The Tax & Accounting business posted Thomson executives noted what were called "healthy conditions in the global tax and accounting market." No tax and accounting products were singled out for superior performance, but it was reported that corporate tax revenue rose by 20 percent, up 9 percent organically.
The company's operating profit fell to $597 million, down 54 percent from $1.3 billion a year earlier. Revenue was off 3 percent to $3.16 billion from $3.27 billion. Those numbers, however, include discontinued operations. The results for ongoing business was better with revenue and underlying profit each up 2 percent. However, organic revenue was off 1 percent.
While tax and accounting and other professional segments performed well, the focus of the call remained on the troubled financial services unit. Sales, which are subscription based, continued to slump, but CEO James Smith said that results are improving.
"We are far more disciplined and we are becoming a more execution-focused organization which is helping build confidence across the company," CEO James Smith, who got his job a year ago when the financial services woes sank his predecessor, Tom Glocer.
The company also continued to be hurt by publishing sales with the law business down by double digits in that category.
