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RWS Holdings Sees FY17 Profit Ahead Of Market View, Higher Revenues; Stock Up

Shares of RWS Holdings plc (RWS.L) were gaining around 8 percent in the morning trading in London after the provider of intellectual property support services said Friday that its fiscal 2017 adjusted profit before tax is expected to have performed strongly and ahead of market expectations. The company also sees higher revenues.

The company expects fiscal 2017 Group revenues to be not less than 163 million pounds, compared to 122 million pounds in 2016, an increase of at least 33.6%.

The adjusted profit before tax results would reflect improved gross margins, the two acquisitions and currency benefits.

In its trading update, the company, which also provides life sciences and commercial language services, said its excellent performance has been driven by significant growth in the core translation activities, an additional month's contribution from acquired Corporate Translations Inc., and a strong contribution from acquired LUZ. The Group has also benefitted from currency tailwinds.

This year has seen considerable volatility in global currency markets, largely driven by political events. With well in excess of 80% of Group revenues in non-sterling, principally Euros and US dollars, the company has benefitted from the relative weakness of sterling.

Andrew Brode, Chairman of RWS, sais, "This has been a period of excellent performance across all of the Group's service offerings. … Both our financial and market positions remain strong and we continue to see an interesting pipeline of acquisition opportunities to complement our organic growth. There is strong momentum in the business and we are, therefore, confident of further significant progress in the new financial year."

The company is scheduled to release its full year results on December 6.

In London, RWS shares were trading at 428.22 pence, up 8.41 percent.

by RTT Staff Writer

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