Thomson Reuters saves a little extra on merger

By John Hill on November 12, 2008 4:46 PM |

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Newsgatherer Thomson Reuters claims it is ahead of schedule with its planned merger savings as it revealed increased third quarter profits.

The Canary Wharf based company announced revenues of $3.3billion (£2.2billion), eight per cent up on the same period in 2007. Operating profit grew 17 per cent to $676million (£445million).

Bosses say the company has saved $550million (£363million) since Canadian firm Thomson merged with Reuters last year. It highlighted the success of its Professional Division, whose revenues were up 10 per cent to $1.4billion in the third quarter.

Full-year results for the company will be released in February.

Thomas H Glocer, chief executive officer at Thomson Reuters, said: “The strong growth and profitability of our large Professional Division highlighted its ability to perform well through the economic cycle, while our Markets Division delivered good results despite extreme conditions in global financial markets."