RWS trading in line after resilient year

22nd Feb 2024 14:02

(Sharecast News) - Language, content and intellectual property technology specialist RWS Holdings said in an update on Thursday that during the 2023 financial year, it made significant strides in executing its medium-term strategy, evidenced by client acquisitions, technological advancements, and growth initiatives.

The AIM-traded company, which was holding its annual general meeting, said its transformation programme, aimed at enhancing efficiency and expanding its portfolio, also saw notable progress.

Despite global uncertainties, RWS reported resilience, increasing its dividends, repurchasing shares, and investing in business development.

Looking at current trading and future prospects, RWS said it was in line with the board's expectations.

Despite prevailing macroeconomic challenges, the company said it had high client satisfaction and retention rates.

"In January we successfully completed the beta programme for Evolve - our groundbreaking linguistic AI solution which offers significant efficiency gains for global enterprises with substantial translation demands - and are already beginning to see some early wins with enterprise-level clients, helping them safely harness the benefits of AI," said chairman Julie Southern.

"The group remains cash generative and has a strong balance sheet.

"We are leaders in the majority of markets that we serve and are confident of the opportunities for growth, underpinned by the long-term structural drivers of demand for our products and services, and our unique combination of human expertise and technology."

At 1333 GMT, shares in RWS Holdings were down 0.97% at 224.2p.

Reporting by Josh White for Sharecast.com.