RWS reports solid first half despite currency headwinds

2nd Jun 2014 08:04

- Solid half-year trading despite negative currency translation- First two months of the second half has been good- Expects continued progress in the second half and beyondPatent translation specialist RWS posted a solid set of first half figures and said trading in the first two months of the second half has been good despite sterling's continued strength.The group, which provides technical translations, said adjusted pre-tax profit rose by 2% to £10.8m for the six months ended March 31st from £10.6m a year earlier. Sales for the period increased 28% to £46.9m despite currency headwinds.Chairman Andrew Brode commented: "As the economic climate improves we expect to continue to extend our share of the patent translation and intellectual property services markets. First half results have been promising despite the currency headwinds and we anticipate greater benefit from 2013 client wins in the second half than we saw in the first half. "Our financial position remains strong and we have an encouraging pipeline of new business opportunities to exploit. We, therefore, expect continued progress in the second half of the year and beyond."The group underlined its confidence in future trading with a 9% increase in its interim dividend, giving a payment of 4.9p.Net cash at the period end reduced to £14.9m from £28.0m a year earlier after its $23.3m acquisition of Inovia and a £4.3m purchase of a new building.CJ