Cost cutting aids profits for Thomson Reuters

NEWS and financial data publisher Thomson Reuters reported a better-than-expected second quarter profit yesterday, helped by cost cuts.<br /><br />The firm stood by its forecast that revenue would grow in 2009 and that its profit margin would be similar to last year&rsquo;s as markets stabilise.<br /><br />However, chief executive Tom Glocer said that the fallout from the financial crisis would likely squeeze the Markets division.<br /><br />Revenue from ongoing businesses, excluding the impact of foreign exchange rates, rose two per cent to $3.28bn (&pound;2bn), in line with market expectations. Overall underlying operating profit rose 11 per cent to $793m from $713m a year earlier.<br /><br />The company attributed its underlying operating profit growth to cost controls, currency benefits and savings from Thomson&rsquo;s purchase of Reuters last year.<br /><br />Shareholders will vote today on a proposal to delist the company&rsquo;s shares from the London exchange.