Full year revenues from ongoing businesses were $12.6 billion, a 1% increase before the impact of currency. Adjusted EBITDA increased 8% and the margin was 26.3% vs. 24.5% in the prior year. Underlying operating profit increased 14% and the margin was 17.0% vs. 15.0% in the prior year. The increase was also primarily due to lower charges in 2014.
Financial & Risk: Revenues were down 2% (down 3% organic) primarily due to the impact of negative net sales in 2013 and a 5% organic decline in transactions-related revenues. Recoveries revenues increased 1%. Recurring revenues decreased 2% (down 3% organic) primarily due to the impact of negative net sales in 2013. Transactions-related revenues were flat (down 5% organic) due to lower trading volumes in fixed income and foreign exchange markets. By geography, revenues in Europe, Middle East and Africa (EMEA) were down 3%, revenues in the Americas were flat (down 2% organic) and revenues in Asia were flat (down 1% organic). Net sales were positive for the full year, and were positive in the Americas and Asia but negative in EMEA.
Legal: Revenues increased 2% (1% organic). Excluding US print, revenues grew 3% (2% organic). Recurring revenues were up 4% (3% organic). Solutions businesses (46% of Legal revenues) grew 7% (6% organic), driven by strong growth across the solutions offerings. Solutions businesses represent all of Legal’s revenue excluding US print and US online legal information. US online legal information (38% of Legal revenues) declined 1%. US print (16% of Legal revenues) declined 7%.
Tax & Accounting: Revenues increased 12% (9% organic) with growth across each segment led by the Corporate and Professional businesses. Recurring revenues were up 12% (8% organic).
Intellectual Property & Science: Revenues increased 3% (2% organic) driven by recurring revenue growth of 7% (77% of revenues), partially offset by a 6% decline in transactions-related revenues (23% of revenues).
Corporate & Other (Including Reuters News): Reuters News revenues were $319 million, down 1% from 2013.
Source: Thomson Reuters Earnings Release