Wolters Kluwer's Tax and Accounting operations turned in a 2-percent drop in revenue for the year ended December 31 but showed a rise in organic revenue. And the company was happy that software revenue in North America grew by 5 percent over 2013 and the company expects strong growth in software sales this year. The drop in tax and accounting revenue reflected the transfer last year of some assets to the company's Legal & Regulatory division.CEO Nancy McKinstry said the company showed good growth in its CCH desktop and online Axcess products. However, the company notes for 2015 that expects the ongoing decline of bank products will continue.
Operating profit in the tax and accounting area was about $284 million, down 3 percent and by the same amount in both constant currencies and organic growth. Tax & Accounting revenue was about $1.1 billion, down 2 percent from the prior year and off by 1 percent in constant currencies but up 3 percent organically
Company revenue was about $4.15 billion for the most recently ended year, an increase of 3 percent and also up 3 percent in constant currencies and organically. Profit was about $537.5 million, 37-percent higher than in 2013.
