Wolters Kluwer, the information services technology company, has posted its half-year 2023 results. The company reported revenues of €2,725 million for the period, up 6% organically. Its Legal and Regulatory (LR) division, one of five divisions at the company, reported organic growth of 4%, led by digital subscription revenues.
Wolters Kluwer also reiterated its group-level guidance for 2023, noting that “we continue to expect the group-level adjusted operating profit margin to increase in the fourth quarter of 2023 (compared to fourth quarter 2022) leading to a margin improvement for the full year.”
Legal & Regulatory Software (24% of LR divisional revenues) now comprises Enterprise Legal Management (Tymetrix and Passport) and the company’s legal practice management solutions (Kleos and Legisway). In aggregate, these businesses recorded 4% organic growth.
Its Legal & Regulatory Information Solutions (76% of LR divisional revenues) business, meanwhile, reported an 8% overall reduction in revenues “due to the effect of [a] French and Spanish [business] disposal.”
Speaking about the overall results across all divisions, Nancy McKinstry, CEO and Chair of the Executive Board, Wolters Kluwer, commented: “We delivered 6% organic growth as continued strong momentum in recurring revenues more than offset the anticipated downturn in non-recurring revenue streams. Operating costs and margins developed as expected and we remain confident of delivering a full-year margin improvement.”
The company has shared several announcements in recent months regarding its Artificial Intelligence (AI) expertise – with many from the LR division.
Just last week, for example, Wolters Kluwer noted how effective use of generative AI will separate successful and unsuccessful law firms within the next five years, according to a majority of respondents (62%) polled in a new survey sponsored by Wolters Kluwer Legal & Regulatory and conducted by Above the Law. The survey – Generative AI in the Law: Where Could This All Be Headed– features input from 275 legal professionals about the practice areas, business functions, and jobs most likely to be impacted by generative AI.
And it would appear that the AI arena is increasingly important for Wolters Kluwer itself. “We made important progress towards our strategic goals and are excited about pursuing growth opportunities across the business. Around 50% of our digital revenues are from products that leverage AI and we see generative AI as another powerful tool to drive value for our customers,” McKinstry added in the results announcement.
The full report is available on the Wolters Kluwer News Pages.
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