AGM Statement

RNS Number : 7335Z

RWS Holdings PLC

11 February 2014

 



                                                                                                                                                  11 February 2014

RWS Holdings plc

AGM Statement

RWS Holdings plc ("RWS", "the Company"), the world's leading provider of intellectual property support services (patent translations and searches) and commercial translations, is today holding its Annual General Meeting at which Andrew Brode, Executive Chairman, will make the following remarks:

"The financial year ended 30 September 2013 saw the tenth successive year of growth in Group sales, underlying profits and dividends since flotation.

"Since then, the Group has continued to build on the momentum created by the healthy flow of work from 2013 client wins and from inovia.  The core patent translations business (which accounts for approximately 70% of Group sales) has produced good growth; the commercial translations activities are stable and the Information division is performing well ahead of expectations.  inovia's sales are on budget in US$ terms, albeit the strength of pound sterling means that reported sales will be impacted.

Currency Effects and Hedging

"RWS has hedged its estimated net trading exposure to the Euro at 1 Euro = 87p until 30 September 2014, and at 1 Euro = 83.5p from 1 October to 31 December 2014.  The strength of the £ sterling versus both the US$ and the Euro has caused sales in the current financial year to date to be marginally behind management's expectations.

Summary and Outlook

"Group sales for the first four months of the financial year have been 27% ahead of 2013 despite this growth having been marginally restrained by pound Sterling strength and some delays in converting a strong pipeline of potential new customers.  At this early stage in the year, based on the new business opportunities the Group is seeing and notwithstanding further adverse currency movements, the Board's expectations for the current financial year remain unchanged.

"We have a strong balance sheet, an interesting flow of niche acquisition opportunities, and remain confident of continuing to enhance our market leading position in the intellectual property arena."

For further information contact:

RWS Holdings plc

Andrew Brode, Executive Chairman                                                                               01753 480200

MHP

Katie Hunt / Simon Hockridge                                                                                       020 3128 8100

Numis

Stuart Skinner (Nominated Adviser)                                                                               020 7260 1000

James Serjeant (Corporate Broker)

About RWS:

RWS is the world's leading provider of patent translations and one of Europe's leading players in the provision of intellectual property support services and high level technical, medical, commercial, legal and financial translation services.  Specialist divisions provide for the diverse needs of a blue-chip multinational client base from Europe, North America and Asia in the aerospace, automotive, chemical, defence, electronics, financial, insurance, legal, medical, pharmaceutical and telecommunications industries.  RWS is based in the UK, with offices in Europe, New York, Tokyo, Beijing and Sydney, and is listed on AIM, the London Stock Exchange regulated market (RWS.L).

RWS recently acquired inovia Holdings Pty Limited which is headquartered in New York and is the largest non-law firm provider of international patent filing solutions globally. Its patented, web-based technology provides over 1000 law firm and corporate clients with cost effective processing of international patent applications, typically producing cost savings in excess of 30%.  From its locations in the US, Australia and Europe, its patent filing service covers 124 countries.

Over 2,000,000 patent applications are filed per annum.  Applications filed in Europe have more than doubled in the last ten years to 258,000 applications in 2012 (source: European Patent Office), a 5.24% increase from 2011.  Applications from Asia have also seen significant recent growth.

For further information please visit: www.rws.com

 

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