidance reiterated.
- First-half revenues up 2% in constant currencies and up 1% organically.
- Leading, growing positions (47% of total revenues) on average grew 6% organically.
- Digital revenues (68% of total) grew 5% organically, more than offsetting print decline.
- Digital and services revenues now account for 81% of total revenues (HY 2013: 78%)
- First-half adjusted operating profit margin declined, as expected, due to restructuring costs.
- Restructuring costs of €19 million in first half; continue to expect €25-30 million for full year.
- First half diluted adjusted EPS €0.63, up 1% at constant currencies.
- Adjusted free cash flow €136 million, up 1% at constant currencies.
- Net-debt-to-EBITDA of 2.6x, following dividend and acquisition payments in second quarter.
- Acquisition of Datacert in April builds on our leading growth position in Corporate Legal Services.
- Announcing renewal of €600 million multi-currency credit facility.
Nancy McKinstry, CEO and Chairman of the Executive Board, commented: “In the first half of the year, we continued to build on and invest in our leading, growing positions and digital solutions, and these areas delivered sustained organic growth. Trends in Europe are still quite varied, but we are encouraged by recent performance of digital products in this region. Our planned restructuring program is well underway and we remain confident of achieving the guidance we set out at the start of the year.”