20th Feb 2009 07:00
RWS GROUP
For immediate release
20 February 2009
RWS Holdings plc
HMRC agrees capital loss claim
RWS Holdings plc (RWS), Europe's leading provider of intellectual property support services (patent translations and technical searches) and technical translations, is pleased to announce that HMRC has agreed the Group's 2004 tax return.
RWS had maintained that it was entitled to utilise up to £20 million of capital losses which arose in Health Media Group plc ("Health Media") prior to the reversal of RWS into Health Media in 2003. The effect of the agreed loss position is the release of a £4.4 million tax provision and an increase in both pre and post tax profits of £4.4 million in the six months ending 31 March 2009, all of which are non-cash items.
Andrew Brode, Executive Chairman of RWS commented:
"We are pleased to have five years of uncertainty resolved in our favour and to see shareholder funds further enhanced."
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For further information contact:
RWS Holdings plc
Andrew Brode, Executive Chairman 01753 480200
Smithfield
Katie Hunt / Rebecca Whitehead 020 7360 4900
Numis
Stuart Skinner / James Serjeant 020 7260 1000
About RWS:
RWS is Europe's leading provider of intellectual property support services (patent translations and technical searches) to the medical, pharmaceutical, chemical, aerospace, defence, automotive, electronics and telecoms industries. RWS also provides specialist technical, legal and financial translation services for areas of industry outside the patent arena. RWS is based in the UK, with offices in Europe, New York, Tokyo and Beijing, and is listed on AIM, the London Stock Exchange regulated market (RWS.L).
Approximately 1,000,000 patent documents are published per annum, 200,000 of which are published in Europe (Source: European Patent Office) and the intellectual property market has shown significant growth in recent years, with patent applications in Europe having doubled over the last ten years.
For further information please visit: www.rws.com
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