News and financial information provider Reuters has reported a sharp rise in annual profits for last year following a difficult past few years.
Reuters reported pre-tax profits of £438m in 2004 compared with £56m the previous year. The figure was ahead of analysts' expectations.
'Reuters and Instinet both performed well in 2004,' chief executive Tom Glocer said in a statement accompanying the results. Instinet is the group's electronic brokerage arm.
Reuters' profits had taken large hits in recent years as banks, brokers and other financial firms sought to cut costs and orders for the group's services.
