Revenue for Thomson Tax & Accounting grew by 10 percent organically year-over-year for the second quarter ended June 30. The company said that is normalizing the numbers to remove the impact of the extension of the tax deadline in the United States to May 15 this. year and to July 15 last year.Without applying that adjustment, transaction revenue grew by 43 percent in the quarter.
The Tax & Accounting business produced an operating profit of $72 million for the most recently ended period a rise of 32 percent from $54 million a year earlier. The unit had $197 million in second-quarter revenue, a rise of 17 percent from $168 million in last year’s corresponding period; rising 16 percent in constant currency and 15 percent organically.
Company revenue rose to $1.53 billion, an increase of 9 percent from $1.51 billion a year earlier.
The company expects a good first half will be succeeded by a better second half. “We forecast revenues will accelerate in the second half of the year with healthy growth expected from our direct and indirect tax businesses, risk, the legal products sold into corporates and from Europe, Latin America, and Asia and emerging markets,” CEO Steve Hasker said during the recent earnings webcast.
Besides achieve “solid organic growth this year,” the Tax & Accounting operations will achieve a growth rate of 6 percent to 8 percent by 2023, Hasker said.
