RWS Holdings revenues soar in 'transformational year'
AIM-listed intellectual property firm RWS Holdings saw revenues soar in its last trading year following its recent acquisition of Czech translation service Moravia.
FTSE AIM 100
3,683.98
16:59 29/04/24
FTSE AIM 50
4,016.49
16:59 29/04/24
FTSE AIM All-Share
763.33
16:59 29/04/24
RWS Holdings
175.40p
16:34 29/04/24
Support Services
10,664.78
16:44 29/04/24
RWS, which acquired Moravia for £242.3m back in November 2017, revealed that revenues for the year ended 30 September would be at least £305m - for an 85% improvement year-on-year.
The Buckinghamshire-based outfit also said that "more favourable foreign exchange rates" and a strong performance across the business in the second half of the year had also helped contribute to revenue growth.
RWS now expects adjusted pre-tax profits to have "grown strongly" and be "slightly ahead of market forecasts", reflecting a higher margin in its IP support services business and a "markedly improved" second-half performance at Moravia.
RWS also said Moravia delivered an "excellent" second half after a weak start.
Reducing net debt was another of RWS' primary objectives throughout the year, dropping its exposure to below £66m at the end of the period.
Chairman Andrew Brode, said: "This has been a transformational year for RWS, underpinned by a strong financial performance."
"We believe that we are optimally positioned to drive further international expansion."
As of 1100 BST, RWS shares had climbed 2.16% to 472.50p.