Nancy McKinstry, Wolters KluwerTax & Accounting led Wolters Kluwer in performance for the year ended December 31. It was the only one of four divisions to register revenue growth after currency and led the other units in organic revenue and in constant currencies, as the company reported results this week.

The major factor in Tax & Accounting’s revenue growth was software, which represents 74 percent of the unit’s revenue.

In this week’s earnings webcast, chief executive Nancy McKinstry said, “Our CCH cloud Axcess suite and CCH ProSystem Engagement did particularly well.” 

Tax & Accounting’s operating margin was down because of one-time items, reorganization and the impact of investments in CCH Tagetik. Tax & Accounting revenue for last year reached about $1.47 billion, up 5 percent over 2017—9 percent in constant currencies and 7 percent organically.

Company-wide revenue for 2018 was roughly $4.84 billion. That was down 2 percent from the prior year; up 1 percent in constant currencies and 4 percent organically. Net profit of approximately $777 million rose 7 percent over a year earlier, an increase of 12 percent in constant currencies.The company noted that last year, more  than 60 percent of its revenues and adjusted operating profit came from North America.

McKinstry noted growth in the CCH Axcess line. "Today nearly 40 percent of our U.S. tax professional base is using one or more of these modules," she said.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Last modified on Wednesday, 20 February 2019
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