Optimistic

12 November 2008 By Una Galani Follow @ugalani

Thomson Reuters’ chief executive is sounding chirpy. In the midst of a financial crisis, the information publisher which gets 60% of revenues from markets is still bullish about growth. But maybe he should wait until Christmas, when contract cancellations typically peak.

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Thomson Reuters on Wednesday reported betterthanexpected third quarter results and reiterated its fullyear guidance for revenue and operating margin. The company also raised its free cash flow margin to 1315%, but did not provide forecasts for 2009.

The financial information group said revenues grew 8% to $3.3bn. The Markets division grew organic revenues 5% in the quarter, 1 basis point more than consensus analyst expectations. The division accounts for 60% of group revenues and 45% of operating profit. The Professional division also beat expectations reporting 6% revenue growth.

Thomson Reuters is duallisted, its London listed shares trade at a 25% discount to identical voting right shares in Toronto. The company is 53% owned by Woodbridge, the holding company of the Thomson family.

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