May 6, 2020 / 6:24 AM / 25 days ago

BRIEF-Wolters Kluwer Suspends 2020 Guidance Due To COVID-19 Uncertainties

May 6 (Reuters) - Wolters Kluwer NV:

* REG-WOLTERS KLUWER FIRST-QUARTER 2020 TRADING UPDATE

* FINAL DIVIDEND FOR 2019 APPROVED BY SHAREHOLDERS AND TO BE PAID ON MAY 20, 2020

* 2020 GUIDANCE SUSPENDED DUE TO UNCERTAINTY CAUSED BY THE IMPACT OF COVID-19

* 2020 SHARE BUYBACK OF UP TO EUR 350 MILLION MAINTAINED

* FIRST-QUARTER REVENUES UP 3% IN CONSTANT CURRENCIES AND UP 4% ORGANICALLY

* OUR Q1 2020 RESULTS EXHIBITED MINIMAL IMPACT FROM COVID-19 ON REVENUES AND COSTS

* NEW SALES OF SUBSCRIPTION PRODUCTS ARE MORE DIFFICULT IN CURRENT MARKET CONDITIONS

* ON CORONAVIRUS: PACE OF BUYBACKS TO BE SLOWED: MANDATE FOR EUR 50 MILLION IN BUYBACKS FOR NEXT THREE MONTHS

* EXPECT RENEWAL RATES FOR EXISTING DIGITAL AND SERVICES SUBSCRIPTIONS AND OTHER RECURRING REVENUE PRODUCTS TO SHOW RESILIENCE

* NET DEBT STOOD AT EUR 2,142 MILLION ON MARCH 31, 2020, COMPARED TO EUR 2,199 MILLION AT DECEMBER 31, 2019

* SALES OF NEW SOFTWARE LICENSES AND IMPLEMENTATION SERVICES ARE LIKELY TO BE POSTPONED

* FIRST-QUARTER ADJUSTED OPERATING PROFIT MARGIN INCREASED BY 110 BASIS POINTS

* FIRST-QUARTER ADJUSTED FREE CASH FLOW DECLINED 9% IN CONSTANT CURRENCIES Source text for Eikon: Further company coverage: (Gdansk Newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below