Global financial information provider Reuters Group Plc reported a seven per cent fall in third-quarter revenues today.
The group said it expected the decline in its core recurring business to accelerate next year.
Reuters, which provides real-time news and data to banks, brokers and fund managers, has fallen on hard times as its clients struggle with tumbling share markets and as profits collapse at its US-based electronic trading subsidiary.
"Our customers are enduring the toughest market conditions for decades, and recent weeks have seen further sharp declines," Chief Executive Mr Tom Glocer said in a statement. "Looking ahead, we see market conditions worsening as financial services firms retrench still further."
Reuters has lost 70 per cent of its market value this year as major customers shed tens of thousands of staff and rein in spending to cope with some of the worst market conditions in three decades. The stock closed on Tuesday in London at 208 pence.
Reuters reported revenues of £855 million sterling (€1.35 billion) for the three months ended September 30th, compared with analysts' forecasts of around £880 million. Core recurring revenues fell 5.7 per cent.