Global information and news group, Reuters has saw revenues fall by 4.4% to £528 million during the third quarter of this year, however the results were ahead of the 5% expected decline.
For the full-year, recurring revenue is forecast to be down ‘by close’ to 5.5%, implying a quarter four decline of around 3%.
Chief executive, Tom Glocer said: “Reuters made good progress towards recovery this quarter. Despite uncertain market conditions, gross sales outpaced cancellations during the quarter for the first time since Q1 2001. More and more customers are seeing Reuters at our best as they migrate from old to new products and this is reflected in rising sales and customer satisfaction levels.”
The group said that its new product line-up ‘continues to take shape’, with Xtra family users topping 100,000 and Trader users doubling from July to September 2004.
For the first time, Reuters legacy 2000/3000 series access losses are offset by growth in new products.
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