Profits Fall At Thomson Reuters, Wealth Revenues Dip

Tom Burroughes

24 February 2010

Thomson Reuters, the US-Canadian media and financial data group that provides services for sectors including wealth management, said today its IFRS operating profit for 2009 fell by 6 per cent year-on-year to $1.58 billion, while revenues fell by 11 per cent to $12.9 billion.

Revenues from continuing operations, meanwhile, stood at $12.95 billion, down by 3 per cent; underlying operating profit was $2.75 billion, down by 1 per cent.

Underlying profit margins rose to 21.3 per cent and achieved strong free cash flow growth.

Within the Investment Advisory division, Thomson Reuters said full-year revenues declined by 2 per cent. Corporate's growth of 1 per cent was offset by a slight decline in Retail Wealth Management, a 3 per cent decline in Investment Management and a 6 per cent decline in Investment Banking.