HomeBusinessRWS hit as it suspends Russia operations and closes Ukrainian office

RWS hit as it suspends Russia operations and closes Ukrainian office


UK translation firm RWS shares hit as it suspends operations in Russia and closes Ukrainian office

Shares in language services group RWS plunged as it suspended its operations in Russia and closed its office in the Ukrainian capital of Kyiv.

The UK firm, which is listed on the AIM, expects demand for translation into Russian to decline and its full-year performance was predicted to be at the lower end of market expectations.

Shares fell 16.5 per cent, or 77.2p, to 390.4p.

 RWS expects demand for translation into Russian to decline and its full-year performance was predicted to be at the lower end of market expectations

RWS’s office in Kyiv employs 55 Ukrainians while its 80 staff in Russia are in St Petersburg.

It said: ‘RWS will not provide services or technology to Russian-owned businesses, whether fully owned or as part of a joint venture.

‘Our priority continues to be to do all we can to support our Ukrainian employees during this dangerous time. 

‘The RWS Foundation and many of our employees are also supporting charities involved in relief efforts.’

It has bought Dutch-based Liones Holding for £14.6million, and a further £4.2million within two years.

Advertisement



Source link

Must Read