At today’s Annual General Meeting, Wolters Kluwer will present a summary of 2019 financial results and strategic progress as part of the meeting agenda.
Management will also discuss how it has been supporting frontline healthcare customers during the COVID-19 pandemic and how it has transitioned over 95% of its employees to a work-from-home status to protect their health and wellbeing.
The company is still evaluating the impact of COVID-19 on its business going forward and will not be presenting or answering questions on the 2020 financial outlook at the meeting today.
First quarter 2020 performance was solid, with organic revenue growth of 4% and good margin improvement. Recurring revenues, which made up 82% of total revenues in the quarter, sustained 5% organic growth. Non-recurring revenues declined 2%, exhibiting the early impact from COVID-19 in the final two weeks of March. We intend to provide further detail on first quarter performance and an update on the outlook for 2020 in our first-quarter trading update scheduled for May 6, 2020.
The Annual General Meeting can be followed on our website at wolterskluwer.com/investors. The CEO’s presentation slides will be made available shortly before the meeting starts.