Wolters Kluwer issues new profit warning
Wednesday 05 November 2008
Publishing group Wolters Kluwer on Wednesday issued its second profit warning this year, saying it now expects turnover growth for the full year to be under 3%.
In July it reduced its growth forecast from 4% to 3%. The company booked turnover of over €3.4bn last year.
Wolters Kluwer faces difficulties because of a downturn in advertising and in book sales, which account for around 30% of turnover.
The company also said it is increasing its planned cost savings from between €50m and €75m in 2011 to €120m. This will include moving jobs to countries where labour is cheaper.
Wolters Kluwer, which specialises in medical and legal publications, said too that it will sell off poor performing products in its healthcare division.
© DutchNews.nl
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