Reuters Gears Up for Recovery

FRONT PAGE: ORGANIZATION & STRATEGY

Reuters announced a before-tax profit during last week’s 2003 results call, significantly boosting its share price. At the same time, revenues continued to fall and the vendor remained cautious about the market’s recovery.

Much of the optimism came from comparing full-year profitability: a profit before tax of £95 million--even after the acquisitions of research specialist Multex and FX software vendor AVT--compared with a loss of £123 million for 2002 (both figures are exclusive of Instinet)