Wolters Kluwer, the Amsterdam-based publishing group, reported a 12% rise in proft per share to €0.70 in the first half of 2009 compared with the same period a year earlier.
However analysts quoted in the media said they were disappointed with the underlying growth trend.
The profit per share growth is ‘great’ but revenue declines show the company’s operations are more vulnerable to economic cycles than expected, said Maurits Heldring of Fortis Bank in the Telegraf.
The company’s first half revenue rose 7% (2% at constant currency exchange rates) to €1.7bn.
Announcing its half year results on Wednesday, Wolters Kluwer CEO Nancy McKinstry said in a statement: ‘We are pleased to deliver solid profitability and cash flow in the first half of 2009.
‘The performance over the first half demonstrates that the stable subscription base and growing online and software portfolio is serving Wolters Kluwer well. Electronic revenue grew 7% and now comprises 52% of total revenue, up from 50% in the prior year.’
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