Wolters Kluwer Revenue Rises, Plans EUR100 Million Buyback, Names New CFO

By Anthony O. Goriainoff

Wolters Kluwer said revenue for the first nine months of the year rose, that it will launch a share buyback program of up to 100 million euros ($105.8 million) in January, and named its new chief financial officer.

The Netherlands-based information, software and services company said Wednesday that revenue for the period rose by 5% organically, and that the level of share buybacks left it with headroom to support its dividend plans, sustain organic investment, and make selective acquisitions.

Brian Puffer has been appointed chief financial officer and will join the board on April 1 at the latest, the company said. Puffer, currently chief financial and risk officer at BP Integrated Supply and Trading, will succeed John Heasley who will resign on Nov. 30.

Recurring revenue--which makes up 82% of the group total--rose 7% organically, with non-recurring revenue down 2%.

Total revenue was up 2% overall, reflecting the effect of a weaker dollar, especially in the third quarter, it said.

Nine-month adjusted operating profit--a metric that strips out exceptional and other one-off items--fell 2% on a constant-currency basis.

The company backed its guidance, saying it expected group-level adjusted operating profit margin to increase in the fourth quarter, leading to a full-year margin improvement. Adjusted free cashflow guidance for the year is EUR1.20 billion, with restructuring costs for the year in the EUR10 million to EUR15 million range.

"The down-cycle in transactional revenues has lasted longer than we expected, but we are nonetheless on track to deliver good organic growth and margin improvement for the full year," Chief Executive Nancy McKinstry said.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

November 01, 2023 03:56 ET (07:56 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.