Wolters Kluwer: suspends 2020 guidance
(CercleFinance.com) - Dutch publisher Wolters Kluwer suspended its 2020 guidance on Wednesday, citing uncertainty surrounding the impact of Covid-19.
While its recurring revenues - which represent approximately 80% of annual revenues - are expected to resist, non-recurring revenues are expected to see weaker trends in current market conditions, the group warned.
First-quarter revenues were up 3% at constant currencies and up 4% organically, with adjusted EBITDA also increasing at constant currencies, Wolters said.
"Our first quarter results saw limited impact from COVID-19, but given current uncertain market conditions, we feel it is appropriate to suspend our specific 2020 guidance until we have greater clarity on the sales environment and on revenue trends," it wrote in a statement.
Wolters Kluwer said it plans to maintain its 2020 share buyback of up to 350 million euros, although this did not prevent the shares from falling slightly (-0.4%) on Euronext Amsterdam.
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