Asian business supports modest growth at patent translator RWS

Patent translation and intellectual property support services provider RWS has posted modest growth in revenue for the financial year ending September 30th 2012.

Group revenue rose to £68.8m compared to £65.4m year-on-year. Gross profit rose marginally to £29.2m from £28.5m a year earlier. Profit from operations rose to £16.2m from £15.5m. Pre-tax profit rose to £16.6m from £15.6m.

The group's operations are based in the UK, Continental Europe, Asia and the US. Services for customers based in Continental Europe generated the greatest proportion of turnover, approximately 63%, amounting to £43.5m.

Asian growth supporting group sales

The group also reported strong increases in business in its Chinese and Japanese businesses, which delivered 80% and 42% increases in profits respectively.

In a statement, Andrew Brode, Executive Chairman stated:

"The group delivered strong cash generation, profit growth and a double digit increase in dividends, whilst having continued to invest in the future of the business, despite a challenging ecnomic environment.

"We are particularly pleased with our recent progress in strengthening our new business pipeline with wins including the renowned Japanese consumer electronic products group, a leading Japanese pharmaceutical company... and a UK-based top tier intellectual property law firm."

He added: "Work from US clients has driven the growth in Group's Beijing patent translation service. It has increased its share of a contrct with an international patent body through its ability to provide high quality work. These factors have led to a 58% increase in revenues and an 80% increase in profits... similarly our Tokyo-based patent translation activities increased revenues by 18% and profits by 42%."

RWS's share price was down 0.68% to 580p at 11:32 on Thursday morning.

MF