RWS shrugs off tough trading conditions

Intellectual property support services firm RWS said it overcame challenging market conditions to post an 11% rise in half year pre-tax profit and said it is well placed to deliver continued progress during 2012.

The group, which provides technical translations, said sales increased by 8% to £65.4m for the year ended 30 September 2011. Underlying operating profit rose 12.6% to £16.1m and pre-tax profit rose by 11% to £16.2m.

"Trading in the first two months of the new financial year has been in line with management's expectations. Whilst the macroeconomic environment, particularly in the eurozone, remains uncertain, we have fully hedged our Euro and US Dollar trading exposure for the current financial year and our strong financial position leaves us well placed to deliver continued progress during 2012," said chairman Andrew Brode.

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"Our recent investment in inovia's excellent proprietary technology platform adds a highly complementary and scaleable service to our existing patent search and translation offerings. We expect its considerable growth prospects, as well as cross selling opportunities, to materially enhance the Group's leading position in intellectual property protection over the medium term," Brode added.

A final dividend of 11.75p has been offered, up from 10.25p in 2010.

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cj