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WK Tax & Accounting Revs Up 3 Percent

Nancy McKinstry, Wolters KluwerWolters Kluwer Tax & Accounting has reported organic revenue growth 3 percent for the nine months end September 30. The company attributed the improvement to the continuing shift towards the use of software. Overall, Wolters Kluwer said revenue was up 2 percent before currency and also up 2 percent after the impact of currency exchange.

Adjusted operating income for the company rose by 3 percent.

The figures were released as part of the company's nine-month trading update. European companies typically having trading updates for the first and third financial quarter. They generally do not report revenue or earnings figures. Those are released for the half and year.

Growth in North America and Europe was termed robust, spurred by the sale of tax, accounting and audit software. Wolters Kluwer noted more than half of its revenue and adjusted operating profit for 2015 came from North America.

In a prepared statement, CEO Nancy McKinstry said, "through the first nine months of 2016, we have continued to see good momentum in our recurring revenues, reflecting robust organic growth from our expert solutions which deliver deep domain knowledge and productivity to customers."

Wolters Kluwer broke down the revenue with digital and services revenue having risen 4 percent for the nine months. Those represented 86 percent of all revenue. The company said all main geographic regions experienced positive organic growth.

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