said third-quarter revenue rose 16% from a year ago and also disclosed plans for an initial public offering of
, the company's agency broker operation.
The news and information company said revenue rose to $1.29 billion from $1.11 billion in the year-ago period. Underlying revenue, which excludes the impact of acquisitions, disposals and currency movements, increased by 11%.
Reuters said it decided in principle to float Instinet and has begun the preparatory work for an initial public offering in the U.S. of a minority stake. The company said an IPO would support Instinet's geographic, customer and product expansion and provide an acquisition currency if required.
Third-quarter revenue for Instinet rose 46% to $276 million. Underlying revenue increased by 32%. Reuters said the upswing reflects the growth of volume in equities markets, especially in the U.S., which accounted for more than 75% of Instinet's revenue in the quarter.