Thomson Reuters sees firmer Asian revenue

PUBLISHED : Saturday, 19 April, 2008, 12:00am
UPDATED : Saturday, 19 April, 2008, 12:00am

Thomson Reuters, the newest global financial and professional information service provider on the block, expects double-digit revenue growth in the region this year on strong demand, managing director for Asia Michael Peace said.

The firm started operating under the joint name yesterday after Canadian financial data provider Thomson Corp acquired financial news agency Reuters Group last year for US$17.2 billion.

Thomson has a strong presence in North America, focusing on providing information to professionals in finance, law, technology and health care. Reuters has been offering financial and market information worldwide. They compete with Bloomberg in the financial sector.

After the merger, the pro forma revenue for Thomson Reuters reached US$12.4 billion last year. It made 60 per cent of revenue providing financial and market information and the remainder from information for other professional services.

The new entity now employs more than 50,000 in 93 countries.

'The merger should help us compete in the market with the most professional information, no matter if it's a financial or other professional sector,' said Mr Peace yesterday.

Asked whether Thomson Reuters would devote more resources to competing with Bloomberg in financial news, Mr Peace said the definition of news wire now was different from the last century.

'Today people are reading newspapers online and the access to news is totally different,' he said.

Thomson Reuters will leverage further on both firms' strength to provide professional products.

'Our strength in Reuters' financial market information can be combined with Thomson's strong data base in professional services to provide a full picture for customers,' Mr Peace said. 'Financial information is not financial only; it can be put in the context of professional knowledge in legal, scientific, health-care fields.'

The company has more than 600 staff in its Beijing office alone.