London | Monday
BRITISH media and information group Reuters on Monday reported a six-percent slump in first-quarter revenues and said the depressed market conditions were set to continue through the end of the year.
Reuters stock slumped 5,5% to 481,5 pence in early deals after the company said turnover fell to 912 million pounds (1,5-billion euros. $1,3-billion) in the three months to March, from 970 million last year.
”Reuters sees no near-term turnaround in the depressed conditions affecting its financial services customers and, as a consequence, the rate of decline (of subscription revenue) in the second half of the year is currently anticipated to be approximately 5-6 percent,” the group said in a statement.
The big drag on Reuters’ operations was US electronic brokerage Instinet, which saw revenues decline by 39% in the first quarter. – Sapa-AFP