Alphen aan den Rijn, May 3, 2023 – Wolters Kluwer, the Euronext quoted expert solutions company, has released its first-quarter 2023 trading update. First-quarter revenues were up 5% in constant currencies and up 6% organically, with recurring revenues (82%) up 7% organically.
Nancy McKinstry, CEO and Chair of the Executive Board, commented: “We have seen a good start to the year, with performance broadly as expected. Product investment has been sustained at high levels as we continue to pursue opportunities for organic growth while enhancing our solutions for customers. The creation of a fifth division, Corporate Performance & ESG, was implemented in March and our teams around the world are focused on executing on our strategy. We are confident in reiterating our guidance for full-year 2023.”
S&P Global yesterday affirmed the company’s ratings, with a stable outlook.
In February the company reported annual revenues of almost €5.5 billion for 2022. At this time the company also announced that it was bringing together four of its global enterprise software businesses to form a new division, Corporate Performance & ESG. This, the company said, was to meet the growing demand from corporations and banks for integrated financial, operational, and ESG performance management and reporting solutions.
The new division is comprised of these global software units: Corporate Performance (CCH Tagetik; including U.S. Corporate Tax); EHS/ORM Software (Enablon); Finance, Risk & Reporting and Internal Audit Solutions (TeamMate).
“All four businesses serve global corporations and banks with cloud and on-premise solutions and have leading market positions in their specific areas of expertise,” the company said in a statement. “Combining these assets will allow Wolters Kluwer to accelerate synergies and leverage their combined global strengths to pursue a growing market opportunity.” The company also confirmed the division would be home to approximately 2,500 professionals globally.
Corporate Performance & ESG is led by Karen Abramson, formerly CEO of Wolters Kluwer’s Tax & Accounting division for the past nine years.
Among the businesses which have migrated to the new division is Wolters Kluwer FRR. The unit describes itself as “a global market leader in the provision of integrated regulatory compliance and reporting solutions. These solutions support regulated financial institutions in meeting their obligations to external regulators and their own boards of directors.”