Thomson Reuters reported a good start to 2019 as it rebounded to a profit while revenue rose by 8 percent on an IFRS basis from a year ago. The company is starting its first full year without its Financial & Risk business, which was spun off to Blackline and now operates as Refinitiv.

Thomson posted net profit of $116 million for the most recently ended quarter, compared to a loss of $311 million in last year’s corresponding period. Revenue was $1.48 billion, an 8 percent rise from $1.38 billion a year earlier; up 10 percent in constant currency. That included quarterly payments from Refinitiv for Reuters News service. EBIDTA was $274 million in the recently ended quarter, up 2 percent rise from $268 million a year ago.

In a recent earnings webcast, CEO James Smith said recurring revenue was the strongest it had been in several years.

Tax Professional revenue was $274 million, up 2 percent from $268 million. Recurring revenue, which represented 78 percent of the total, rose by 7 percent. Transaction revenue was flat. Accounting firm revenue—84 percent of the total—rose by 5 percent while global business was up 15 percent, driven by Latin America. The government business, which comprises 5 percent of revenue, was down by 4 percent.

Last modified on Tuesday, 14 May 2019
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