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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.

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