Reuters sales improvements continue

News and information group Reuters maintained its record of gradual sales improvement today despite a toughening in conditions over recent months.

The company, which employs 14,700 staff in 92 countries, said the rate of decline in recurring revenues slowed for the third successive quarter to 6.2% in the three months to June 30.

The figure met company forecasts, although chief executive Tom Glocer said the external environment was “somewhat less benign” than in the first quarter.

He added: “Our increased competitiveness and better sales discipline mean we expect to see the recurring revenue trend continue to improve gradually.”

The blue-chip company added that its three-year Fast Forward turnaround programme was ahead of schedule at the half-way stage.

As well as 3,000 job cuts and other efficiency gains, the strategy has seen Reuters overhaul its range of products.

The moves helped Reuters achieve profits of £49m (€74m) in 2003, against losses of £500m (€750m) in 2002, while there was further improvement today with half-year profits of £136m (€205m), compared with £87m (€131m) a year earlier.