16th Apr 2015 08:59
LONDON (Alliance News) - Intellectual property services company RWS Holdings PLC on Thursday said it expects its profit in the first half of its financial year to be broadly in line with its expectations, despite revenue falling due to the weakness of the euro.
RWS said it expects its adjusted pretax profit for the first half to the end of March, before amortisation of intangibles and share option costs, to be broadly in line with its expectations.
It expects first half revenue to be around GBP45.3 million, compared with GBP46.9 million a year earlier, primarily as a result of the weakness of the euro against sterling. In constant currencies, revenue would be have been around GBP1.5 million higher, it said.
RWS said it has seen a solid performance in its patent and commercial activities in the half, though it said the client wins secured in 2014 and 2015 have proved slow in converting to sales and the commercial translation market has remained competitive.
"Our financial position remains strong and we have a promising pipeline of new business opportunities to exploit. We, therefore, expect continued progress in the second half of the year and beyond," said Andrew Brode, RWS's executive chairman.
Shares in RWS were down 10% to 135.5 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
RWS Holdings