RWS.GB Rws Holdings plc

TIDMRWS

RNS Number : 6637S

RWS Holdings PLC

13 March 2023

For immediate release 13 March 2023

RWS Holdings plc

Update on Silicon Valley Bank

As at 10 March 2023, RWS Holdings plc ("RWS" or "the Group") had limited exposure to Silicon Valley Bank ("SVB") as set out below:

-- The Group's $220m Revolving Credit Facility is provided by a syndicate of eight global banks of which Silicon Valley Bank UK Limited ("SVB UK") is part, having committed c.10% of the facility. RWS has c.$26m drawn down currently, with SVB's share of the current draw down being $2.7m.

-- RWS has a small cash position held within SVB in the US which is currently expected to be fully protected under the Federal Deposit Insurance Corporation scheme, which has a coverage limit of $250k.

-- SVB UK holds a portion of RWS's forward currency contracts. The Group is working through a number of actions to minimise its limited exposure to these contracts.

RWS therefore believes that it has limited exposure to SVB. It reiterates the outlook provided in its recent AGM Statement and continues to expect to deliver FY23 adjusted PBT in line with market expectations. The Group remains well placed to continue to deliver on its strategy with the additional benefit of a strong balance sheet, having had net cash of GBP71.9m as at 30 September 2022.

For further information, please contact:

   RWS Holdings plc    01753 480200 

Andrew Brode, Chairman

Ian El-Mokadem, Chief Executive Officer

Candy Davies, Chief Financial Officer

   MHP (Financial PR advisor)                                            rws@mhpgroup.com 
   Katie Hunt / Simon Hockridge                                            020 3128 8100 
   Numis (Nomad & Joint Broker)                                       020 7260 1000 

Stuart Skinner / Kevin Cruickshank / Will Baunton

   Berenberg (Joint Broker)                                                 020 3207 7800 

Ben Wright / Toby Flaux / Alix Mecklenburg-Solodkoff

About RWS

RWS Holdings plc is a unique, world-leading provider of technology-enabled language, content and intellectual property services. Through content transformation and multilingual data analysis, our unique combination of technology and cultural expertise helps our clients to grow by ensuring they are understood anywhere, in any language.

Our purpose is unlocking global understanding. By combining cultural understanding, client understanding and technical understanding, our services and technology assist our clients to acquire and retain customers, deliver engaging user experiences, maintain compliance and gain actionable insights into their data and content.

We work with over 80% of the world's top 100 brands, more than three-quarters of Fortune's 20 'Most Admired Companies' and almost all of the top pharmaceutical companies, investment banks, law firms and patent filers. Our client base spans Europe, Asia Pacific and North and South America. Our 65+ global locations across five continents service clients in the automotive, chemical, financial, legal, medical, pharmaceutical, technology and telecommunications sectors.

Founded in 1958, RWS is headquartered in the UK and publicly listed on AIM, the London Stock Exchange regulated market (RWS.L).

For further information, please visit: www.rws.com .

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March 13, 2023 03:00 ET (07:00 GMT)

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