The Professional division scored six percent better sales of $1.5 billion (up three percent accounting for currency), thanks to 10 percent better online, software and services sales, which more than offset a one percent fall in print and CD revenue. Here, the Legal, Scientific and Healthcare units all posted single-digit revenue gains, including strong growth in overseas sales of online legal services, Web Of Science subscriptions and the Payer business. Thomson Reuters also published FY08 results - eight percent better revenue of $13.4 billion, with no impact from currency fluctuation.

The company found an extra $250 million in merger-related savings down the back of its sofa. Though on completing the merger in May, it projected $750 million savings by 2011, it today said “significant additional opportunities for cost savings” identified since then meant annualized savings by that date will now be $1 billion - in fact, a total $1.4 billion when you include “legacy efficiency programs”. The nature of new savings wasn’t revealed; it’s now beginning a “second phase” of integration. The outlook - Glocer: “Based on the current environment in the markets we serve, we expect our revenues to grow in 2009.” No detail given on the extent of 2009 growth.

Results | Financials | Webcast (10am ET)

From the earnings call…

—Glocer on the economy: “You can’t ... look at your Thomson Reuters screen anywhere in the world today without being constantly reminded how difficult the economic outlook is in 2009.” But he’s optimistic: “We have the financial wherewithal to keep investing for growth, precisely at the moment where many of our comps are scaling back. We have the right business model - we sell digital content and software on a recurring basis to professionals around the world.”

—Professional division has been reorganised in to Legal, Tax & Accounting and Health & Science.

—Any more signs of the economy? “The rate of growth was decelerating” in December versus the start of the quarter. Why no detail on the outlook? “We’re assuming that five more large banks aren’t allowed to failed in disorderly bankruptcies; more than that, we can’t really forecast” “The budget negotiations, obviously they are difficult.” “We do expect to be able to make bolt-on acquisitions.”

—A consideration on outlook: Markets revenue may have held up but, UBS analyst Jeffrey Fan told Financial News: “Decisions by banks to stop buying data terminals do not fully show up in the company’s financial results until a few quarters after the fact.”

—On business from banking clients: “The headlines are ‘Lehman Fails, but we’ve been pleased to pick up business at Barclays, at Nomura in Europe and Asia. Although I’m sure we haven’t made more than Lehman represented, standalone, we’ve been able to keep the lion’s share of that business. We can take mergers and banks disappearing in (our) stride).