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October 30, 1995

REUTERS PROGRESS REPORT SHOWS SECOND HALF SLOWDOWN

By CBR Staff Writer

Reuters Holdings Plc is not ready to start reporting quarterly, but in deference to its large army of US shareholders, it issued a third quarter progress report on Friday. It says turnover in the third quarter rose by 15% over the same period last year to ú677m but pointed out that if you strip out the effects of foreign currency movements, the rate of growth was three points lower at 12%. Chief executive Peter Job described the turnover figures as in line with expectations and repeated that the company expects to see lower rate of growth this half than in the first half. Market conditions remain relatively uncertain and, as previously stated, they are not currently good enough to assure us of double-digit revenue growth in 1996, he said. Job said active markets benefitted Reuters’ foreign exchange and equity transaction services and the company achieved high levels of installation of information management systems. Even so, the rate of growth was one percent less than in the second quarter, reflecting lack of any material benefit from acquisitions in the period and also the cumulative effect of lower levels of orders so far in 1995, the chief executive said. The priority is to maintain investment necessary to deliver new products in 1996. Nevertheless, after several years of heavy expenditure, there remains scope to improve our business efficiency, he said. In the first nine months, revenue was 17% ahead at ú1,970m, 16% excluding currency movements. Asia-Pacific revenue grew 10% at actual exchange rates, 6% at comparable rates. Americas growth was 9% actual, 12% adjusted; Europe, Middle East, Africa was 17% actual, 12% adjusted.

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