Reuters Results Beat Expectations As Profit Returns

Reuters this morning posted underlying profits for the full year which are significantly ahead of market expectations. Group operating profit for 2003 came in at £126 million, up from a loss of £144 million in 2002.

Pre-tax profits also showed a substantial turnaround, up from last year’s loss of £493 million to £49 million. Recurring revenue of £2.5 billion was down 9.3% year on year, but this is ahead of expectations. The company has maintained its dividend at 10p per share.

Chief executive Tom Glocer said: “Our full year results show that Reuters is on the road to recovery, with the worst of our revenue declines behind us.”

Shares in Reuters had jumped by 9.5% to 397p by mid-morning today, following the release of the results

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