UK news and data group Reuters says it has increased its share of the financial information and services market to 27%, matching the market share held by rival Bloomberg for the first time in 10 years.
Reuters says over the course of last year it increased its share of the £6 billion market for financial data and services by one per cent, to 27%, although this includes revenue from financial data provider Telerate which it acquired in 2005. This puts it neck and neck with Bloomberg which has dominated the market for over ten years.
The financial data market now accounts for over 80% of Reuters revenue. Reuters chief executive Tom Glocer, says: "Our market share data confirms what our first quarter sales and our customers are telling us - that our products are highly competitive and we are winning in the marketplace."
A Reuters spokesperson told reporters that the move by City firms towards automated algorithmic trading - and adjustments in Reuters' product portfolio to accommodate that - is also benefiting the company.
The disclosure comes as the vendor reported a 13% increase in first quarter revenues of £633 million - ahead of analysts' expectations.
The group's underlying revenues were up four per cent. Revenue from sales and trading was £424 million, an increase of 12% compared to the first quarter of 2005, while revenue from research and asset management was up 19% to £70 million, although this was boosted by the vendor's EcoWin, TASS and Hedgeworld acquisitions.
Reuters says it expects full-year revenues to grow by about five per cent.
There was no change in full-year guidance, however, keeping a lid on the share price which by mid-day had dipped back below the 400 pence a share mark to 399.5 pence, a 0.3% increase.