RWS Annual Report 2022 web - Flipbook - Page 8
Chairman's Statement
RWS continued to evolve rapidly during FY22, with the formulation and launch of
its medium-term growth strategy, the introduction of new values and purpose,
further development of its Board and Executive Team, and completion of the SDL
integration. The Group is now a unique world-leading provider of technologyenabled language, content and intellectual property services, which operates
in attractive growing markets with a combined global size estimated at more
than £47bn1. The Group’s specialist knowledge, reputation and scale help it to
enjoy leading positions in a range of highly fragmented markets, serving a highly
diversified client base.
PERFORMANCE
PEOPLE AND BOARD
The Group delivered £749.2m of revenues for the year,
approximately 8% ahead of the prior year (FY21: £694.5m).
This reflects an additional month’s trading from SDL plc
("SDL"), accelerated growth in Language and Content
Technology, modest growth in Language Services, and
favourable FX movements. These were offset by a reduced
volume of activity from some of our largest global
technology clients, a decision to gradually cease work
with a significant client in Regulated Industries and, in IP
Services, some weaker demand arising from the impact
of the forthcoming Unitary Patent. Overall, the Group
demonstrated strong resilience against a worsening
global economic backdrop – illustrating the defensive
qualities of a well-diversified business, operating across a
number of key territories.
At 30 September 2022 RWS employed 7,761 full-time
equivalents across 72 locations in 33 countries (FY21:
7,796). As the world emerged from the constraints of
the global pandemic, we undertook a gradual return
to office working and we introduced an agile working
policy that supports a mix of office and home working
for all our colleagues. We recognise the value of regular
face-to-face contact in fostering high-performing teams
and effective collaboration, as well as the benefits of
technology in delivering time and energy savings from
a reduction in commuting. In planning the return to
our offices, we also took the opportunity to consider
the viability of some of our locations and were able to
reduce the number of offices by c.13%, with associated
savings in property and related costs.
Profit before tax for the year increased to £83.2m (FY21:
£55.0m). Adjusted profit before tax increased to £135.7m
(FY21: £116.4m), reflecting effective cost control, the full
year effect of synergies from the integration of SDL, and
operational leverage from higher translation volumes
through Language eXperience Delivery, our production
platform.
As in FY21, our teams responded admirably to the
challenges caused by the lockdowns and travel
restrictions in various jurisdictions during the first half of
the year, continuing to focus on delivering high-quality
services and products to our clients, who often faced
similar restrictions on their operations. In February
we responded rapidly to the situation in Ukraine and
we continue to provide support for those colleagues
impacted by the conflict. On behalf of the Board I would
like to thank all our teams across the world for their
continuing commitment, focus and efforts to support
our clients and further develop the Group.
The Group continues to enjoy a strong balance sheet,
with net assets of £1,141.7m (FY21: £1,010.9m) as at
30 September 2022. This included net cash of £71.9m
(FY21: £45.3m), underlining the Group’s continuing cash
generation characteristics.
1
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Sources: OC&C, Slator, CSA,
WIPO, EPO, Companies House
RWS — Annual Report 2022
Andrew Brode
CHAIRMAN
