Weir Group has named Brian Puffer as its chief financial officer. "Wolters Kluwer Revenue Rises, Plans EUR100 Mln Buyback, Names New CFO," at 0741 GMT, incorrectly said Wolters Kluwer had named Puffer as CFO. The correct version follows:
By Anthony O. Goriainoff
Wolters Kluwer said revenue for the first nine months of the year rose, and that it will launch a share buyback program of up to 100 million euros ($105.8 million) in January.
The Netherlands-based information, software and services company said Wednesday that revenue for the period rose by 5% organically, and that the level of share buybacks left it with headroom to support its dividend plans, sustain organic investment, and make selective acquisitions.
Recurring revenue--which makes up 82% of the group total--rose 7% organically, with non-recurring revenue down 2%.
Total revenue was up 2% overall, reflecting the effect of a weaker dollar, especially in the third quarter, it said.
Nine-month adjusted operating profit--a metric that strips out exceptional and other one-off items--fell 2% on a constant-currency basis.
The company backed its guidance, saying it expected group-level adjusted operating profit margin to increase in the fourth quarter, leading to a full-year margin improvement. Adjusted free cashflow guidance for the year is EUR1.20 billion, with restructuring costs for the year in the EUR10 million to EUR15 million range.
"The down-cycle in transactional revenues has lasted longer than we expected, but we are nonetheless on track to deliver good organic growth and margin improvement for the full year," Chief Executive Nancy McKinstry said.
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(END) Dow Jones Newswires