News and information group Reuters posted a sharp improvement in annual profits today after it cut costs and staged a business overhaul.

Reuters Group Chief Executive Tom Glocer today announced positive sales for the month of May and good progress on renewing and simplifying the company’s product line.

International media group Reuters saw revenue for the three months to March 31, 2004 fall 10.7% to £598m (€895m).

News and information group Reuters today said its five-year turnaround strategy remained on track despite its first ever loss as a public company.

Reuters says it will cut 500 more posts to offset a slowdown following the US terror attacks.