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Merrill Lynch TMT Conference

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Merrill Lynch TMT Conference Fast Forward: mid point review Tom Glocer Chief Executive 8 June 2004 Chief Executive 8 June 2004 Fast Forward: half way there Trend in ... – PowerPoint PPT presentation

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Title: Merrill Lynch TMT Conference


1
Merrill Lynch TMT Conference
  • Fast Forward mid point review

Tom Glocer Chief Executive
8 June 2004
Chief Executive
8 June 2004
2
Fast Forward half way there
More competitive Less complex More service-driven
More efficient
Fast Forward
Fully segmented product line
Tibco sell-down
75m cost savings
Begin to release new products
220m cost savings
Move to Canary Wharf
Multex acquisition
First positive global monthly sales
June 04
Jan 03
Dec 05
Jan 04
Jan 05
June 03
June 05
3
Trend in Reuters net sales and recurring revenue
Quarterly underlying revenue increase / decline
()
2002
2003
2004
2001
Quarterly average net sales / cancellations ()
8.4
9
10
11
11
Guidance of 6- 6.5
4
More competitive
Enterprise segment
2003 Core revenues 2664m
Enterprise 560m
  • Enterprise bridgehead creates unique
    competitive advantage
  • Revitalising our offer
  • Direct feeds from exchanges
  • Focus on growth areas
  • Commercial advantage in deals with largest
    customers

Real Time Datafeeds 184m
Market Data Systems 157m
Risk 86m
Reference Pricing, Other 133m
5
More competitive
Sales Trading segment successful defence of
Treasury franchise
2003 Core revenues 2664m
  • Disciplined global sales campaign
  • Strengthened product offer
  • Over 250 new Dealing accesses so far this year

6
More competitive
Research Asset Management segment
2003 Core revenues 2664m
  • Strong sales of Reuters Knowledge product family
  • Over 7000 positions installed
  • Independent research solutions
  • Supplying 6 out of 10 Spitzer settlement firms
  • Reuters Wealth Manager
  • Launch later this year

7
Less complex
Instinet Market cap of Reuters 63 stake 700m
Tibco Total proceeds from disposal 311m 8.8
stake remaining
Portfolio
Factiva
Radianz
Other holdings Disposed,restructured or closed
79 units Cash proceeds from disposal 150m
8
More service driven
Change vs. H2 03
1.2
Reuters Overall Satisfaction
69.6
Q1 2004
  • Closing the gap with our major competitor
  • Gap reduced by two thirds in Europe since H1 2003
  • Satisfaction levels higher for users of latest
    version of Xtra

9
More efficient
1000
Savings from Fast Forward
885
900
Savings from previous initiatives
800
665
700
440
600
520

220
savings
500
75

400
300
200
100
0
06
03
04
05
  • Committed to achieve 440m Fast Forward cost
    savings
  • Structural change to our cost base
  • Margin target of 17-20 in sight

before amortisation of subsidiary goodwill and
intangibles, impairments and restructuring
10
Fast Forward to growth?
  • Better positioned to take revenues positive
  • Customers starting to see Reuters products and
    service at their best
  • Improving market conditions
  • Positioning ourselves to beat assumed market
    growth of 2-4
  • Reuters brand
  • Global scale
  • Strong installed base

11
This presentation may be deemed to include
forward-looking statements relating to Reuters
within the meaning of Section 27A of the US
Securities Act of 1933 and Section 21E of the US
Securities Exchange Act of 1934. Certain
important factors that could cause actual results
to differ materially from those disclosed in such
forward-looking statements are described in
Reuters Annual Report and Form 20-F 2003 under
the heading Risk Factors. Copies of the Annual
Report and Form 20-F 2003 are available on
request from Reuters Group PLC, 85 Fleet Street,
London EC4P 4AJ.
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