13th Oct 2015 08:54
LONDON (Alliance News) - RWS Holdings PLC on Tuesday said it enjoyed a "significant" recovery in the second half of its last financial year, welcome news for the patent translation and search company after a flat sales performance in the opening six months of the year.
In an update for the year ended September 30, RWS said sales for the second half were up to GBP49.7 million from GBP46.7 million in the corresponding period the prior year, taking full-year sales to GBP95.1 million. The 2% increase on the prior year's sales figures was ahead of market expectations prior to the announcement, RWS said.
RWS said it has in excess of GBP85 million in shareholder funds and net cash of about GBP30 million, both of which it said will underpin its acquisition strategy and progressive dividend policy.
"We expect the current financial year to benefit from increasing sales from previous client wins, a healthy pipeline of new client opportunities and further benefits accruing from the full integration of inovia, which has now been completed," Chairman Andrew Brode said in a statement.
"We are seeing an active pipeline of acquisition opportunities and therefore expect to use our strong balance sheet to good effect in the new financial year," Brode said.
Shares in RWS were up 19% at 165.00 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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