The Tax & Accounting business of CEO James Smith noted in a recent earnings webcast that Tax & Accounting had a good year, despite a tough comparison its performance in 2014. The unit's revenue for that year were 12 percent higher than in 2103.
Currency had a big impact on corporate results IFRS revenue of $12.2 billion for the most recently ended year was down from $12.6 billion for the prior year. IFRS EBITDA for 2015 was $1.7 billion, a drop of 32 percent from $2.5 billion.
Executives noted that recurring revenue in the tax and accounting business—83 percent of that operations' total—were up 8 percent organically. Net eanings fell to $1.31 billion from $1.96 billion.
Thomson noted the growth of Tax & Accounting revenue overall and internationally. In 2012, that operation had revenue of $1.2 billion with 15 percent from outside the United States. For 2015, revenue was $1.42 billion with 19 percent from other countries. Thomson expects margins for Tax & Accounting will continue to grow.
The $1.42-billion IFRS total rose by three percent from $1.37 billion for 2014; an increase of 8 percent before currency and 7 percent organically. Operating profit for tax and accounting was $343 million for 2015, an increase of 16 percent from $295 the prior year; up 24.2 percent before currency and 21.5 percent organically.
