Traditional publishing on printed media continues to see a decline, according to a top executive at a global information services provider.
Dutch firm Wolters Kluwer provides products and services for professionals in an array of industries including health, tax and accounting. Kevin Entricken, the chief financial officer at the company told CNBC that a major shift in demand is occurring as it tries to restructure and reshape its fortunes.
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"What we're seeing is actually very good growth in our digital products software," he said, adding that its once prosperous print business had seen a steady decline.
"Europe is still a business where we do have an amount of print that is in decline and the growth that we see in digital is not yet offsetting that decline in print. But we do think the digital businesses will be very robust going forward," he said.
Wolters Kluwer has announced 30 million euros of (ADD $) restructuring costs, mainly down to the "challenging" conditions it has faced in European markets. It has also previously stated that it is reducing its headcount in southern Europe despite reiterating its full profit guidance for 2014.
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In terms of global markets, Entricken said that in was seeing positive signals from Brazil and North America as well as growth in professional markets in China.
