Good news for Reuters

27-07-2007

Good news for Reuters
Information provider Reuters saw its first-half revenue grow by 6.4 per cent as preparations for its takeover by Canadian firm Thomson continue.

The London-based news agency's operating profits rose by ten per cent in the first half of 2007, while its revenue reached £1.27 billion.

It revealed its post-takeover "top-team" has been selected and said it had received positive feedback from customers, but outlined a number of risk factors including obtaining regulatory approval from the US department of justice and the Canadian competition bureau.

"Against the backdrop of the pending Thomson-Reuters transaction, Reuters stayed focussed on driving growth in the first half and delivered the strongest six months of sales and installations in more than five years," chief executive Tom Glocer said.

"We are off to a very good start in planning for our integration with Thomson. The more we advance in these activities, the more excited I become about the prospect of creating a truly great information company."

Reuters agreed to be bought out by Thomson in May for $17 billion (£8.7 billion), leading to fears that the journalistic integrity of the agency might be affected.

These concerns were played down by senior figures within the company, however. Chairman Niall FitzGerland insisted at the time that Reuters' "independence, integrity and freedom from bias" would continue under the new arrangement.

Shares in Reuters fell by one per cent on early morning trading.


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