Print this page

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.

Last modified on Wednesday, 20 February 2019
Read 369 times
Rate this item
(0 votes)
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.
Ok Decline