Thomson Financial records second successive year of revenue declines
12 February 2004 | 4324 views | 0
Thomson Financial says it expects to post a revenue increase in 2004, following two years of declines due to depressed market conditions.
The financial technology division was the only unit not to record a revenue rise in 2003 as the enlarged group posted an overall two per cent increase in turnover to $7.6 billion for the year ending December 2003.
Revenue at Thomson Financial declined five per cent over 2003 to $1.5 billion, with earnings before income tax depreciation and amortisation down one per cent to $406 million.
Thomson says the fall off in revenue reflected weakness in the financial services environment throughout much of the year, particularly in Europe, but was mitigated by favorable foreign currency translation.
In the quarter, the rate of revenue declined slowed to two per cent at $386 million as the US financial services market continued to recover. The firm says lower revenue declines were also recorded in Europe.
Earnings at the division were down 12% quarter on quarter to $103 million, reflecting one-time benfits recorded in Q4 2002.