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Wolters Kluwer Wolters Kluwer 2021 Nine - Month Trading Update November 3 , 2021 - Wolters Kluwer , a global leader in professional information , software solutions and services , today releases its scheduled 2021 nine - month trading update . Highlights Full - year 2021 outlook increased . Nine - month revenues up 6 % organically . Recurring revenues ( 81 % of total revenues ) up 5 % organically ; non - recurring revenues up 9 % . Digital & services revenues ( 92 % of total revenues ) up 6 % organically ; print up 5 % . Expert solutions revenues ( 54 % of total ) up 6 % organically . Nine - month adjusted operating profit up 14 % in constant currencies . Nine - month adjusted free cash flow up 30 % in constant currencies . Net - debt - to - EBITDA ratio 1.5x as of September 30 , 2021 . Share buyback 2021 : on track to reach € 350 million . Share buyback 2022 : mandate signed to buy back up to € 50 million in January and February 2022 . Nancy McKinstry , CEO and Chairman of the Executive Board , commented : " I am pleased to report that in the first nine months of the year , we have seen consistent growth in recurring revenues , led by subscriptions to cloud software and other expert solutions . This performance continued to be enhanced by a sharp post - pandemic rebound in non - recurring revenue streams , against a low base in the prior period . Underlying operating costs increased in the third quarter , as expected , as we invest in recruiting and developing the talent to drive future growth . " Nine Months to September 30 , 2021 Total revenues increased 2 % , due to the negative impact of exchange rates ( mainly the weaker U.S. dollar ) during the first nine months of the year . In constant currencies , revenues increased 7 % , with the impact of disposals outweighed by the impact of acquisitions . Excluding currency , acquisitions and disposals , organic revenue growth was 6 % ( 9M 2020 : 3 % ) . Subscriptions and other recurring revenues ( 81 % of total revenues ) sustained 5 % organic growth ( 9M 2020 : 5 % ) , while non - recurring revenues increased 9 % organically ( 9M 2020 : decline of 4 % ) . Non - recurring revenues include transactional revenues in Governance , Risk & Compliance ( GRC ) , print books , and other ad hoc revenues . Digital and services formats grew 6 % organically , with total software revenues up 6 % . Total print revenues rose 5 % ( 9M 2020 : decline of 15 % ) , mainly comprised of a 20 % increase in print books revenues ( 9M 2020 : organic decline of 23 % ) and a 6 % decline in print subscriptions ( 9M 2020 : decline of 10 % ) . Revenues from North America ( 62 % of total revenues ) grew 7 % organically ( 9M 2020 : 4 % ) while revenues from Europe ( 31 % of total ) grew 6 % ( 9M 2020 : 2 % ) . Asia Pacific & Rest of World ( 7 % of total ) recorded organic growth of 2 % ( 9M 2020 : 0 % ) . Nine - month adjusted operating profit increased 9 % overall and 14 % in constant currencies . The adjusted operating profit margin was up 160 basis - points year - on - year , driven mainly by operational gearing and lower restructuring costs . Nine - month margins increased year - on - year in all divisions , except Tax & Accounting , where investment was increased . In the third quarter , group - wide adjusted operating costs before restructuring costs increased by 9 % in constant currencies compared to the third quarter of 2020 , reflecting the expected step up in hiring and investment to support growth . Health : Nine - month revenues increased 9 % in constant currencies and 9 % on an organic basis ( 9M 2020 : 4 % ) . Clinical Solutions delivered steady 7 % organic growth in the first nine months , mainly supported by renewals , upsells , and new customer wins for both UpToDate and our drug information solutions . Patient engagement revenues remained soft in the first nine months , while performance in our clinical software unit was mixed . Health Learning , Research & Practice recorded 11 % organic growth ( 9M 2020 : 2 % ) , driven by a strong rebound in print book sales ( up 52 % in the first nine months ) and the first - year inclusion of the American Society of Clinical Oncology ( ASCO ) journal publishing contract . In addition , digital products , such as medical research platform Ovid , sustained good organic growth . Continuing medical education revenues were weak against a challenging comparable . Tax & Accounting : Nine - month revenues increased 8 % in constant currencies , with the contribution from Wolters Kluwer - 2021 Nine - Month Trading Update Page 1 ( 5 )