Thomson Reuters grows fastest since 2008 financial crisis

Growth was driven by recurring revenues at all three of its biggest units since the company sold a majority in its financial and risk business, now known as Refinitiv, to Blackstone last year - legal, corporates and tax & accounting.

The company also said that it and Blackstone had agreed to sell Refinitiv, which provides data and news to financial customers, to London Stock Exchange in a $27 billion all-share deal.

Reuters News revenues increased 118 per cent to $156 million due to revenue from a 30-year agreement for Reuters to supply news and editorial content to Refinitiv for at least $325 million annually, which began in the fourth quarter of 2018. Organic revenues increased two per cent, mostly attributable to a price increase related to the Refinitiv agreement.

Dealmaking, new products and a $10 billion share buyback following the Blackstone deal have propelled Thomson Reuters stock 85 per cent higher since May last year, and the shares hit an all-time high of C$90.04 earlier this week.

Chief executive James Smith said in a statement he believed the company was well positioned for future growth.

In the second quarter, revenue rose to $1.42 billion from $1.31 billion a year ago, broadly in line with analyst consensus of $1.43 billion. ■