Tom GlocerThomson Reuters’ Tax & Accounting business continued to perform well in the year ended December 31 as the overall company returned to growth. Tax & Accounting outpaced the rest of the company with revenue was up seven percent for the year, as the Workflow & Service Solution Segment, which includes the tax software business showed double-digit growth. Business Compliance & Knowledge Solutions was held down by a decline in print, although the Checkpoint research platform had a 9 percent increase in revenue.

For the year, Tax & Accounting had $1.079 billion in revenue, up 7 percent from just over $1 billion in 2010. Meanwhile, operating profit grew to $216 million, up 1 percent from $214 million prior year. Revenue in the last quarter of 2010 reached $330 million, a 7-percent increase from $311 million. Fourth-quarter operating profit was $110 million, up 9 percent from $101 million in last year's corresponding quarter. The company said Workflow & Service Solutions revenue grew by 12 percent while Business Compliance & Knowledge Solutions were down by 1 percent because of the drop in print income.

Operating profit was $1.42 billion for the most recently ended year, down 10 percent from $1.58 billion. Revenue for 2010 was $13.07 billion, a 1-percent increase from just under $13 billion the prior year.

Neither CEO Tom Glocer nor CFO Robert Daleo referred to last year's introduction of the OneSource Global Tax Workstation. Before the product's introduction, Glocer promoted it in earnings' Webcasts. But in summing up 2010, he did not list it among the major product rollouts accomplished during the year, nor did their remarks address any impact on results or potential for future impact.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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