Shares in Reuters hit a 20-month high after the group announced Tuesday it was back in the black.

The news and information giant this week reported a pre-tax profit of £49 million ($93m; €73m) for 2003, up from a loss of £493m the year before. Group revenues fell 11% to £3.2 billion.

As its fortunes have waned in recent years, Reuters has made huge cost cuts. It slashed £75m from its outgoings last year, higher than the original target of £45m.

In addition, its continuing subscription revenues dropped less than expected, falling 9.3% to £2.45bn rather than the downturn of 10% to 11% many had predicted.

"Our full-year results," beamed ceo Tom Glocer, "show that Reuters is on the road to recovery with the worst of our revenue declines behind us."

Data sourced from: BrandRepublic (UK); additional content by WARC staff