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Wolters Kluwer First - Quarter 2021 Trading Update May 5 , 2021 - Wolters Kluwer , a global leader in professional information , software solutions , and services , today released its scheduled first - quarter 2021 trading update . Highlights ■ ■ Wolters Kluwer ■ Full - year 2021 guidance reiterated : good start to the year . First - quarter revenues up 4 % in constant currencies and up 4 % organically . Recurring revenues ( 81 % ) grew 3 % organically ; non - recurring revenues rose 7 % organically . Digital & services revenues ( 92 % ) grew 4 % organically . Expert solutions ( 55 % ) grew 6 % organically . First - quarter adjusted operating profit margin increased by 290 basis points , benefitting from temporary savings in travel and other discretionary costs . First - quarter adjusted free cash flow up 115 % in constant currencies , largely reflecting timing of working capital movements . Net debt - to - EBITDA 1.5x as of March 31 , 2021 . Progress on 2021 share buyback : € 159 million of intended buyback of up to € 350 million completed in the year through May 4 , 2021 . Nancy McKinstry , CEO and Chairman of the Executive Board , commented : " First quarter results were better than expected , notwithstanding some favorable timing effects . In recent weeks , the new sales environment has shown early signs of improvement in selected areas . We remain focused on our strategic goals , including advancing our expert solutions , while supporting the well - being of our employees and delivering value to our customers . We continue to expect the recovery towards pre pandemic growth levels to be gradual but are encouraged by the good start to the year . " First Quarter 2021 Developments First quarter revenues declined 2 % in reporting currency , due to the depreciation of the U.S. dollar compared to a year ago . Excluding the impact of currency movements , first quarter revenues increased 4 % . The impact of 2020 acquisitions on revenues and adjusted operating profit was nearly offset by the impact of last year's divestments . Organic growth was 4 % , slightly better than expected across all four divisions . Recurring revenues ( 81 % of revenues ) , which include subscriptions and other repeating revenue streams , grew 3 % organically ( 1Q 2020 : 5 % ) . Non - recurring revenues ( 19 % of revenues ) increased 7 % organically ( 1Q 2020 : decline of 2 % ) , buoyed by a 24 % organic increase in printed books ( timing of orders ) and a 24 % organic increase in Financial Services transactional revenues ( reflecting volumes related to the 2021 U.S. Paycheck Protection Program¹ ) . Non - recurring software license fees and implementation services were broadly stable in the quarter . The adjusted operating profit margin increased in all divisions , primarily due to temporary cost savings as travel and in - person events remain restricted . Health revenues grew 8 % organically ( 1Q 2020 : 5 % ) in the quarter . Clinical Solutions grew 6 % organically against a tough comparable ( 1Q 2020 : 8 % ) , driven by subscriptions to our decision support and drug information solutions . UpToDate Advanced was enhanced with more content and functionality to integrate into EMR2 workflows . Health Learning , Research & Practice grew 11 % organically , driven by favorable timing of book reseller orders ( expected to reverse in coming quarters ) and by the addition of the American Society of Clinical Oncology journals in medical research . Digital nursing solutions for education and practice achieved strong double - digit growth , led by CoursePoint + and vSim . Tax & Accounting revenues increased 5 % in constant currencies , partly due to the acquisition of XCM Solutions in September 2020. Organic growth was 3 % ( 1Q 2020 : 5 % ) . Corporate Performance Solutions ¹ Hereinafter referred to as PPP . The U.S. Small Business Association ( SBA ) Paycheck Protection Program was established by the 2020 U.S. CARES Act . Wolters Kluwer Compliance Solutions ( part of Governance , Risk & Compliance ) supports bank customers in lending under this program . A new tranche of the U.S. PPP program was launched by the SBA in January 2021 . 2 Electronic medical record systems . Wolters Kluwer First - Quarter 2021 Trading Update Page 1 of 4