Wolters Kluwer First-Quarter 2024 Trading Update - Seite 2
Health revenues increased 7% in constant currencies and 7% organically (1Q 2023: 5%). Clinical Solutions delivered 9% organic growth (1Q 2023: 6%), reflecting good renewal rates in clinical decision support and clinical drug information. Our referential drug data and patient engagement solutions (formerly Lexicomp and Emmi) were brought under the UpToDate brand. Health Learning, Research & Practice recorded 5% organic growth (1Q 2023: 3%), benefitting from new journal launches, including NEJM AI, a title focused on AI in Medicine.
Tax & Accounting revenues increased 6% in constant currencies, with organic growth of 8% (pro forma 1Q 2023: 9%) partly offset by the transfer of our Chinese legal research solution Bold (2023 revenues: €21 million) to the Legal & Regulatory division. North American organic growth slowed to 8% as expected (pro forma 1Q 2023: 11%) partly due to the challenging comparable created by last year’s tax guide publication schedule. Europe recorded a strong start to the year despite the absence of last year’s one-time benefits in Germany and Spain. Asia Pacific & Rest of World grew 2% organically (1Q 2023: 7%) as print books turned down.
Financial & Corporate Compliance revenues grew 4% in constant currencies and 4% organically (pro forma 1Q 2023: 2%). Recurring revenues increased 6% organically (pro forma 1Q 2023: 5%). Transactional and other non-recurring revenues began to stabilize (1% organic increase in 1Q 2024 compared to pro forma decline of 4% in 1Q 2023) but remain difficult to predict. Legal Services grew 4% organically (pro forma 1Q 2023: 2%), supported by sustained organic growth in service subscriptions alongside stable transactional revenues. Financial Services revenues grew 3% organically (pro forma 1Q 2023: 1%), supported by 4% organic growth in recurring revenues and a slight upturn in transactional revenues compared to decline a year ago.
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Legal & Regulatory revenues grew 8% in constant currencies and 5% organically (pro forma 1Q 2023: 4%), reflecting the transfer into the division of the Bold legal research solution from the Tax & Accounting division. Legal & Regulatory Information Solutions grew 4% organically (1Q 2023: 4%), with sustained growth in digital products more than offsetting decline in print. Legal & Regulatory Software revenues grew 6% organically (pro forma 1Q 2023: 5%), buoyed by sustained double-digit growth in volume-driven transactional revenues at ELM Solutions related to the on-boarding of new customers.