UPDATE 3-Thomson Reuters financial products sales improve
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By Jennifer Saba
NEW YORK Oct 30 (Reuters) - Thomson Reuters Corp on Thursday said more clients of its Financial & Risk business added new products than canceled, the first time since 2008 that net sales were positive in the Americas, Asia and Europe for the news and information company.
Net sales are an important metric for the division that serves the banking industry and one that Thomson Reuters has struggled to expand since Canada's Thomson Corp acquired Reuters Group Plc in 2008.
Overall, the company said third-quarter revenue increased 1 percent before currency changes to $3.1 billion on the strength of its Legal and Tax & Accounting businesses. Analysts on average were expecting $3.1 billion, according to Thomson Reuters I/B/E/S.
"It's another solid quarter of performance, and we are quite encouraged by what we are seeing," Chief Executive Officer Jim Smith said in an interview.
Smith also pointed to better trends at the Legal division, which includes products and services like WestlawNext and Practical Law. Revenue for that business increased 1 percent to $854 million, its first rise excluding acquisitions since the second quarter in 2013.
Tax & Accounting revenue rose 13 percent to $301 million.
Revenue at the Financial & Risk division fell 2 percent to $1.62 billion but should improve next year because it lags net sales by about three quarters. Continued...