RWS Holdings pleased with performance in new financial year
By Josh White
Date: Wednesday 12 Feb 2020
(Sharecast News) - Intellectual property and localisation provider RWS Holdings updated the market on its trading on Wednesday, reporting that the financial year ended 30 September was an "excellent" one, with all three delivering record results.
The AIM-traded firm, which was holding its annual general meeting, said that enabled it to maintain its unparalleled record of 18 years of unbroken growth in revenues, profits and dividends since flotation in 2003.
Chairman Andrew Brode said the company had continued to build on its momentum in the first few months of the 2020 financial year, with several "excellent" new contract wins, particularly within its intellectual property services division, leaving it on course to deliver full-year results in line with the board's underlying expectations, notwithstanding recent currency headwinds.
"RWS continues to generate a high level of cash and we now expect to return the group to a net cash position quicker than previously anticipated," Brode explained.
"We are also pleased to announce that we have agreed an amended debt facility, increasing it to up to $200m on materially better terms, with a four year term and an option to extend to five years.
"We remain focused upon realizing the full potential of our market leading positions whilst continuing to identify acquisition opportunities that will enhance the group's geographic coverage or range of services provided."
At 0951 GMT, shares in RWS Holdings were up 5.84% at 598p.
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