Wolters Kluwer 2023 Full-Year Report

Wolters Kluwer 2023 Full-Year Report

Alphen aan den Rijn, February 21, 2024 – Wolters Kluwer, a global leader in professional information, software solutions and services, today releases its full-year 2023 results.

Highlights

Revenues €5,584 million, up 5% in constant currencies and up 6% organically.

Recurring revenues (82% of total revenues) up 7% organically.
Digital & services revenues (94% of total revenues) grew 6% organically.
Expert solutions (58% of total revenues) grew 8% organically.
Cloud software (16% of total revenues) grew 15% organically.

Adjusted operating profit €1,476 million, up 6% in constant currencies.

Adjusted operating profit margin up 30 basis points to 26.4%.

Diluted adjusted EPS €4.55, up 10% overall and up 12% in constant currencies.
Adjusted free cash flow €1,164 million, down 2% in constant currencies.
Net-debt-to-EBITDA of 1.5x; return on invested capital (ROIC) improved to 16.8%.
Proposed 2023 total dividend €2.08 per share, an increase of 15%.
Share buybacks:

Completed 2023 share buyback of €1 billion.
Announcing 2024 share buyback of up to €1 billion, of which €100 million is completed.

Outlook 2024: expect good organic growth and further improvement in adjusted operating profit margin, with the increase in diluted adjusted EPS to be dampened by higher financing cost and tax.

Full-Year Report of the Executive Board

Nancy McKinstry, CEO and Chair of the Executive Board, commented: “We achieved 6% organic growth and a year-on-year increase in adjusted operating margin, despite macroeconomic and geopolitical headwinds. Strong momentum in recurring revenues compensated for challenges in some of our non-recurring revenue streams. We met our financial and sustainability goals, while increasing investment in product innovation, including in generative AI, to support future growth. We look forward to delivering another year of good organic growth and margin improvement in 2024.”

Key Figures – Year ended December 31

€ million (unless otherwise stated)
2023
2022
∆
∆ CC
∆ OG

Business performance – benchmark figures
 
 
 
 
 

Revenues
5,584
5,453
+2%
+5%
+6%

Adjusted operating profit
1,476
1,424
+4%
+6%
+7%

Adjusted operating profit margin
26.4%
26.1%
 
 
 

Adjusted net profit
1,119
1,059
+6%
+7%
 

Diluted adjusted EPS (€)
4.55
4.14
+10%
+12%
 

Adjusted free cash flow
1,164
1,220
-5%
-2%
 

Net debt
2,612
2,253
+16%
 
 

ROIC
16.8%
15.5%
 
 
 

IFRS reported results
 
 
 
 
 

Revenues
5,584
5,453

Full story available on Benzinga.com