RWS Holdings PLC AGM Statement (5349O)
February 10 2021 - 1:00AM
UK Regulatory
TIDMRWS
RNS Number : 5349O
RWS Holdings PLC
10 February 2021
For immediate release 10 February 2021
RWS Holdings plc
AGM Statement
RWS Holdings plc ("RWS", "the Group"), the world's leading
language services and technology group, is today holding its Annual
General Meeting at which Andrew Brode, Chairman, will make the
following remarks:
"The year ended 30 September 2020 produced a resilient
performance in the face of the Covid-19 pandemic. The lessons
learned in the early phases of the pandemic have enabled us to
drive that performance forward, with our employees working safely
and effectively from home.
"On 4 November 2020, we were pleased to complete the acquisition
of SDL plc to create the world's leading language services and
technology group."
Current trading and outlook
"The original RWS business has delivered excellent Q1 2021
results, with good revenue growth and a significant double-digit
percentage increase in adjusted profit before tax. SDL in its two
months in the Group produced results in line with its prior year,
leaving its performance for the year ended 31 December 2020 in line
with market expectations.
"The successful integration of SDL is the primary focus of our
activities this year and we are pleased that the integration is
progressing to plan. A new divisional structure and senior
management team is in place, and significant synergies are already
starting to be realised. We expect to report in more detail on the
integration progress in the Group's April trading update.
"We have agreed with the former owners of Iconic Translation
Machines Ltd (Iconic), which was acquired in June 2020, to amend
the earn out agreement. The original agreement provided for further
consideration of up to $10m in new RWS shares in October 2022 and
this has been amended to provide for a single payment of $5m in new
RWS shares to be made in October 2022. This new agreement will
facilitate a quicker integration of Iconic with SDL, strengthen the
Group's market leading position in Language Technology and simplify
the Group's go to market message on Machine Translation.
"RWS has the strongest balance sheet in the sector and no net
debt. The Group is therefore
well-positioned to take advantage of further acquisition
opportunities in a rapidly consolidating market segment.
"We are delighted with the progress of the business in Q1 and
with the performance of our teams while they have been working
remotely. However, it remains too early to predict the impact on
RWS's 2021 financial results that ongoing Covid-19 lockdowns will
have on the Group's client base, and the strength of sterling
against the USD is creating an unwelcome foreign exchange headwind.
Nonetheless, with our current momentum, we are confident of further
progress in 2021."
For further information, please contact:
RWS Holdings plc
Andrew Brode, Chairman
Richard Thompson, Chief Executive Officer
Des Glass, Chief Financial Officer 01753 480796
MHP (Financial PR advisor) rws@mhpc.com
Katie Hunt / Simon Hockridge 0203 128 8100
Numis (Nomad & Joint Broker)
Stuart Skinner / Kevin Cruickshank / Will Baunton 0207 260 1000
Berenberg (Joint Broker)
Ben Wright / Toby Flaux / Alix Mecklenburg-Solodkoff 0203 207 7800
About RWS:
RWS is the world's leading language services and technology
group. Over more than 60 years, the company has built
a reputation for quality, reliability and flexibility
with its global team of translators, searchers and technical
experts.
RWS's specialist divisions combine the latest technology,
proven processes and highly skilled staff to deliver
complex services at each stage of the product lifecycle
to meet the diverse needs of a global client base spanning
Europe, Asia Pacific, and North and South America across
a range of sectors including technology, pharmaceutical,
medical, chemical, automotive, and telecommunications.
With headquarters in the UK, RWS is publicly listed on
AIM, the London Stock Exchange regulated market (RWS.L).
For further information, please visit: www.rws.com
Forward-Looking Statements
This announcement contains certain statements that are
forward-looking statements. They appear in a number of
places within this announcement and include statements
regarding our intentions, beliefs or current expectations
and those of our officers, directors and employees concerning,
amongst other things, our results of operations, financial
condition, liquidity, prospects, growth, strategies and
the business we operate. By their nature, these statements
involve uncertainty since future events and circumstances
can cause results and developments to differ materially
from those anticipated. The forward-looking statements
reflect knowledge and information available at the date
of preparation of this document and, unless otherwise
required by applicable law, the Company undertakes no
obligation to update or review these forward-looking
statements. Nothing in this announcement should be construed
as a profit forecast. The Company and its directors accept
no liability to third parties in respect of this document
save as would arise under English law.
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END
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