RWS nets $11.65m from warranty insurance claim
By Josh White
Date: Tuesday 22 Sep 2020
(Sharecast News) - Language, intellectual property support and localisation specialist RWS confirmed receipt of $11.65m (£9.09m) following a successful insurance claim on Tuesday.
The AIM-traded firm said the claim was under the terms of the warranty insurance taken out as part of the Moravia acquisition in November 2017.
"This claim relates to certain information that was omitted ahead of the acquisition of Moravia," said chief executive officer Richard Thompson.
"The information would not have altered the decision to acquire Moravia, which has been very successful."
Thompson said the company still did have cause to claim under the warranty insurance, adding that the board was "pleased" to have received that settlement.
"Moravia has proven to be an excellent acquisition for the group, and we continue to grow the business by providing leading localisation solutions that enable some of the largest companies in the world to deliver their content globally and with brand consistency."
At 0959 BST, shares in RWS Holdings were down 0.85% at 585p.
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