Full-year guidance reiterated.
Wolters Kluwer, a market-leading global information services company focused on professionals, today released its scheduled 2010 third-quarter trading update highlighting solid growth in electronic products, progress on global expansion, and reiterating full-year guidance.
- Half-year trends continued in Q3; Growth in new subscriptions and improving retention rates.
- Solid growth of software solutions, led by clinical decision support products, tax and accounting software, and audit, risk and compliance solutions.
- Improved ordinary EBITA, underpinned by higher revenue, migration of customers to more profitable electronic products, stringent cost management, and the Springboard operational excellence program.
- Springboard program on-track to generate full-year 2010 cost savings of €125 million.
- Cash flow remained strong throughout the third quarter.
- Steady progress on global expansion across all divisions positioning the company for future growth.
- Full-year 2010 guidance reiterated.
Nancy McKinstry, CEO and Chairman of the Executive Board, commented on the company’s third-quarter trading update: “I am encouraged with our company’s performance in the third quarter, particularly the solid growth in electronic products. Our customers continue to adopt new and innovative solutions that allow them to increase their productivity and manage the complexity associated with new regulation and compliance requirements. Despite macro economic uncertainty, we continue to invest for the future. In the third quarter, we made good progress by expanding our footprint globally, investing in new products, and forming new partnerships in emerging markets. We are confident that in the long run, this strategy will pay off. With solid growth in online and software products, improving profitability, and balanced global results, I am pleased to reiterate our full-year guidance for 2010.”