Wolters Kluwer books 4% fall in turnover
Wednesday 30 July 2008
Publishing concern Wolters Kluwer on Wednesday announced a 4% decrease in its first half turnover to €1.61bn compared to the same period last year.
The company said the result was ‘largely driven’ by a weak US dollar. Last year the company made more than half of its turnover in the US.
Net profit fell to €144m compared to €742m in the same period last year although this figure includes profit from the sale of its education division.
Wolters Kluwer’s healthcare and financial operations performed particularly poorly in the first half of 2008.
The health division, which saw turnover fall 12%, is being hit by a downward trend in advertising by the pharmaceutical sector the company said.
The firm’s financial division, where turnover decreased 12%, is feeling the consequences of the credit crisis said Wolters Kluwer.
Wolters Kluwer also announced that its top man in the health division, Jeff McCaulley, has decided to step down for ‘personal and family reasons’, reports ANP news service. Company chairwoman Nancy McKinstry will take over his tasks on a temporary basis, said ANP.
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