Thomson Financial revenues down six per cent
31 July 2003 | 3192 views | 0
Thomson Financial revenues declined six per cent to $379 million in the second quarter as the company continued to be affected by ongoing weaknesses in the financial services market, particularly in Europe.
Earnings before income tax, depreciation and amortisation increased four per cent to $102 million, as the company reaped the benefit of cost-cutting programmes and platform consolidation. The six per cent revenue decline was also offset by favourable currency translation.
Despite the slowdown, Thomson says the business continued to add new customers for the re-branded Thomson ONE suite of products.
Across the group as a whole, revenues increased by two per cent and earnings by seven per cent.
Richard Harrington, president and chief executive officer of Thomson Corporation, comments: "While our financial services customers, particularly in Europe, continue to struggle, there are signs that many of our other markets are poised for improvement, as evidenced by the solid growth we have delivered in our legal, tax, scientific, healthcare, and higher education businesses."