10th Feb 2015 09:05
LONDON (Alliance News) - RWS Holdings PLC Tuesday said trading and profits have continued to perform in line with its expectations, with the company making good progress with cross selling opportunities on the back of its inovia acquisition and enhancements in its technology platform.
The intellectual property support services company delivered growth in sales and underlying profits during its last financial year to end September, and said Tuesday that since then, it has continued to build that momentum, supported by a healthy flow of work from 2014 client wins.
"Whilst group revenues, 80% of which are now derived from intellectual property support services, reflect the current unfavourable euro exchange rate, the group is delivering a solid profit performance in line with management's expectations," said Executive Chairman Andrew Brode in an annual general meeting statement.
The group's trading momentum has been partly supported by the acquisition of innovia, a patent filing system. RWS acquired the remaining two thirds of inovia Holdings in September 2013 for USD23.3 million, having acquired an initial one third interest in inovia, in September 2011, for USD5.8 million.
"We have a strong, debt-free balance sheet, an interesting flow of niche acquisition opportunities, and expect to further consolidate our market leading position in the intellectual property support services space," said Brode.
RWS shares were untraded Tuesday morning. The shares last traded at 837.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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