Glocer claims 'uptick' in sales at Thomson Reuters
27 January 2010 | 5119 views | 0
After seeing revenue and profits tumble for much of 2009, Thomson Reuters CEO Tom Glocer says there was a "marked uptick" in sales at the news and data firm towards the end of the year.
In November the company posted a 59% fall in net earnings, to $167 million, for the third quarter on integration costs and lower revenues at the recession-hit markets division.
The markets division, which accounts for around 60% of all revenues, saw a six per cent fall in revenues for the quarter after currency movements, to $1.86 billion.
However, Glocer has now told Reuters Insider television that sales have improved recently, although he warns that the firm's subscription model means it will take time for the weakness earlier in the year to work through the system.
The CEO also says Thomson Reuters is well placed to invest in the business and make acquisitions. The firm has been linked with bids for both Interactive Data and RiskMetrics recently.