Reuters today reported a 10% fall in underlying first quarter earnings as it seeks to recover from a disastrous 2002.
The financial information group said that core revenues slipped to £670 million in the first three months of 2003. Pre-tax losses approached £500 million last year (see
Reuters Chief Sees No Signs Of Recovery As Losses Soar) and Reuters has warned that the situation could get worse before it gets better. Earnings in the second quarter are predicted to fall by around 11% and full year revenues could be up to 12% lower than in 2002.
Reuters chief executive Tom Glocer refuses to be downcast and said today: “We are pleased with the progress we made in this quarter in what continues to be a tough market. Revenues were in line with our expectations and we saw some good sales wins.”
Shares in the company were up 2.25p at 120p at the close of trading today.
