yes it makes sense to retain an airline in a pandemic – if it’s the right airline


Update: RWS

Sanford DeLand also owns a stake in RWS, the patent translation firm that has grown significantly in part following a series of acquisitions.

The interim results released earlier this month were the first to include the acquisition of SDL last year, another translation company, also mentioned by this column, which specialized more in automated systems as opposed to the practical. of RWS to employ highly qualified human translators.

“We are naturally wary of large acquisitions, but RWS is a company that is used to making them,” said Burns. “Fortunately, his latest purchase also seems to be on the right track, with, where applicable, more synergies than those initially identified. “

He said RWS’s pre-acquisition business was also making “steady progress” despite some “unfavorable currency movements”: the strength of the pound had returned its profits in US dollars, which accounts for the lion’s share of its profits. income, less valuable.

He said that a bigger surprise had been the decision of chief executive Richard Thompson, who had worked at the company since 2012, to step down to pursue other interests. “It still raises questions so soon after a major deal, but it was apparently motivated by compensation issues rather than strategy,” Burns said.

He said the company’s long-term appeal, its position in sectors such as technology and life sciences, remained. “These areas are growing rapidly, in part due to regulatory requirements. We can draw an analogy with the gold rush, where the suppliers of picks and shovels “- in this case the patent translators as opposed to the companies behind the innovations themselves -” were the ones to be supported. ”

Quaestor says: hold on

Symbol: RWS

Closing price: 572.5p

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