10th Feb 2021 09:28
(Alliance News) -Â Provider of language services and technology RWS Holdings PLC on Wednesday said it is confident of further progress in the year ahead.
Ahead of the company's annual general meeting being held on Wednesday, Chair Andrew Brode said the original RWS business has delivered "excellent" first quarter results, with good revenue growth and a significant double-digit percentage increase in adjusted pretax profit.
This followed a "resilient" performance in the financial year ended September 30, 2020.
SDL in its two months in the group produced results in line with a year ago, leaving its performance for the year ended December 31 in line with market expectations. RWS completed its acquisition of SDL in November 2020.
"The successful integration of SDL is the primary focus of our activities this year and we are pleased that the integration is progressing to plan. A new divisional structure and senior management team is in place, and significant synergies are already starting to be realised. We expect to report in more detail on the integration progress in the group's April trading update," said Brode.
He added: "We are delighted with the progress of the business in Q1 and with the performance of our teams while they have been working remotely."
However, it remains too early to predict the impact on RWS's results from ongoing Covid-19 lockdowns, while the strength of the pound against the dollar is creating an unwelcome foreign exchange headwind.
"Nonetheless, with our current momentum, we are confident of further progress in 2021," said Brode.
Shares in RWS were down 1.5% at 600.00 pence in London on Wednesday morning.
By Lucy Heming;Â [email protected]
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