Financial news and information company Thomson Reuters beat City analysts' expectations, posting an operating profit of $656m (£456m) in the final three months of 2008, and said it expected revenue to grow in 2009 despite the recession.

The company's operating profit in the fourth quarter of last year compared with $432m in the same period in 2007, sending its share price up 5.6%, or 74p, on last night's close to 1,396p at 4.15pm today. Revenue for the group was flat at $3.4bn for the fourth quarter of 2008.

Thomson Reuters' markets division, which provides services to the financial industry, saw revenue fall 2% year on year to $1.9bn.

The company said the division continued to demonstrate a solid performance "despite extreme volatility in the financial sector". In the fourth quarter the markets division's Europe, Middle East and Africa operation saw revenue increase by 7%, Asia grew 4%, while the Americas declined by 2%. The company's professional division saw a 3% rise in revenue in the fourth quarter to $1.5bn.

"I am very pleased with the operating performance of Thomson Reuters in 2008, as well as the significant progress we achieved in integrating the acquired Reuters business," said Tom Glocer, chief executive of Thomson Reuters.

"As major economies slid into recession in 2008, we nonetheless continued to perform well. Based on the current environment in the markets we serve, we expect our revenues to grow in 2009."

The company also raised its forecast for annualised cost savings from last year's merger of Thomson and Reuters to $1bn by the end of 2011, up from $750m projected in May 2008.

"I am especially pleased we have been able to accelerate the Reuters integration, significantly increase the savings we expect to achieve, and reach our goal of becoming 'one company in one year'," he added.

"While considerable work remains to consolidate operations and migrate customers to the new strategic products we will launch this year, we are beginning to benefit from the advantages of increased scale."

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