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London (pte034/16.04.2003/14:10) - The British news agency Reuters reports that sales figures fell 10% (670m GBP) in the first quarter. Business is suffering from the weak financial market and from fewer terminal and data service orders.
However, Reuters chief executive Tom Glocer still remains optimistic. In a statement made in the Financial Times (FT) Glocer said, "We are pleased with the progress we made this quarter in what continues to be a tough market. Revenues were in line with our expectations and we saw some good sales wins." According to Reuters statistics, the market value has risen 2 percentage points from 2002 to 39 per cent.
The company is relieved that it didn't suffer a worse drop in figures and, despite the expected second-quarter revenue decline to 11%, Reuters is happy with the figures, as analysts had feared a steeper deterioration. The full-year turn over is expected to be between 10 to 12 per cent lower than 2002.
The electronic brokerage Istinet, of which Reuters holds 63%, will give their first-quarter results on 22nd April. Reuters will then announce the overall revenue figures.
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