Reuters Pushes Cost Cutting To Boost Margins
OPERATIONS AND STRATEGY
LONDON--Reuters is relying on cost cutting as part of its business transformation program to prop up sickly profit margins in an increasingly depressed marketplace. And while it did its level best to present a brave face last week, reporting an 8 percent increase in revenues to £3.9 billion for 2001 (two percent underlying), its pre-tax profits took a 34 percent hit.
The downturn in global financial services markets was the real culprit, but Reuters also spent substantial sums on business
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