Newly merged global news group Thomson Reuters has said its work on integrating the two companies is ahead of schedule and has saved more than £350m so far.
The company, formed last year from the merger of Canadian news provider Thomson and London-based Reuters, said the cost savings that arose provided a ‘self-help lever’that would help the group weather the economic downturn.
Chief executive Tom Glocer told investors in a conference call this afternoon: ‘Professional businesses are not immune to the economic cycle, but we have a range of self-help levers to pull.
‘We’re aggressively moving forward with the integration. The integration plan is ahead of target.”
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He later added: ‘We feel very positive about how this business has held up in the most wrenching period I’ve seen in 15 years.”
On a like-for-like basis, revenues in the third quarter of 2008 rose eight per cent to $3.3bn (£2.2bn) and operating profit grew by 17 per cent to $676m (£445m).
Glocer added: ‘Our business continued to perform well in the third quarter and our integration plan began to deliver accelerated early savings.
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‘Our revenue growth rates continue to lead our markets and, coupled with integration savings and cost discipline, will help drive continuing profit growth.”
Thomson Reuters said it had achieved $550m (£363m) in savings from its integration programme, which has cost $237m (£156m) to implement.
Reuters Media, the division that includes Reuters News, saw a five per cent rise in like-for-like revenues in the third quarter, at $111m (£73m).
The group said it was confident that it would still meet its targets for the end of the year, with full-year revenue expected to grow eight per cent year on year.
Thomson Reuters is due to report its full-year results on 24 February next year.
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