26th Oct 2022 11:08
(Alliance News) - RWS Holdings PLC on Wednesday said its trading for the financial year that ended on September 30 was in line with market expectations, with revenue estimated to have grown by about 8%.
Shares were up 13% at 311.80 pence each on Wednesday morning in London.
"This increase reflects solid growth in Language Services and accelerated growth in Language & Content Technology, despite the faster-than-anticipated transition towards SaaS revenues. The IP Services division has traded in line with previous guidance," the Buckinghamshire-based language services provider said.
For financial 2021, total revenue amounted to GBP694.5 million, up 95% from GBP355.8 million the year before. Language Services revenue amounted to GBP317.6 million, while Language & Content Technology revenue amounted to GBP100.4 million. IP Services revenue totalled GBP113.6 million.
Chief Executive Officer Ian El-Mokadem said: "Whilst mindful of wider global economic uncertainty, we remain confident in the long-term nature of our market growth drivers and the overall resilience of the group. We believe the current environment also presents an opportunity for us to strengthen our leadership in our markets, as a well-funded business of unique scale, sector diversification, footprint and capabilities."
Looking ahead, RWS said it expects financial year 2022 to deliver strong margin improvement.
Net cash amounted to around GBP71 million as at September 30, compared with GBP45.3 million on the same date a year ago.
RWS will provide a further update with its full-year results in mid-December.
In June, RWS said it doubled its pretax profit to GBP32.9 million in the six months that ended on March 31, from GBP14.9 million a year ago. Revenue climbed 9% to GBP357.3 million from GBP326.4 million.
By Xindi Wei; [email protected]
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