RWS Holdings (AIM:RWS) PLC fell 16% to 395.6p on Wednesday afternoon after it said it expects performance for the year to be at the lower end of market expectations due to reduced demand for its 80 Russian employees to translate into their native tongue.
The language translator said it will not continue to provide its facilities to Russian-owned businesses, whether fully owned or as a joint venture.
Its Kyiv office, which has 55 workers, has been temporarily closed but it insisted it is trying to keep in contact with the employees on a daily basis as well as implementing a crisis response plan.
The group also announced it acquired Liones Holding BV for €17.5mln plus a further €5mln within the next two years.
In the future, it “plans to drive accelerated organic growth, operational efficiency and margin progression over the medium term as a result of increased investment in the near term,” the company said.
The company's share price is at its lowest price since mid-2018