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Reuters shares rise on CEO revenue statement

08 October 2004  |  4599 views  |  0 Reuters logo

Reuters shares have risen following the release of an internal memo sent to staff by CEO Tom Glocer saying the vendor had set a budget for 2005 showing revenue increasing for the first time in four years.

Reuters shares were up 3.59% in afternoon trading to 346.50 pence, after rising to 352 pence following the release of the memo this morning.

In the memo, which was issued to staff earlier this week, Glocer says: "We confidently set a budget that shows Reuters growing our revenues for the first time in four years."

But Reuters added that it was not issuing revenue guidance in the memo: "This statement is not meant to imply that revenues will be positive for 2005 as a whole. The 2005 budget is not yet complete and no revenue guidance has been issued for 2005."

Glocer also says that more cost cuts are coming in the last year of the company's Fast Forward programme.

The release of the memo follows the leak of an internal e-mail from Glocer last month in which he berated staff over delayed product launches and technical breakdowns at the company.

As part of the company's Fast Forward restructuring, on Thursday Reuters opened a new facility in Bangalore which will eventually house 1500 staff - or 10% of its workforce.

According to press reports Reuters plans to add 1200 staff to the existing 340 workers at the Bangalore facility over the next 18 months. The workforce will consist mostly of data and technical staff.

Around 400 positions will be added by the end of 2004, with about 200 of these roles migrated from other Reuters centres.

Justin Abel, Global Head of Data Operations, Reuters says: "We selected Bangalore for its well established role as the leading Indian city for locating offshore operations...We have found a highly talented and motivated workforce to take on the complex work of managing data on a global basis."

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