RWS says FY on track

9th Apr 2010 07:25

Intellectual property group RWS Holdings is on track to meet market expectations for the full year but said its technical translations teams, especially in Germany, have experienced severe trading conditions. Revenue for the six months ended 31 March is in line with management expectations, though profits have been impacted by the reduced volatility in currency markets when compared with last year when the Euro was exceptionally strong. Interest income in the first half of the year will be markedly lower than in the prior year as a result of the current low interest environment, but RWS still expects that revenues and profits for the year ended 30 September, given present currency levels, will be in line with forecasts. "RWS is performing well, particularly in its core business. This is commendable given the lingering recessionary conditions which have impacted many important clients," said chief executive Andrew Brode.