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Wolters Kluwer 2020 Half-Year Report

Wolters Kluwer 2020 Half-Year Report

August 5, 2020 – Wolters Kluwer, a global leader in professional information, software solutions, and services, today releases its half-year 2020 results.


  • Revenues €2,294 million, up 3% in constant currencies and up 3% organically.
    • Excluding revenues associated with the PPP1, organic growth would have been 2%.
    • Recurring revenues up 4% organically (81% of total revenues); non-recurring impacted by COVID-19.
    • Digital & services revenues up 5% organically (93% of total); print down 18% organically.
  • Adjusted operating profit €577 million, up 14% in constant currencies.
    • Adjusted operating profit margin benefitted from temporary cost reductions and other factors.
  • Diluted adjusted EPS €1.59, up 18% in constant currencies.
  • Adjusted free cash flow €336 million, up 10% in constant currencies.
  • Balance sheet and liquidity remain strong.
    • Net-debt-to-EBITDA 1.5x; recent refinancing improves liquidity and extends maturity profile.
  • Interim dividend of €0.47 per share, set at 40% of prior year total dividend.
  • Share buyback: €175 million of 2020 buyback of up to €350 million completed to date.
  • Outlook 2020: specific guidance remains suspended.
    • Recurring revenues from digital information, software and service subscriptions holding up well.
    • Print and non-recurring revenue streams expected to be weak in the remainder of the year.

Half-Year Report of the Executive Board

Nancy McKinstry, CEO and Chairman of the Executive Board, commented: “In these unprecedented times, I am particularly proud of our employees who have been focusing their efforts on supporting our customers and who have remained agile and engaged while adjusting to remote working conditions. COVID-19 has impacted non-recurring and print revenue streams and slowed new sales activity, but our strategically important recurring digital revenues are demonstrating resilience. While we continue to suspend our specific 2020 guidance, we remain confident in the company’s long-term prospects.”

Key Figures – Six months ended June 30
€ million, unless otherwise stated 2020 2019 ∆ CC ∆ OG
Business performance – benchmark figures          
Revenues 2,294 2,204 +4% +3% +3%
Adjusted operating profit 577 497 +16% +14% +14%
Adjusted operating profit margin

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