3 May 2023
Highlights
- Full-year 2023 guidance reiterated.
- First-quarter revenues up 5% in constant currencies and up 6% organically.
- Recurring revenues (82%) up 7% organically; non-recurring revenues up 2% organically.
- Digital & services revenues (94%) grew 7% organically; print revenues declined 5% organically.
- Expert solutions revenues (58%) grew 7% organically.
- First-quarter adjusted operating profit margin decreased 270 basis points.
- Personnel costs and personnel-related expenses increased, as expected.
- First-quarter adjusted free cash flow decreased 23% in constant currencies, mainly due to lower working capital inflows related to timing of payments.
- Net debt-to-EBITDA was 1.3x as of March 31, 2023.
- Progress on 2023 share buyback: €303 million of intended share buyback of up to €1 billion completed in the year through May 1, 2023.
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.”
Full results can be found here: https://www.wolterskluwer.com/en/news/wolters-kluwer-first-quarter-2023-trading-update