Reuters is planning to spend £500 million over the next four years on the internet as its bids to speed up its use of internet technologies, open new markets and migrate its core information business to the web.
The global information firm plans to expand its capabilities through partnerships and spin-offs, such as the recently unveiled deal with telecoms company Equant, to build a telecoms business-to-business extranet. Other partnerships include a joint venture with Multex, which distributes broker research, to create a website for private investors in Europe. Reuters also plans to build a new financial portal to service the consumer finance market.
In the year ended December 31 1999, Reuters pre-tax profit grew by 9% to £632 million while turnover was up 3% to £3.1 billion.