Document Management

Thomson Tax and Accounting Revs Up 10%

Parent Category: ROOT
Friday, 02 November 2012
Published Date
Written by Bob Scott

Thomson logoRevenue for Thomson Reuters' Tax and Accounting business rose by 10 percent for the third quarter ended September 30, spurred by acquisitions and software sales. EDBITDA increased by 3 percent over the prior year. Organic growth for tax and accounting was 3 percent. That came as company-wide revenue fell by 1 percent and profit by 15 percent before the impact of currency changes.

Tax and accounting revenue for the most recently ended period was $262 million, up from $242 million a year ago while operating profit fell to $34 million from $37 million.

Besides the impact of acquisitions and strong growth in revenue from the OneSource suite , the company said while also pointing to growth in software sales to accounting firms. However, operating profit for the business fell by 8 percent because of what was termed soft software revenue growth and software amortization from acquisitions.

The company's total results shows revenue of $3.17 billion, down from $3.2 billion Adjusted earnings fell to $445 million from $453 million.

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