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Audit, LATAM, Drive Thomson Tax/Acc’ting

Audit products and the Latin American business drove Thomson Reuters’ Tax & Accounting to a 6-percent increase for the third quarter ended September 30.The company said this week that overall revenue also grew by 6 percent.

In this week’s earnings webcast, CEO Stephen John Hasker said pointed to both the strong results for audit and opportunity in that area “we're seeing significant growth in audit on the back of the Confirmation acquisition.” He  said there is opportunity internationally for the largely American tax and accounting business.

Tax & Accounting also had  6-percent organic revenue growth, which was stronger than expected,  Hasker noted the Latin American tax business, Domino, had 20-percent revenue growth. 

For the most recently ended quarter, Tax & Accounting had EBITDA of $49 million, a 4-percent increase from $47 million a year ago. Revenue was $175 million, up from $165 million in last year’s corresponding period. 

Shifts in the individual federal tax filing deadline led to a 9-percent drop in organic revenue for transactions. The company said that normalizing for the timing, organic revenue for Tax & Accounting rose 11 percent.

Company revenue hit $1.53 billion, an increase from $1.44 billion a year earlier.

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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