Revenue 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.
