RWS Holdings witnesses another 'record year'

Language support services provider RWS Holdings enjoyed another record year and now expects group revenues to be no less than £355m.

RWS said on Tuesday that its revenues looked set to have increased roughly 16% from the £306m reported in 2018 on the back of strong organic growth across the group's core businesses, an extra month of trading at Moravia, the acquisition of Alpha Translations Canada and a "favourable exchange rate environment".

The AIM-listed group also expected adjusted pretax profits to rise significantly from the year before and be marginally ahead of market expectations.

RWS Moravia, which the group acquired back in November 2017, achieved record revenues for the year on the back of an expansion of its client base, while RWS Intellectual Property Service performed well through its Worldfile and Eurofile businesses and RWS Life Sciences benefited from robust trading in its Linguistic Validation unit.

Chief executive Andrew Brode said: "This has been an excellent year for RWS, with strong financial results across all three of the group's divisions.

"We remain focused on delivering organic growth, whilst selectively reviewing potential acquisition opportunities which would extend our capabilities, technology platforms or geographical presence."

As of 1245 BST, RWS shares had inched back 0.33% to 608p.