13 October 2015

Thomson Reuters Q2 hit by struggling finance sector

01 August 2012  |  4625 views  |  0 Thomson Reuters logo web screen shot

Thomson Reuters says its financial and risk business continued to suffer in the second quarter thanks to "growing headwinds" in the FS sector.

Overall, revenues from ongoing businesses were $3.2 billion, a three per cent increase before currency with the legal, tax, accounting and intellectual property businesses all performing well.

However, once again, the biggest unit, financial and risk, saw Q2 revenues fall three per cent to $1.79 billion. Adjusted Ebitda was down 13% to $460 million and operating profit fell 129% to $306 million.

One bright note was the traction gained by the firm's flagship Eikon desktops, which had seen disappointing take up. There were over 19,000 at the end of the second quarter, up approximately 20% from the end of the Q1.

In a conference call, quoted by Reuters, chief executive James Smith revealed: "It is fair to say the external environment is worse than we had expected at the beginning of the year, particularly in Europe and with the big global banks."

"While we remain confident in the trajectory of our business, achieving positive net sales in the fourth quarter will be challenging as the market environment continues to deteriorate."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

23 July, 2012
12 July, 2012
09 July, 2012
25 June, 2012
27 February, 2012
09 February, 2012
02 December, 2011
28 September, 2011
23 September, 2011

Related company news

Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
European Parliament rubberstamps Payment S...
11287 views comments | 48 tweets | 65 linkedin
Banks must embrace fintech-fuelled payment...
9042 views comments | 35 tweets | 27 linkedin
Global transaction banking set to be a key...
6779 views comments | 10 tweets | 22 linkedin
London fintech investment in first three q...
6331 views comments | 29 tweets | 20 linkedin
Chinese hackers breach LoopPay
5680 views comments | 8 tweets | 7 linkedin

Featured job

to $120K base + bonus
New York City, NY (USA)

Find your next job