Global news and information provider Reuters Group Plc bounced back into the black on Tuesday, reporting annual profits well above market expectations and sending its shares to 20-month highs.
"Reuters is well on the way to recovery with the worst of revenue declines behind us," Chief Executive Tom Glocer said, adding that core revenues could pick up again as early as 2005.
"It will have to get considerably better in a hurry for 2005 to be positive, but it's still possible," he said, adding US demand was leading the way with Europe in tentative recovery.
Reuters, which reported a record loss for 2002 after being hit hard by a slide in revenues, said core subscription revenues - the bulk of turnover - fell 10.2 percent on an underlying basis, a shade better than it had forecast.
Reuters reported profit before tax, goodwill amortisation and one-off items of 190 million pounds ($358 million) for calendar 2003, compared with market forecasts of around 110-150 million pounds. Unadjusted pre-tax profit totalled 49 million pounds - a turnaround from 2002's loss of 493 million pounds.
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