News Agencies - Global
By Erina Lin, Friday 2 March 2007 at 16:34 :: General :: #61 :: rss
by Tatiana Repkova
Reuters returned to growth last year, with revenues increasing to a higher-than-expected £2.56 billion - but the news and financial information group expects an even better performance this year.
The company has been launching new electronic products under chief executive Tom Glocer. Investment in this programme - known within the business as Core Plus - meant trading profits for last year declined by 8 percent to £308 million. The results were in line with what the City had been expecting, with analysts looking for a trading profit of £300m to £315m with revenues of about £2.5bn.
"We have achieved our immediate goal of restarting revenue growth at Reuters," Glocer said. "And 2007 itself is already getting off to a good start."
The company's media business, which sells news to other media outlets such as newspapers and TV stations, saw revenues jump to £170m from £153m, although profits fell to £16m from £18m. Glocer set out a number of new targets for the company for this year, chief among them being an increase of at least 6 per cent in annual revenues. Last year, revenues increased from £2.4bn to £2.56bn. Reuters also announced plans to increase the amount of money it is returning to shareholders, increasing its share buyback programme this year to between £400m and £425m. http://business.scotsman.com/index.cfm?id=327362007; March 2, 2007
Comments
No comment.
Post comment