Wolters Kluwer, the Dutch provider of professional information services, has reported a net profit of €479 million ($526.1 million) for the first half of this year. This is an increase from €455 million during the same period last year. Analyst Konrad Zomer from French German broker Oddo estimated a net profit of €488 million.
The company’s adjusted operating profit, a key metric that excludes exceptional and one-off items, decreased to €711 million compared to €734 million in the previous year. FactSet analysts had predicted an adjusted operating profit of €720.1 million for the period.
Revenue for the first half of this year rose to €2.725 billion, up from €2.60 billion in the year-earlier period. The revenue consensus, based on estimates from three analysts provided by FactSet, was €2.74 billion.
Notably, recurring revenue accounted for 82% of Wolters Kluwer’s first-half revenue, marking a 7% increase on an organic basis.
The company’s board has declared an interim dividend of 0.72 European cents, compared to 0.63 cents in the previous year.
Wolters Kluwer has reiterated its guidance for 2023, with expectations of an increase in the group-level adjusted operating profit margin in the fourth quarter. This is anticipated to result in a full-year margin improvement. The company projects a margin of 26.1%-26.5%, compared to 26.1% in 2022.
