Wednesday November 12, 04:41 PM
Thomson Reuters revenues climb despite market turmoil
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LONDON (AFP) - The online financial information giant Thomson Reuters (TRI.TO - news) said Wednesday that revenues climbed eight percent in the third quarter of its financial year despite turmoil on world financial markets.
Thomson Reuters, created earlier this year after Canada's Thomson Corp bought Britain-based news agency company Reuters, added that the integration process was starting to deliver key cost savings.
Group revenue rose to 3.3 billion US dollars (2.6 billion euros) in the three months to September 30, compared with the same period of the previous fiscal year, Thomson Reuters said in an earnings release.
The result was on a pro forma basis, calculated as if Thomson Corp and Reuters had already been trading as a combined group.
Pro forma underlying operating profit grew by 17 percent to 676 million dollars in the third quarter.
"Our results demonstrate the strength, breadth and balance of our company, as our business continued to perform well in the third quarter and our integration plan began to deliver accelerated early savings," said Chief Executive Thomas Glocer in the results statement.
"The strong growth and profitability of our large professional division highlighted its ability to perform well through the economic cycle, while our markets division delivered good results despite extreme conditions in global financial markets."
Thomson Corp bought Reuters last year for 8.7 billion pounds (11.5 billion euros, 17 billion dollars) in a deal which completed in April.
According to a recent independent estimate, Thomson Reuters was to have 34 percent of the financial data market, compared with Bloomberg's 33 percent.
The creation of Thomson Reuters combined Thomson Corp's presence in the United States with Reuters' penetration of markets for trading, financial and business information in Britain and continental Europe.
Thomson Reuters covers sectors including accounting, finance, healthcare, law, media and science.
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