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(Correcting company name in headline) RWS Holdings PLC on Tuesday reported a loss driven by impairment charges, while a reduction in its clientele lowered its revenue. Shares in RWS fell 11% to 221.20 pence each in London on Tuesday morning. In the year ended September 30, the Buckinghamshire, England-based technology-enabled language services provider swung to a pretax loss of £10.9 million from a £83.3 million profit the year before, mainly due to impairment charges of £62.4 million relating to its Language and Content Technology division’s cash generating units. Revenue dipped 2.1% to £733.8 million from £749.2 million a year prior due to ‘reduced client activity in a challenging environment’, RWS explained. RWS upped its final dividend by 3.2% to 9.80 pence per share from 9.50p a year before, bringing its total dividend to 12.20p per share, up 3.8% from 11.75p in financial 2022. Looking ahead, RWS said trading in the current financial year has been trading in line with its expectations, adding that developments in artificial intelligence and large language models are creating growth opportunities. Chief Executive Officer Ian El-Mokadem commented: ‘Notwithstanding the temporary headwinds in some of our markets, the group remains highly resilient. We have a compelling range of AI-enabled solutions with the enterprise-grade security, quality and privacy that clients are actively seeking, and we are successfully pivoting into higher growth segments, which is supporting improving trends across all our services divisions. We continue to transform the group into a scalable platform to support growth and profitability.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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