Wolters Kluwer reports revenue growth

<p>Dutch publisher Wolters Kluwer has reported revenue growth of 2% for its full year results, growing to E3.4bn (&pound;3bn) over 2009.</p><p>Electronic revenues grew by 8%, and now accounts for more than half - 52% - of total sales. </p><p>Ordinary net income grew 1% for the year, to E427m. However operating profit more than halved from &euro;503m to &euro;234m. This figure included &euro;368m of charges relating to goodwill impairment and the amortisation of publishing rights.</p><p>Pre-tax profits fell from &euro;386m to &euro;113m. Earnings per share were 0.4p down from 1.1p last year.</p><p>Nancy McKinstry, chief executive and chairman of the executive board, said the publisher had performed well &quot;despite continued challenging economic conditions&quot;. </p><p>She highlighted the &quot;resilient&quot; subscriptions base, which was &quot;underpinned by stable retention rates and solid growth in electronic and services subscription revenues&quot;.</p><p>But McKinstry said she was expecting the year ahead to see &quot;slow but steady economic recovery&quot;.</p><p>&quot;In this context, electronic revenues are expected to continue to deliver good growth as our customers increasingly demand intelligent workflow tools, pressures on our transactional and cyclical revenues will ease with better market conditions, and our Springboard operational excellence program will continue to deliver further benefits, supporting continuous improvement in<br />our operating performance.</p><p>&quot;Our clear strategic focus as well as our strong balance sheet supports our long-term strategy for growth.&quot;<br /><br /><br /><br /> </p>