Reuters owner sees sales fall

THOMSON Reuters’ sales fell in the three months to July as tough conditions in Europe and banks cutting costs took their toll.

The news and information provider said it expected turnover to continue to decline in the rest of the year. Shares in Thomson Reuters fell three per cent on the news.

Chief executive James Smith said “the external environment is worse than we had expected at the beginning of the year”.

Despite a four per cent drop in revenue to $3.3bn (£2.1bn), the company said its operating profit rose to £1.3bn. The company is likely to report worse revenues in the future as subscriptions fall.