AGM Statement

RNS Number : 4553E

RWS Holdings PLC

10 February 2015

 



RWS GROUP

 10 February 2015

RWS Holdings plc

AGM Statement

RWS Holdings plc ("RWS" or "the Company"), the world's leading provider of intellectual property support services (patent translations, international patent filing solutions 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 2014 saw the eleventh successive year of growth in Group sales, underlying profits and dividends since flotation.

"Since then, the Group has continued to build upon the momentum created by the healthy flow of work from 2014 client wins, augmenting the work for its established clients.  Whilst Group revenues, 80% of which are now derived from intellectual property support services, reflect the current unfavourable Euro exchange rate, the Group is delivering a solid profit performance in line with management's expectations.

Currency Effects and Hedging

"RWS has hedged its estimated net trading exposure to the Euro at an average rate of 1 Euro = 81.0p from January 1 to 31 December 2015.  Similarly, the Group's estimated net exposure to the US$ has been hedged from January 1 to 30 September 2015 at an average rate of 1 GBP = US$1.60.

As the Euro remains the Group's principal exchange exposure, its current level of below 75p is unfavourable at the revenue line."

Summary and Outlook

"The Group has continued to perform in line with management's expectations in profit terms and we are making good progress with developing the cross selling opportunities afforded by the inovia acquisition and enhancing its technology platform.

"We have a strong, debt-free balance sheet, an interesting flow of niche acquisition opportunities, and expect to further consolidate our market leading position in the intellectual property support services space."

For further information contact:

RWS Holdings plc

Andrew Brode, Executive Chairman                                                                              01753 480200

MHP

Katie Hunt / Simon Hockridge                                                                                      020 3128 8100

Numis

Stuart Skinner / Kevin Cruickshank (Nominated Adviser)                                                020 7260 1000

James Serjeant (Corporate Broker)

About RWS:

RWS is the world's largest provider of patent translations and is one of the 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 worldwide multinational client base.

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).

Over 2,500,000 patent applications are filed globally per annum.  The two most important international filing routes are via the Patent Cooperation Treaty (PCT) and the European Patent Office (EPO) both of which reported record highs for filing of patents in 2013.  PCT filings grew by 5% to 205,000 in 2013, and are expected to have experienced similar growth in 2014.  European patent filings grew by 3% in 2014.

For further information please visit: www.rws.com

 

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AGMEAKANEASSEFF