RWS Holdings says first quarter trading in line

In a statement ahead of its annual general meeting, the company said the year to the end of September 2017 saw the fourteenth consecutive year of growth in group sales, underlying profits and dividends since flotation in 2003.

Chairman Andrew Bode was due to say: "The group has performed in line with the board's expectations in the first quarter of the current financial year. Our focus now is upon the integration of Moravia together with the successful exploitation of the opportunities provided by our recent acquisitions.

"Notwithstanding US exchange rate headwinds, the board is confident of further substantial progress in 2018 as RWS consolidates its global leading positions in its chosen sectors."

RWS bought Moravia, which provides technology enabled localisation services to technology companies, on 3 November last year for $320m in cash. The company said the deal enhances its global presence, adding operations in the Czech Republic, USA, Japan, China, Argentina, Hungary and Ireland, provides further geographic and currency diversification, and adds an additional profitable, cash generative division of scale to the group.

At 0920 GMT, the shares were down 0.7% to 427p.