Thomson Financial double digit gains driven by acquisitions
27 October 2004 | 4178 views | 0
Thomson Financial has posted double-digit gains in third quarter revenue as recent acquisitions CCBN and TradeWeb performed above expectations.
Thomson Financial Q3 revenues grew to $455 million, an increase of 22% over the third quarter of 2003, and adjusted Ebitda increased 21% to $128 million.
While much of the revenue growth was attributed to acquired companies, the firm also reported core revenue growth for the second consecutive quarter.
Sales of Thomson ONE workstations increased 12% in the third quarter of 2004 - up 46% for the nine-month period - said the vendor, due to new client wins and user migration from legacy products.
At group level, revenues rose 9% to $2.22 billion in the quarter and earnings increased 11% to $0.52 per share.
With $1.5 billion spent on acquisitions so far this year, Thomson president and CEO Richard Harrington says the firm is ready to reign in its spending and concentrate on organic growth: "We don’t anticipate any significant additional activity for the balance of the year and will likely see a return to a more normal level in 2005."