Reuters Posts H1 Loss of £88m

24 July 2002

Reuters Group, the world's largest provider of news, financial information and technology solutions, reported a first half pretax loss of £88 million ($137.77m; €138.72) in the wake of restructuring costs of £100m and an unstated deficit at its electronic agency securities brokerage Instinet where revenues declined by 38%.

The result - the group's first loss since it listed on the London Stock Exchange eighteen years ago - compares with a pretax profit of £357m during the same period last year.

Although the group acknowledges difficult trading conditions and anticipates these will continue through 2002, it expects the restructuring to realise additional savings of £20m during the current fiscal and £100m in 2003.

Data sourced from: The Wall Street Journal Online; additional content by WARC staff